広告と企業価値に関する業種別研究(グローバリゼーションにおける社会・経済システムの構想)

抄録

The authors aim to verify relations between advertising and firm value based on recent Japanese data from a sectoral perspective. Numerous prior studies based on U.S. companies have shown that advertising positively influence firm value. Furthermore, some studies based on Japanese companies also empirically confirm this kind of positive relation. However, few prior studies have focused on sectoral perspectives. Especially, there is no sectoral comparison in Japanese company as far as the authors know. Therefore, this paper intends to compare sectoral difference about relations between advertising expenditure and firm value based on recent financial data. The analysis focuses on five manufacturing sectors; food, beverage and cigarette, cosmetics and toiletry, consumer electronics and audio visual, and automotive and related sector. The result shows positive relations with statistically significance in three sectors such as cosmetics and toiletry, consumer electronics and audio visual, and automotive and related sector. Although a prior study shows that advertising is not effective for firm value in manufacturing sector compared, the result of this research suggests that advertising of manufacturing sector could be effective by breaking down manufacturing sector.