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THE ASSOCIATION BETWEEN FINANCIAL STATEMENT BASED INDICATORS AND MARKETING EXPENDITURES

Yıl 2020, Sayı: 35, 154 - 184, 30.08.2020

Öz

The literature has not analysed factors influencing marketing expenditures by considering financial statement items in detail. We employ a sample of listed firms on Borsa Istanbul over 2013-2018 and analyse these factors by considering financial statement items, in addition to capital market data, and document the following outcomes. First, size, financial leverage, gross profit margin, net profit margin, tangible intensity and current ratio do not significantly affect marketing expenditures. R&D expenses are the only financial statement item significantly affecting marketing expenditures. Second, Tobin’s Q, which is calculated based on capital market data, does not have a statistically significant impact on marketing expenditures for the whole sample, as well as the sample comprising manufacturing firms, while a significantly positive association is reported for non-manufacturing firms. All these findings are confirmed by performing several robustness checks.

Kaynakça

  • Allison, P. D. (2006). Fixed Effects Regression Methods In SAS®. SUGI 31 Proceedings, 1–20.
  • Barth, M. E., & Kazsnik, R. (1999). Share repurchases and intangible assets. Journal of Accounting and Economics, 28(2), 211–241.
  • Baselga-Pascual, L., Trujillo-Ponce, A., & Cardone-Riportella, C. (2015). Factors influencing bank risk in Europe: Evidence from the financial crisis. The North American Journal of Economics and Finance, 34, 138–166.
  • Canbaş, S., Doğukanlı, H., Düzakın, H., & İskenderoğlu, Ö. (2005). Performans Ölçümünde Tobin Q Oranının Kullanılması: Hisse Senetleri İMKB’de İşlem Gören Sanayi İşletmeleri Üzerinde Bir Deneme. Muhasebe ve Finansman Dergisi, (28), 24–36.
  • Çayır, M., & Altay, N. O. (2019). Nakit Temettü Politikaları ve Sermaye Birikimi: Seçilmiş Piyasalar Geneli İçin Firmalar Bazında Ampirik Bir Analiz. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 33(2), 455–476.
  • Cazavan-Jeny, A., Jeanjean, T., & Joos, P. (2011). Accounting choice and future performance: The case of R&D accounting in France. Journal of Accounting and Public Policy, 30(2), 145–165.
  • Chauvin, K. W., & Hirschey, M. (1993). Advertising, R&D Expenditures and the Market Value of the Firm. Financial Management, 22(4), 128–140.
  • Chava, S., & Roberts, M. R. (2008). How Does Financing Impact Investment? The Role of Debt Covenants. The Journal of Finance, 63(5), 2085–2121.
  • Chung, K. H., & Pruitt, S. W. (1994). A Simple Approximation of Tobin’s q. Financial Management, 23(3), 70–74.
  • Comanor, W. S., & Wilson, T. A. (1979). The effect of advertising on competition: a survey. Journal of Economic Literature, 17(2), 453–476.
  • Cook, V. J. (2003). “Marketing’s Impact on Firm Va- lue: The Value-Sales Differential”, Marketing Scien- ce Institute Working Paper, No.03-109.
  • Culha, A., & Yalcin, C. (2005). The Determinants of the Price-Cost Margins of the Manufacturing Firms in Turkey. TCMB Working Paper (No. 05/15).
  • Delorme, C. D., Kamerschen, D. R., Klein, P. G., & Voeks, L. F. (2002). Structure, conduct and performance: A simultaneous equations approach. Applied Economics, 34(17), 2135–2141.
  • Duffy, M. (1999). The influence of advertising on the pattern of food consumption in the UK. International Journal of Advertising, 18(2), 131–168.
  • Ertuğrul, M. (2018). Muhasebe Verilerinin Değer İlişkisi (1st ed.). Ankara: Nobel Bilimsel Eserler.
  • Ertuğrul, M. (2020). Maddi Olmayan Duran Varlıkların Değer İlişkisi. Muhasebe ve Denetime Bakış, 59, 213–233.
  • Ertuğrul, M., & Demir, V. (2018). How Does Unobserved Heterogeneity Affect Value Relevance? Australian Accounting Review, 28(2), 288–301.
  • Ewens, M., Peters, R. H., & Wang, S. (2019). Measuring Intangible Capital with Market Prices. NBER Working Paper (No. 25960).
  • Gordon, L. A., Loeb, M. P., & Sohail, T. (2010). Market Value of Voluntary Disclosure Concerning Information Security. MIS Quarterly, 34(3), 567–594.
  • Gow, I. D., Ormazabal, G., & Taylor, D. J. (2010). Correcting for Cross‐Sectional and Time‐Series Dependence in Accounting Research. Accounting Review, 85(2), 483–512.
  • Graham, R. C., & Frankenberger, K. D. (2000). The contribution of changes in advertising expenditures to earnings and market values. Journal of Business Research, 50(2), 149–155.
  • Greer, D. F. (1971). Advertising and Market Concentration. Southern Economic Journal, 38(1), 19–32.
  • Gu, F., & Li, J. Q. (2010). The value-relevance of advertising: evidence from pharmaceutical industry. Journal of Accounting, Auditing and Finance, 25(1), 85–120.
