A Decision Model for Advertising Expense: From the Perspective of the Blockholder's Private Benefits

• 발행기관: 한국상품학회
• 저자명: Hwang Joon-Ho Chun Se-Hak
• 간행물 정보: 『상품학연구』제27권 제2호, 123~130쪽, 전체 8쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2009.06.30

영문 초록

This paper examines how the size of private benefits of large owners, measured using block premium, affects changes in advertising expense of the company. If large owners enjoy private benefits through engaging in pet projects, it will result in increased advertising expense. On a sample of 130 firms whose blocks of shares are traded in the U.S., we show that the magnitude of private benefits is not associated with changes in advertising expense.

목차

I. Introduction

II. Data Selection

III. The Effect of Block Premium on Advertising Expense

IV. Simultaneous Equations of Block Premium and Advertising Expense

IV. Conclusion

References

키워드

Advertising Expense Private Benefits