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REKLAM HARCAMALARININ ŞİRKETİN PİYASA DEĞERİNE OLAN ETKİSİ

Yıl 2010, Cilt: 28 Sayı: 1, 59 - 69, 30.06.2010

Öz

Finans literatürü incelendiğinde,
şirketlerin piyasa değerini etkileyen faktörler üzerine çok sayıda çalışma
vardır. Buna karşın, şirketlerin piyasa değeri ile şirketin reklam harcamaları
arasındaki ilişkiyi açıklayan çalışmalar son derece sınırlıdır. Amacımız,
literatürdeki bu sınırlı alana katkıda bulunmaktır. Araştırma kapsamında, İMKB
Sınai Endeksine kayıtlı 142 şirket inlenmiştir. Uygulama aşamasında klasik en
küçük kareler yöntemi (KEKK) 
kullanılmıştır. Elde edilen sonuçlar literatüre uygun olarak
yorumlanmıştır.

Kaynakça

  • Amess, K., and S. Girma (2009) “Do Stock Markets Value Efficiency”, Scottish Journal of Political Economy, 56(3), 321-331.
  • Abdel-Khalik, A.R. (1975) “Advertising Effectiveness and Accounting Policy”, The Accounting Review, 50(4), 657-669.
  • Barth, M., M.B. Clement., G. Foster and R. Kasznik (1998) “Brand Values and Capital Market Valuation”, Review of Accounting Studies, 4, 41-68.
  • Bublitz, B. and M. Ettredge (1989) “The Information in Discretionary Outlays: Advertising, Research and Development”, The Accounting Review, 64(1), 108-124.
  • Chauvin, K.W. and M. Hirschey (1994) “Goodwill, Profitability, and the Market Value of the Firm”, Journal of Accounting and Public Policy, 13(2), 159-180.
  • Core, J.E., W.R., Guay and A.V. Buskirk (2003) “Market Valuations in the New Economy: An Investigation of What Has Changed”, Journal of Accounting and Economics, 34, 43-67.
  • Graham, R.C. Jr. and K.D. Frankenberger (2000) “The Contribution of Changes in Advertising Expenditures to Earnings and Market Values”, Journal of Business Research, 50, 149-155.
  • Grossman, S.J. and J.E. Stiglitz (1980) “On the Impossibility of Informationally Efficient Markets”, American Economic Review, 70(3), 393-408.
  • Hall, B.H. (1993) “The Stock Markets Valuation of R&D Investment during the 1980s”, American Economic Review, Papers and Proceedings, 83, 259–264.
  • Hirsch, T.B. and G.T. Seaks (1993) “Functional Form in Regression Models of Tobins q”, Review of Economics and Statistics, 75, 381–85.
  • Hirschey, M. and R.S. Spencer (1992) “Size Effects in the Market Valuation of Fundamental Factors”, Financial Analyst Journal, 48(2), 91-95.
  • Hirschey, M. and J.J. Weygandt (1985) “Amortization Policy for Advertising and Research and Development Expenditures”, Journal of Accounting Research, 23(1), 326-335.
  • Hirschey, M. (1982) “Intangible Capital Aspects of Advertising and R&D Expenditures”, The Journal of Industrial Economics, 30(4), 375-389.
  • Megna, P. and D.C. Mueller (1991) “Profit Rates and Intangible Capital”, The Review of Economics and Statistics, 73, 633-642.
  • Merino, M., R. Srinivasan and R.K. Srivastava (2006) “Advertising, R&D And Variability of Cash Flow and Intangible Firm Value”, Working Paper, 1-49.
  • Paton, D. and L.V. Williams (1999) “Advertising and Firm Performance: Some New Evidence from UK Firms”, Economic Issues, 4(2), 89-105.
  • Picconi, M.J. (1977) “A Reconsideration of the Recognition of Advertising Assets on the Financial Statements”, Journal of Accounting Research, 15(2), 317-326.
  • Qureshi, I.M. (2007) “Asset Value Of Uk Firms Advertising Expenditures Global”, Journal of International Business Research, 1(1), 12-23.
  • Reekie, W.D. and P. Bhoyrub (1981) “Profitability and Intangible Assets: Another Look at Advertising and Entry Barriers”, Applied Economics, 13, 99-107.
  • Shah A. Z.S., W.A. Stark and S. Akbar (2009) “The Value Relevance of Major Media Advertising Expenditures: Some U.K. Evidence”, The International Journal of Accounting, 44, 187–206.
  • Simpson, A. (2008) “Voluntary Disclosure of Advertising Expenditures”, Journal of Accounting, Auditing & Finance, 23(3), 403-436.
  • Singh, M., S. Faircloth, and A. Nejadmalayeri (2005) “Capital Market Impact of Product Marketing Strategy: Evidence From the Relationship Between Advertising Expenses and Cost of Capital”, Journal of the Academy of Marketing Science, 33(4), 432-444.
  • Sougiannis, T. (1994) “The Accounting Based Valuation of Corporate R&D”, The Accounting Review, 69(1), 44-68.
  • Tannous, G.F. (1997) “Capital Budgeting for Advertising Expenditures: A Contingent Claims Approach”, Review of Quantitative Finance & Accounting, 8(2), 109-128.
  • Toivanen, O., P. Stoneman and D. Bosworth (2002) “Innovation and the Market Value of UK Firms, 1989–1995,” Oxford Bulletin of Economics and Statistics, (64), 39–61.