  • Han, B. H., & Manry, D. (2004). The value-relevance of R&D and advertising expenditures: Evidence from Korea. International Journal of Accounting, 39(2), 155–173.
  • Henningsen, S., Heuke, R., Clement, M., & Management, M. (2011). Determinants of Advertising Effectiveness: The Development of an International Advertising Elasticity Database and a Meta-Analysis. BuR - Business Research Official Open Access Journal of VHB, 4(2), 193–239.
  • Hirschey, M. (1982). Intangible Capital Aspects of Advertising and R&D Expenditures. The Journal of Industrial Economics, 30(4), 375–390.
  • Husain, S., & Sharma, J. K. (2015). Marketing Expenses & Profitability: Evidence from Telecom Sector in Kingdom of Saudi Arabia. European Journal of Business and Management, 7(35), 66–70.
  • Jiang, W., & Stark, A. W. (2013). Dividends, research and development expenditures, and the value relevance of book value for UK loss-making firms. British Accounting Review, 45(2), 112–124.
  • Lee, C. (2002). Advertising, Its Determinants, and Market Structure. Review of Industrial Organization, 21(1), 89–101.
  • Lee, D. E., & Tompkins, J. G. (1999). A Modified Version of the Lewellen and Badrinath Measure of Tobin’s Q. Financial Management, 28(1), 20–31.
  • Lev, B., & Zarowin, P. (1999). The Boundaries of Financial Reporting and How to Extend Them. Journal of Accounting Research, 37(2), 353–385.
  • Lischka, J. A., Kienzler, S., & Mellmann, U. (2014). Sales Drive Advertising Expenditures: Evidence for Consumer Packaged and Durable Goods in Germany. International Journal of Marketing Studies, 6(1), 31–44.
  • Mankiw, G. (2011). Principles of Economics (6th ed.). South Western Cengage Learning.
  • Marquardt, C. A., & Wiedman, C. I. (2004). The Effect of Earnings Management on the Value Relevance of Accounting Information. Journal of Business Finance & Accounting, 31(3–4), 297–332.
  • Marszałek, J. (2018). Determinants of R&D Activity - Analysis of the Polish Logistics Sector. Myśl Ekonomiczna i Polityczna, 3(62), 62–86.
  • Martin, S. (1979). Advertising, concentration, and profitability: the simultaneity problem. The Bell Journal of Economics, 10(2), 639–647.
  • Mizik, N., & Jacobson, R. (2009). Financial Markets Research in Marketing. Journal of Marketing Research, 46(3), 320–324.
  • Pagoulatos, E., & Sorensen, R. (1981). A Simultaneous Equation Analysis of Advertising, Concentration and Profitability. Southern Economic Journal, 47(3), 728–741.
  • Paton, D., & Williamsr, L. V. (1999). Advertising and Firm Performance: Some New Evidence from UK Firms. Economic Issues, 4(2), 89–105.
  • Peles, Y. (1970). Amortization of Advertising Expenditures in the Financial Statements. Journal of Accounting Research, 8(1), 128–137.
  • Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies, 22(1), 435–480.
  • Poghosyan, T., & Čihak, M. (2011). Determinants of Bank Distress in Europe: Evidence from a New Data Set. Journal of Financial Services Research, 40(3), 163–184.
  • Resende, M. (2006). The determinants of advertising intensity in the Brazilian manufacturing industry. Nova Economia, 16(3), 407–422.
  • Riaz, S., Furqan, M., & Siddique, S. S. (2015). The Impact of Advertising on the Profitability of Public & Private Sector Commercial Banks. European Journal of Business and Management, 7(28), 117–124.
  • Simon, Carol J. & Mary W. Sullivan; (1993), “The Measurement and De- termination of Brand Equity: A Financial Approach”, Marketing Sci- ence, 12(1), pp.28-52.
  • Schiantarelli, F., & Jaramillo, F. (2002). Access to Long Term Debt and Effects on Firms’ Performance: Lessons from Ecuador. IDB Working Paper (No. 168).
  • Sougiannis, T. (1994). The Accounting Based Valuation of Corporate R&D. Accounting Review, 69(1), 44–68.
  • Tikoo, S., & Ebrahim, A. (2010). Financial Markets and Marketing The Tradeoff between R&D and Advertising During an Economic Downturn. Journal of Advertising Research, 50(1), 50–56.
  • Xu, J., & Sim, J.-W. (2018). Characteristics of Corporate R&D Investment in Emerging Markets: Evidence from Manufacturing Industry in China and South Korea. Sustainability, 10(3002).
  • Yang, J., Brashear, T. G., & Asare, A. (2015). The value relevance of brand equity , intellectual capital and intellectual capital management capability. Journal of Strategic Marketing, 23(6), 543–559.
  • Yiannaka, A., Giannakas, K., & Tran, K. C. (2002). Medium, message and advertising effectiveness in the Greek processed meats industry. Applied Economics, 34(14), 1757–1763.
  • Zulfiqar Ali Shah, S., & Akbar, S. (2010). Deflator choice effects in the valuation of advertising expenditures. Journal for Global Business Advancement, 3(4), 348–357.
  • Zulfiqar, S., Shah, A., & Akbar, S. (2008). Value relevance of advertising expenditure: A review of the literature. International Journal of Management Reviews, 10(4), 301–325.

