TY - JOUR
T1 - Advertising and Firm Risk
T2 - A Study of the Restaurant Industry
AU - Kim, Yong Hee
AU - Kim, Min Chung
AU - O'Neill, John W.
N1 - Funding Information:
YongHee Kim is in the School of Hotel and Tourism Management at The Hong Kong Polytechnic University, 17 Science Museum Road, TST East, Kowloon, Hong Kong SAR, China (E-mail: [email protected]). MinChung Kim is in the Department of Management and Marketing at The Hong Kong Polytechnic University in Kowloon, Hong Kong SAR, China (E-mail: [email protected]). John W. O’Neill is in the School of Hospitality Management at The Pennsylvania State University in University Park, PA, USA (E-mail: [email protected]). The work described in this paper was supported by a grant from the Hong Kong Polytechnic University. Address correspondence to: YongHee Kim at the above address.
PY - 2013/7
Y1 - 2013/7
N2 - Incorporating recent calls for understanding firm equity risk in relation to a firm's marketing efforts, this study examined the impacts of firm-level advertising spending on firm equity risk with publicly listed firms in the restaurant industry-a key hospitality industry. This study hypothesized and tested the effects of firm-level advertising expenditures on different types of firm equity risk (i.e., total, systematic, and unsystematic risk). Unlike previous empirical findings, we found that an increase in advertising expenditures significantly increased total and unsystematic risk of sampled restaurant firms. The findings provide new insights into the effects of advertising on firm equity risk in the literature, and important theoretical and managerial implications for restaurant firms.
AB - Incorporating recent calls for understanding firm equity risk in relation to a firm's marketing efforts, this study examined the impacts of firm-level advertising spending on firm equity risk with publicly listed firms in the restaurant industry-a key hospitality industry. This study hypothesized and tested the effects of firm-level advertising expenditures on different types of firm equity risk (i.e., total, systematic, and unsystematic risk). Unlike previous empirical findings, we found that an increase in advertising expenditures significantly increased total and unsystematic risk of sampled restaurant firms. The findings provide new insights into the effects of advertising on firm equity risk in the literature, and important theoretical and managerial implications for restaurant firms.
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U2 - 10.1080/10548408.2013.803392
DO - 10.1080/10548408.2013.803392
M3 - Article
AN - SCOPUS:84880593284
SN - 1054-8408
VL - 30
SP - 455
EP - 470
JO - Journal of Travel and Tourism Marketing
JF - Journal of Travel and Tourism Marketing
IS - 5
ER -