The Comparative Value Relevance of Donation and Advertising Expenditure Before and After the Global Financial Crisis in Korea

• 발행기관: 한국산업경영학회
• 저자명: 안홍복(Hong Bok Ahn) 권기정(Gee Jung Kwon)
• 간행물 정보: 『한국산업경영학회 발표논문집』2013년도 동계학술대회 발표논문집, 1~22쪽, 전체 21쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2013.02.22

영문 초록

This paper investigates the comparative value relevance of donation and advertising expenditures before and after the 2007 global financial crisis in listed Korean stock markets over the period of 2004-2011. For the purpose of testing whether value relevance of donation and advertising expenditure is associated with global financial crisis of 2008, this paper divides total samples into pre-and post December 31, 2007. Moreover, this paper divides total samples into several subgroups to observe value relevance changes according to the various characteristics and conditions of listed firms in Korean stock markets. Empirical results of this paper present important evidences about the comparative value relevance changes of advertising and donation expenditures. First, advertising and donation expenditures have positive value relevance before and after global economic crisis. Moreover, they also show positive association with firm value in every subsample groups divided by firms’ characteristics. Second, the results find significant time-period differences in value relevance of donation and advertising expenditure before and after global financial crisis. In addition, the results show the value relevance changes in accordance with circumstance and contexts of firms (such as KOSPI vs. KOSDAQ, big vs. small & medium, high technology vs. low technology).

목차

Abstract

1. Introduction

2. Literature Review

3. Hypothesis and Empirical Model

4. Empirical Analysis

5. Conclusions

References

키워드

Advertising Expenditure Donation Expenditure Global Financial Crisis (CFC) firm Value Value Relevance