PAZARLAMA HARCAMALARI İLE TABLO BAZLI FİNANSAL GÖSTERGELER ARASINDAKİ İLİŞKİ

Yıl 2020, Sayı: 35, 154 - 184, 30.08.2020

Öz

Pazarlama harcamalarını belirleyen unsurların literatürde genellikle finansal tablo kalemleri perspektifinden detaylı bir şekilde ele alınmadığı görülmektedir. Bu çalışmada, 2013-2018 yılları arasında Borsa İstanbul’a kote şirketlere ilişkin bir veri seti kullanılarak pazarlama harcamalarını belirleyen faktörler hem finansal tablolar temelli hem de piyasa verileri kullanılarak incelenmekte ve şu sonuçlara ulaşılmıştır. Şirket büyüklüğünün, finansal kaldıracın, brüt kâr marjının, net kâr marjının, maddi duran varlık yoğunluğunun ve cari oranın pazarlama harcamaları üzerinde istatistiki olarak anlamlı herhangi bir etkisi bulunmamaktadır. Pazarlama harcamaları üzerinde istatistiki olarak anlamlı olan finansal tablo bazlı tek unsur ARGE harcamalarıdır. Piyasa verileri temelli hesaplanan Tobin’in Q oranı ise bütün örneklem ve imalat sanayi örneklemi için pazarlama harcamaları üzerinde istatistiki olarak anlamlı bir etkiye sahip değilken imalat sanayi harici örneklem için istatistiki olarak anlamlı bir pozitif etkiye sahiptir. Yapılan çeşitli ek sağlamlık analizleriyle de bu sonuçlar teyit edilmektedir.