The Effects of the Advertising Expenditure on Firm’s Market Value

Yıl 2010, Cilt: 28 Sayı: 1, 59 - 69, 30.06.2010

Öz

When
the finance literature is analyzed, it may be seen that there are a lot of
studies about the factors which affect the firms’ market values. However
, the studies explaining the relationship between the
market value and efficiency level of the firms are limited. Our aim is to make
contributions to this limited area. Within the research framework, 142
enterprises which are registered to the Istanbul Stock Exchange Industrial
Index were analysed. During the application phase the Ordinary Least Squares
method (OLS) was used. The acquired results were interpreted according to the
literature.
 

Kaynakça

  • Amess, K., and S. Girma (2009) “Do Stock Markets Value Efficiency”, Scottish Journal of Political Economy, 56(3), 321-331.
  • Abdel-Khalik, A.R. (1975) “Advertising Effectiveness and Accounting Policy”, The Accounting Review, 50(4), 657-669.
  • Barth, M., M.B. Clement., G. Foster and R. Kasznik (1998) “Brand Values and Capital Market Valuation”, Review of Accounting Studies, 4, 41-68.
  • Bublitz, B. and M. Ettredge (1989) “The Information in Discretionary Outlays: Advertising, Research and Development”, The Accounting Review, 64(1), 108-124.
  • Chauvin, K.W. and M. Hirschey (1994) “Goodwill, Profitability, and the Market Value of the Firm”, Journal of Accounting and Public Policy, 13(2), 159-180.
  • Core, J.E., W.R., Guay and A.V. Buskirk (2003) “Market Valuations in the New Economy: An Investigation of What Has Changed”, Journal of Accounting and Economics, 34, 43-67.
  • Graham, R.C. Jr. and K.D. Frankenberger (2000) “The Contribution of Changes in Advertising Expenditures to Earnings and Market Values”, Journal of Business Research, 50, 149-155.
  • Grossman, S.J. and J.E. Stiglitz (1980) “On the Impossibility of Informationally Efficient Markets”, American Economic Review, 70(3), 393-408.
  • Hall, B.H. (1993) “The Stock Markets Valuation of R&D Investment during the 1980s”, American Economic Review, Papers and Proceedings, 83, 259–264.
  • Hirsch, T.B. and G.T. Seaks (1993) “Functional Form in Regression Models of Tobins q”, Review of Economics and Statistics, 75, 381–85.
  • Hirschey, M. and R.S. Spencer (1992) “Size Effects in the Market Valuation of Fundamental Factors”, Financial Analyst Journal, 48(2), 91-95.
  • Hirschey, M. and J.J. Weygandt (1985) “Amortization Policy for Advertising and Research and Development Expenditures”, Journal of Accounting Research, 23(1), 326-335.
  • Hirschey, M. (1982) “Intangible Capital Aspects of Advertising and R&D Expenditures”, The Journal of Industrial Economics, 30(4), 375-389.
  • Megna, P. and D.C. Mueller (1991) “Profit Rates and Intangible Capital”, The Review of Economics and Statistics, 73, 633-642.
  • Merino, M., R. Srinivasan and R.K. Srivastava (2006) “Advertising, R&D And Variability of Cash Flow and Intangible Firm Value”, Working Paper, 1-49.
  • Paton, D. and L.V. Williams (1999) “Advertising and Firm Performance: Some New Evidence from UK Firms”, Economic Issues, 4(2), 89-105.
  • Picconi, M.J. (1977) “A Reconsideration of the Recognition of Advertising Assets on the Financial Statements”, Journal of Accounting Research, 15(2), 317-326.
  • Qureshi, I.M. (2007) “Asset Value Of Uk Firms Advertising Expenditures Global”, Journal of International Business Research, 1(1), 12-23.
  • Reekie, W.D. and P. Bhoyrub (1981) “Profitability and Intangible Assets: Another Look at Advertising and Entry Barriers”, Applied Economics, 13, 99-107.
  • Shah A. Z.S., W.A. Stark and S. Akbar (2009) “The Value Relevance of Major Media Advertising Expenditures: Some U.K. Evidence”, The International Journal of Accounting, 44, 187–206.
  • Simpson, A. (2008) “Voluntary Disclosure of Advertising Expenditures”, Journal of Accounting, Auditing & Finance, 23(3), 403-436.
  • Singh, M., S. Faircloth, and A. Nejadmalayeri (2005) “Capital Market Impact of Product Marketing Strategy: Evidence From the Relationship Between Advertising Expenses and Cost of Capital”, Journal of the Academy of Marketing Science, 33(4), 432-444.
  • Sougiannis, T. (1994) “The Accounting Based Valuation of Corporate R&D”, The Accounting Review, 69(1), 44-68.
  • Tannous, G.F. (1997) “Capital Budgeting for Advertising Expenditures: A Contingent Claims Approach”, Review of Quantitative Finance & Accounting, 8(2), 109-128.
  • Toivanen, O., P. Stoneman and D. Bosworth (2002) “Innovation and the Market Value of UK Firms, 1989–1995,” Oxford Bulletin of Economics and Statistics, (64), 39–61.
Toplam 25 adet kaynakça vardır.

