Araştırma Makalesi
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Does Investing in Marketing Efforts Affect Firm Value and Profitability? An Application with Panel Data Analysis

Yıl 2021, Cilt: 18 Sayı: 44, 7539 - 7551, 26.12.2021
https://doi.org/10.26466/opus.894186

Öz

The purpose of this study is to examine the effect of investing in marketing efforts on profitability and firm value. The scope of the study consists of public companies listed in Borsa Istanbul Services Index (XUHIZ). The study covers 49 companies (196 firm-years) listed in XUHIZ in the period 2016-2019. As dependent variables, the accounting-based performance indicator "ROA" and the market-based performance indicator "Tobin's Q ratio" were used. Investment in marketing efforts was represented by independent variables as marketing intensity and marketing expenses to total operating expenses ratio. In the study, panel data analysis method, which allows both time series and cross-section, was chosen. According to the panel data analysis findings, it was determined that the increase in the ratio of investment in marketing efforts to sales did not have a positive effect on the market value or profitability of the company. On the other hand, it was found that the increase in the ratio of marketing expenses to total operational expenses positively affected both the profitability and the market value of the company. These findings indicate that marketing investments should not be considered separately from other operating expenses of the company, companies that can control other operating expenses and increase the ratio of marketing investments in total expenses can achieve better financial performance.

Kaynakça

  • Agbeja, O., Adelakun, O. J. and Akinyemi, D. (2015). Analysis of the effect of advertising on sales and profitability of company. International Journal of Novel Research in Marketing Management and Economics, 2(3), 81-90.
  • Al-Nimer, M. A., Qasem, M. F., Aladham, M. F. and Yousef, A. A. (2015). The impact of marketing strategy on profitability in medical jordanian corporations. International Business Research, 8(11), 61-67.
  • Baltagi, B. H., Song, S. H. and Koh, W. (2003). Testing panel data regression models with spatial error correlation. Journal of Econometrics, 117, 123-150.
  • Bolton, R. N. (2004). Linking marketing to financial performance and firm value. Journal of Marketing, 68(4), 73-75.
  • Breusch, T. and Pagan, A. (1980). The lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), Econometrics Issue, 239-253.
  • Doğan, M. and Mecek, G. (2015). A research on the effects of marketing spending on firm value. Journal of Business Research-Türk, 7(2), 180-194.
  • Fu, L., Singhal, R. and Parkash, M. (2016). Tobin’s q ratio and firm performance. International Research Journal of Applied Finance, 7, 1-10.
  • Gupta, N. (2008). Advertisement and firms' performance: An empirical analysis (May 15, 2008). Available at SSRN: https://ssrn.com/abstract=1405014.
  • Han, B. H. and Manry, D. (2004). The value-relevance of RandD and advertising expenditures: Evidence from Korea. The International Journal of Accounting, 39, 155-173.
  • Hausman, J. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251-1271.
  • Honda, Y. (1985). Testing the error components model with non-normal disturbances. The Review of Economic Studies, 52(4), 681-690.
  • Konak, F. (2015). The effects of marketing expenses on firm performance: empirical evidence from the BIST Textile, Leather Index. Journal of Economics, Business and Management, 3(11), 1068-1071.
  • Kotler, P. (1997). Marketing management analysis, planning, implementation, and control. 9th Edition. Prentice Hall: Upper Saddle River.
  • Kundu, A., Kulkarni, P. and Murthy, A. N. K. (2010). Advertising and firm value: Mapping the relationship between advertising, profitability and business strategy in India (May 8, 2008). Changing Ideas in Strategy, Arun Sinha, ed., Narosa Publications, Available at SSRN: https://ssrn.com/abstract=1750792 Accessed on: 13.05.2020.
  • Levin, A., Lin, C.-F. and Chu, C.-S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1-24.
  • Madden, T. J., Fehle, F. and Fournier, S. (2006). Brands matter: An empirical demonstration of the creation of shareholder value through branding. Journal of the Academy Marketing Science, 34(2), 224-235.
  • Mcclure, B. (2020). How to use ROA to judge a company's financial performance. Retrieved from https://www.investopedia.com/articles/fundamental/04/012804.asp. Accessed on: 14.06.2020.
  • Menard, S. (2011). Applied logistic regression analysis. 2nd edition. UK: SAGE Publications, Inc.
  • Öztürk, E. and Dülgeroğlu, İ. (2016). Pazarlama ve genel yönetim giderlerinin firma performansı üzerindeki etkisi. Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 9(3), 137-146 .
  • Qureshi, M. I. (2007). Asset value of UK firms advertising expenditures. Global Journal of International Business Research (GJIBR), 1(1), 12-23.
  • Serçek, S., Kaya, S. B. and Kalash, I. (2018). pazarlama giderlerinin firma karlılığı üzerindeki etkisi: Bist turizm sektörü üzerinde bir araştırma., International Social Sciences Studies Journal, 4(23), 4370-4380.
  • Sheth, J. N. and Sisodia, R. S. (2002). Marketing productivity: Issues and analysis. Journal of Business Research, 55(5), 349-362.
  • Slywotzky, A. J. and Shapiro, B. (1993). Leveraging to beat the odds: The new marketing mind-set. Harvard Business Review, 71(5), 97-107.
  • Tatoğlu, F. Y. (2016). Panel veri ekonometrisi. 3rd edition. İstanbul: Beta Basım.
  • Topuz, Y. V. and Akşit N. (2013). İşletmelerin pazarlama giderlerinin hisse senetleri getirileri üzerindeki etkisi: İMKB gıda sektörü örneğ., Anadolu Üniversitesi Sosyal Bilimler Dergisi, 13(1), 53-60.