Kaynakça

  • Allison, P. D. (2006). Fixed Effects Regression Methods In SAS®. SUGI 31 Proceedings, 1–20.
  • Barth, M. E., & Kazsnik, R. (1999). Share repurchases and intangible assets. Journal of Accounting and Economics, 28(2), 211–241.
  • Baselga-Pascual, L., Trujillo-Ponce, A., & Cardone-Riportella, C. (2015). Factors influencing bank risk in Europe: Evidence from the financial crisis. The North American Journal of Economics and Finance, 34, 138–166.
  • Canbaş, S., Doğukanlı, H., Düzakın, H., & İskenderoğlu, Ö. (2005). Performans Ölçümünde Tobin Q Oranının Kullanılması: Hisse Senetleri İMKB’de İşlem Gören Sanayi İşletmeleri Üzerinde Bir Deneme. Muhasebe ve Finansman Dergisi, (28), 24–36.
  • Çayır, M., & Altay, N. O. (2019). Nakit Temettü Politikaları ve Sermaye Birikimi: Seçilmiş Piyasalar Geneli İçin Firmalar Bazında Ampirik Bir Analiz. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 33(2), 455–476.
  • Cazavan-Jeny, A., Jeanjean, T., & Joos, P. (2011). Accounting choice and future performance: The case of R&D accounting in France. Journal of Accounting and Public Policy, 30(2), 145–165.
  • Chauvin, K. W., & Hirschey, M. (1993). Advertising, R&D Expenditures and the Market Value of the Firm. Financial Management, 22(4), 128–140.
  • Chava, S., & Roberts, M. R. (2008). How Does Financing Impact Investment? The Role of Debt Covenants. The Journal of Finance, 63(5), 2085–2121.
  • Chung, K. H., & Pruitt, S. W. (1994). A Simple Approximation of Tobin’s q. Financial Management, 23(3), 70–74.
  • Comanor, W. S., & Wilson, T. A. (1979). The effect of advertising on competition: a survey. Journal of Economic Literature, 17(2), 453–476.
  • Cook, V. J. (2003). “Marketing’s Impact on Firm Va- lue: The Value-Sales Differential”, Marketing Scien- ce Institute Working Paper, No.03-109.
  • Culha, A., & Yalcin, C. (2005). The Determinants of the Price-Cost Margins of the Manufacturing Firms in Turkey. TCMB Working Paper (No. 05/15).
  • Delorme, C. D., Kamerschen, D. R., Klein, P. G., & Voeks, L. F. (2002). Structure, conduct and performance: A simultaneous equations approach. Applied Economics, 34(17), 2135–2141.
  • Duffy, M. (1999). The influence of advertising on the pattern of food consumption in the UK. International Journal of Advertising, 18(2), 131–168.
  • Ertuğrul, M. (2018). Muhasebe Verilerinin Değer İlişkisi (1st ed.). Ankara: Nobel Bilimsel Eserler.
  • Ertuğrul, M. (2020). Maddi Olmayan Duran Varlıkların Değer İlişkisi. Muhasebe ve Denetime Bakış, 59, 213–233.
  • Ertuğrul, M., & Demir, V. (2018). How Does Unobserved Heterogeneity Affect Value Relevance? Australian Accounting Review, 28(2), 288–301.
  • Ewens, M., Peters, R. H., & Wang, S. (2019). Measuring Intangible Capital with Market Prices. NBER Working Paper (No. 25960).
  • Gordon, L. A., Loeb, M. P., & Sohail, T. (2010). Market Value of Voluntary Disclosure Concerning Information Security. MIS Quarterly, 34(3), 567–594.
  • Gow, I. D., Ormazabal, G., & Taylor, D. J. (2010). Correcting for Cross‐Sectional and Time‐Series Dependence in Accounting Research. Accounting Review, 85(2), 483–512.
  • Graham, R. C., & Frankenberger, K. D. (2000). The contribution of changes in advertising expenditures to earnings and market values. Journal of Business Research, 50(2), 149–155.
  • Greer, D. F. (1971). Advertising and Market Concentration. Southern Economic Journal, 38(1), 19–32.
  • Gu, F., & Li, J. Q. (2010). The value-relevance of advertising: evidence from pharmaceutical industry. Journal of Accounting, Auditing and Finance, 25(1), 85–120.
  • Han, B. H., & Manry, D. (2004). The value-relevance of R&D and advertising expenditures: Evidence from Korea. International Journal of Accounting, 39(2), 155–173.
  • Henningsen, S., Heuke, R., Clement, M., & Management, M. (2011). Determinants of Advertising Effectiveness: The Development of an International Advertising Elasticity Database and a Meta-Analysis. BuR - Business Research Official Open Access Journal of VHB, 4(2), 193–239.
  • Hirschey, M. (1982). Intangible Capital Aspects of Advertising and R&D Expenditures. The Journal of Industrial Economics, 30(4), 375–390.
  • Husain, S., & Sharma, J. K. (2015). Marketing Expenses & Profitability: Evidence from Telecom Sector in Kingdom of Saudi Arabia. European Journal of Business and Management, 7(35), 66–70.
