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karimi, Marzieh, fallah shams, Mirfeiz, KORDLOUIE, HAMIDREZA, Vazifehdoust, Hoseyn. (1400). Investigating Joint Effects of Brand Value and Advertising Expenditure on Corporate Financial Performance and Stock Returns. , 7(24), 265-273.
Marzieh karimi; Mirfeiz fallah shams; HAMIDREZA KORDLOUIE; Hoseyn Vazifehdoust. "Investigating Joint Effects of Brand Value and Advertising Expenditure on Corporate Financial Performance and Stock Returns". , 7, 24, 1400, 265-273.
karimi, Marzieh, fallah shams, Mirfeiz, KORDLOUIE, HAMIDREZA, Vazifehdoust, Hoseyn. (1400). 'Investigating Joint Effects of Brand Value and Advertising Expenditure on Corporate Financial Performance and Stock Returns', , 7(24), pp. 265-273.
karimi, Marzieh, fallah shams, Mirfeiz, KORDLOUIE, HAMIDREZA, Vazifehdoust, Hoseyn. Investigating Joint Effects of Brand Value and Advertising Expenditure on Corporate Financial Performance and Stock Returns. , 1400; 7(24): 265-273.

Investigating Joint Effects of Brand Value and Advertising Expenditure on Corporate Financial Performance and Stock Returns

International Journal of Finance & Managerial Accounting
دوره 7، شماره 24، فروردین 2022، صفحه 265-273  XML اصل مقاله (692.06 K)
نوع مقاله: Original Article
نویسندگان
Marzieh karimi1؛ Mirfeiz fallah shams email orcid 2؛ HAMIDREZA KORDLOUIEorcid 3؛ Hoseyn Vazifehdoust4
1Department Of Business Management,Qeshm Branch, Islamic Azad University, Qeshm, Iran
2Associate Professor of Azad University Dept. of Business Management, Central Tehran Branch, Islamic Azad University, Tehran, IRAN.(Modern Financial Risk Research Group)
3Faculty of management and accounting, Islamic Azad University, Islamshahr Branch(Modern Financial Risk Research Group)
4Department of Business Management, Science and Research Branch, Islamic Azad University, Tehran, IRAN
چکیده
Customer-oriented and firm-oriented perspectives are two dominant perspectives adopted in brand valuation. The former is the same as the behavioral marketing approach, while the latter focuses on financial data. The study used two financially focused brand valuation methods. The first method takes into account the three dimensions of marketing, finance, and accounting, and is known as the corporate brand success (CBS) valuation. The second method employed Tobin’s q ratio for brand valuation. Finally, the authors investigated the joint effects of brand value (from both methods) and advertising expenditure on corporate financial performance and stock returns of 77 food industry companies listed in Tehran Stock Exchange, Iran. To this end, unbalanced panel data modeling was used with 378 observations over a period of 21 years. The results confirmed the joint effect of advertising budget and brand value (from two methods) on return on assets, as an indicator of corporate financial performance. Regarding the second hypothesis, CBS valuation only confirmed the effect of brand value on stock returns. However, the entire hypothesis (i.e. the joint effect of advertising budget and brand value on stock returns) was confirmed when Tobin’s q ratio was used.
کلیدواژه‌ها
Brand value؛ advertising؛ return on assets؛ stock returns
مراجع
Azizi Shahriar, Darvishi Zahra, Namamian Farshid (2011), “Investigation of brand equity determinants in Tehran Stock Exchange Companies”, Journal of Business Management Perspective (Management Perspective), No. 2, pp. 9-32.
International Journal of Finance and Managerial Accounting / 273
Vol.7 / No.24 / Winter 2022
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