Pazarlama Çabalarına Yatırım Yapmak, Firma Değeri ve Kârlılığını Etkiler mi? Panel Veri Analizi ile Bir Uygulama

Yıl 2021, Cilt: 18 Sayı: 44, 7539 - 7551, 26.12.2021
https://doi.org/10.26466/opus.894186

Öz

Bu çalışmanın amacı, pazarlama çabalarına yatırım yapmanın kârlılık ve firma değeri üzerindeki etkisini incelemektir. Çalışmanın kapsamını Borsa İstanbul Hizmetler Endeksinde (XUHIZ) listelenen halka açık şirketler oluşturmaktadır. Çalışma, 2016-2019 arasındaki dönemde XUHIZ'de listelenen 49 şirketi (196 firma-yıl) kapsamaktadır. Bağımlı değişkenler olarak, muhasebe temelli performans göstergesi olan "ROA" ve piyasa temelli performans göstergesi olan "Tobin's Q oranı" kullanılmıştır. Pazarlama çabalarına yapılan yatırım, pazarlama yoğunluğu ve pazarlama giderlerinin toplam faaliyet giderlerine oranı bağımsız değişkenleriyle temsil edilmiştir. Çalışmada hem zaman serilerine hem de kesitlere izin veren panel veri analizi yöntemi kullanılmıştır. Araştırma bulgularına göre, pazarlama çabalarına yatırımın satışlara oranındaki artışın şirketin piyasa değeri veya kârlılığı üzerinde olumlu bir etkiye sahip olmadığı tespit edilmiştir. Öte yandan pazarlama giderlerinin toplam faaliyet giderlerine oranındaki artışın şirketin hem kârlılığını hem de piyasa değerini olumlu etkilediği saptanmıştır. Bu bulgular, pazarlama yatırımlarının şirketin diğer faaliyet giderlerinden ayrı düşünülmemesi gerektiğini, diğer faaliyet giderlerini kontrol edebilen ve pazarlama yatırımlarının toplam giderler içindeki payını artıran şirketlerin daha iyi finansal performans elde edebileceğini göstermektedir.