  • Jiang, W., & Stark, A. W. (2013). Dividends, research and development expenditures, and the value relevance of book value for UK loss-making firms. British Accounting Review, 45(2), 112–124.
  • Lee, C. (2002). Advertising, Its Determinants, and Market Structure. Review of Industrial Organization, 21(1), 89–101.
  • Lee, D. E., & Tompkins, J. G. (1999). A Modified Version of the Lewellen and Badrinath Measure of Tobin’s Q. Financial Management, 28(1), 20–31.
  • Lev, B., & Zarowin, P. (1999). The Boundaries of Financial Reporting and How to Extend Them. Journal of Accounting Research, 37(2), 353–385.
  • Lischka, J. A., Kienzler, S., & Mellmann, U. (2014). Sales Drive Advertising Expenditures: Evidence for Consumer Packaged and Durable Goods in Germany. International Journal of Marketing Studies, 6(1), 31–44.
  • Mankiw, G. (2011). Principles of Economics (6th ed.). South Western Cengage Learning.
  • Marquardt, C. A., & Wiedman, C. I. (2004). The Effect of Earnings Management on the Value Relevance of Accounting Information. Journal of Business Finance & Accounting, 31(3–4), 297–332.
  • Marszałek, J. (2018). Determinants of R&D Activity - Analysis of the Polish Logistics Sector. Myśl Ekonomiczna i Polityczna, 3(62), 62–86.
  • Martin, S. (1979). Advertising, concentration, and profitability: the simultaneity problem. The Bell Journal of Economics, 10(2), 639–647.
  • Mizik, N., & Jacobson, R. (2009). Financial Markets Research in Marketing. Journal of Marketing Research, 46(3), 320–324.
  • Pagoulatos, E., & Sorensen, R. (1981). A Simultaneous Equation Analysis of Advertising, Concentration and Profitability. Southern Economic Journal, 47(3), 728–741.
  • Paton, D., & Williamsr, L. V. (1999). Advertising and Firm Performance: Some New Evidence from UK Firms. Economic Issues, 4(2), 89–105.
  • Peles, Y. (1970). Amortization of Advertising Expenditures in the Financial Statements. Journal of Accounting Research, 8(1), 128–137.
  • Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies, 22(1), 435–480.
  • Poghosyan, T., & Čihak, M. (2011). Determinants of Bank Distress in Europe: Evidence from a New Data Set. Journal of Financial Services Research, 40(3), 163–184.
  • Resende, M. (2006). The determinants of advertising intensity in the Brazilian manufacturing industry. Nova Economia, 16(3), 407–422.
  • Riaz, S., Furqan, M., & Siddique, S. S. (2015). The Impact of Advertising on the Profitability of Public & Private Sector Commercial Banks. European Journal of Business and Management, 7(28), 117–124.
  • Simon, Carol J. & Mary W. Sullivan; (1993), “The Measurement and De- termination of Brand Equity: A Financial Approach”, Marketing Sci- ence, 12(1), pp.28-52.
  • Schiantarelli, F., & Jaramillo, F. (2002). Access to Long Term Debt and Effects on Firms’ Performance: Lessons from Ecuador. IDB Working Paper (No. 168).
  • Sougiannis, T. (1994). The Accounting Based Valuation of Corporate R&D. Accounting Review, 69(1), 44–68.
  • Tikoo, S., & Ebrahim, A. (2010). Financial Markets and Marketing The Tradeoff between R&D and Advertising During an Economic Downturn. Journal of Advertising Research, 50(1), 50–56.
  • Xu, J., & Sim, J.-W. (2018). Characteristics of Corporate R&D Investment in Emerging Markets: Evidence from Manufacturing Industry in China and South Korea. Sustainability, 10(3002).
  • Yang, J., Brashear, T. G., & Asare, A. (2015). The value relevance of brand equity , intellectual capital and intellectual capital management capability. Journal of Strategic Marketing, 23(6), 543–559.
  • Yiannaka, A., Giannakas, K., & Tran, K. C. (2002). Medium, message and advertising effectiveness in the Greek processed meats industry. Applied Economics, 34(14), 1757–1763.
  • Zulfiqar Ali Shah, S., & Akbar, S. (2010). Deflator choice effects in the valuation of advertising expenditures. Journal for Global Business Advancement, 3(4), 348–357.
  • Zulfiqar, S., Shah, A., & Akbar, S. (2008). Value relevance of advertising expenditure: A review of the literature. International Journal of Management Reviews, 10(4), 301–325.
Toplam 53 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Melik Ertuğrul 0000-0003-2068-2080

Cem Duran 0000-0001-5171-0270

Yayımlanma Tarihi 30 Ağustos 2020
Yayımlandığı Sayı Yıl 2020 Sayı: 35

Kaynak Göster

APA Ertuğrul, M., & Duran, C. (2020). PAZARLAMA HARCAMALARI İLE TABLO BAZLI FİNANSAL GÖSTERGELER ARASINDAKİ İLİŞKİ. Adıyaman Üniversitesi Sosyal Bilimler Enstitüsü Dergisi(35), 154-184.