Ayrıntılar

Bölüm Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi
Yazarlar

Hasan Altın Bu kişi benim

Yayımlanma Tarihi 30 Haziran 2010
Gönderilme Tarihi 9 Mayıs 2017
Yayımlandığı Sayı Yıl 2010 Cilt: 28 Sayı: 1

Kaynak Göster

APA Altın, H. (2010). REKLAM HARCAMALARININ ŞİRKETİN PİYASA DEĞERİNE OLAN ETKİSİ. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 28(1), 59-69.
AMA Altın H. REKLAM HARCAMALARININ ŞİRKETİN PİYASA DEĞERİNE OLAN ETKİSİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. Haziran 2010;28(1):59-69.
Chicago Altın, Hasan. “REKLAM HARCAMALARININ ŞİRKETİN PİYASA DEĞERİNE OLAN ETKİSİ”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 28, sy. 1 (Haziran 2010): 59-69.
EndNote Altın H (01 Haziran 2010) REKLAM HARCAMALARININ ŞİRKETİN PİYASA DEĞERİNE OLAN ETKİSİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 28 1 59–69.
IEEE H. Altın, “REKLAM HARCAMALARININ ŞİRKETİN PİYASA DEĞERİNE OLAN ETKİSİ”, Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, c. 28, sy. 1, ss. 59–69, 2010.
ISNAD Altın, Hasan. “REKLAM HARCAMALARININ ŞİRKETİN PİYASA DEĞERİNE OLAN ETKİSİ”. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 28/1 (Haziran 2010), 59-69.
JAMA Altın H. REKLAM HARCAMALARININ ŞİRKETİN PİYASA DEĞERİNE OLAN ETKİSİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2010;28:59–69.
MLA Altın, Hasan. “REKLAM HARCAMALARININ ŞİRKETİN PİYASA DEĞERİNE OLAN ETKİSİ”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, c. 28, sy. 1, 2010, ss. 59-69.
Vancouver Altın H. REKLAM HARCAMALARININ ŞİRKETİN PİYASA DEĞERİNE OLAN ETKİSİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2010;28(1):59-6.

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