Kaynakça

  • Agbeja, O., Adelakun, O. J. and Akinyemi, D. (2015). Analysis of the effect of advertising on sales and profitability of company. International Journal of Novel Research in Marketing Management and Economics, 2(3), 81-90.
  • Al-Nimer, M. A., Qasem, M. F., Aladham, M. F. and Yousef, A. A. (2015). The impact of marketing strategy on profitability in medical jordanian corporations. International Business Research, 8(11), 61-67.
  • Baltagi, B. H., Song, S. H. and Koh, W. (2003). Testing panel data regression models with spatial error correlation. Journal of Econometrics, 117, 123-150.
  • Bolton, R. N. (2004). Linking marketing to financial performance and firm value. Journal of Marketing, 68(4), 73-75.
  • Breusch, T. and Pagan, A. (1980). The lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), Econometrics Issue, 239-253.
  • Doğan, M. and Mecek, G. (2015). A research on the effects of marketing spending on firm value. Journal of Business Research-Türk, 7(2), 180-194.
  • Fu, L., Singhal, R. and Parkash, M. (2016). Tobin’s q ratio and firm performance. International Research Journal of Applied Finance, 7, 1-10.
  • Gupta, N. (2008). Advertisement and firms' performance: An empirical analysis (May 15, 2008). Available at SSRN: https://ssrn.com/abstract=1405014.
  • Han, B. H. and Manry, D. (2004). The value-relevance of RandD and advertising expenditures: Evidence from Korea. The International Journal of Accounting, 39, 155-173.
  • Hausman, J. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251-1271.
  • Honda, Y. (1985). Testing the error components model with non-normal disturbances. The Review of Economic Studies, 52(4), 681-690.
  • Konak, F. (2015). The effects of marketing expenses on firm performance: empirical evidence from the BIST Textile, Leather Index. Journal of Economics, Business and Management, 3(11), 1068-1071.
  • Kotler, P. (1997). Marketing management analysis, planning, implementation, and control. 9th Edition. Prentice Hall: Upper Saddle River.
  • Kundu, A., Kulkarni, P. and Murthy, A. N. K. (2010). Advertising and firm value: Mapping the relationship between advertising, profitability and business strategy in India (May 8, 2008). Changing Ideas in Strategy, Arun Sinha, ed., Narosa Publications, Available at SSRN: https://ssrn.com/abstract=1750792 Accessed on: 13.05.2020.
  • Levin, A., Lin, C.-F. and Chu, C.-S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1-24.
  • Madden, T. J., Fehle, F. and Fournier, S. (2006). Brands matter: An empirical demonstration of the creation of shareholder value through branding. Journal of the Academy Marketing Science, 34(2), 224-235.
  • Mcclure, B. (2020). How to use ROA to judge a company's financial performance. Retrieved from https://www.investopedia.com/articles/fundamental/04/012804.asp. Accessed on: 14.06.2020.
  • Menard, S. (2011). Applied logistic regression analysis. 2nd edition. UK: SAGE Publications, Inc.
  • Öztürk, E. and Dülgeroğlu, İ. (2016). Pazarlama ve genel yönetim giderlerinin firma performansı üzerindeki etkisi. Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 9(3), 137-146 .
  • Qureshi, M. I. (2007). Asset value of UK firms advertising expenditures. Global Journal of International Business Research (GJIBR), 1(1), 12-23.
  • Serçek, S., Kaya, S. B. and Kalash, I. (2018). pazarlama giderlerinin firma karlılığı üzerindeki etkisi: Bist turizm sektörü üzerinde bir araştırma., International Social Sciences Studies Journal, 4(23), 4370-4380.
  • Sheth, J. N. and Sisodia, R. S. (2002). Marketing productivity: Issues and analysis. Journal of Business Research, 55(5), 349-362.
  • Slywotzky, A. J. and Shapiro, B. (1993). Leveraging to beat the odds: The new marketing mind-set. Harvard Business Review, 71(5), 97-107.
  • Tatoğlu, F. Y. (2016). Panel veri ekonometrisi. 3rd edition. İstanbul: Beta Basım.
  • Topuz, Y. V. and Akşit N. (2013). İşletmelerin pazarlama giderlerinin hisse senetleri getirileri üzerindeki etkisi: İMKB gıda sektörü örneğ., Anadolu Üniversitesi Sosyal Bilimler Dergisi, 13(1), 53-60.
Toplam 25 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Yöneylem
Bölüm Makaleler
Yazarlar

Mohannad T A Garbıah 0000-0001-7075-6557

Cüneyd Ebrar Levent 0000-0003-1494-3029

Yayımlanma Tarihi 26 Aralık 2021
Kabul Tarihi 2 Kasım 2021
Yayımlandığı Sayı Yıl 2021 Cilt: 18 Sayı: 44

Kaynak Göster

APA Garbıah, M. T. A., & Levent, C. E. (2021). Does Investing in Marketing Efforts Affect Firm Value and Profitability? An Application with Panel Data Analysis. OPUS International Journal of Society Researches, 18(44), 7539-7551. https://doi.org/10.26466/opus.894186