随着传统广告向数字广告的转变, little research has explored how advertising in these different channels creates long-term value for companies.
An obstacle for researchers is that firms' advertising disclosures are optional and currently limited. New research from the University of New Hampshire that uses novel media advertising data is starting to shed light on the topic.
发表在 管理科学她是主要研究 彼得T . university会计学助理教授. 保罗商业与经济学院研究了三类广告:
- 付费搜索(在线用户搜索)
- 在线展示(在线横幅、文字广告和视频)
- 传统媒体(电视、报纸、杂志等.)
通过审查并购交易, Song found that businesses that spend more on traditional and online display advertising had greater brand asset recognition and valuation in mergers and acquisitions, 而付费搜索对即时销售的影响更大.
“付费搜索非常接近即时销售，因为消费者可以搜索它, 点击它，直接购买他们感兴趣的产品, 所以就公司业绩而言，它更接近于收入,歌曲说. “Online display and traditional advertising are more about trying to have a positive brand association with the audience.”
Song’s research was motivated by the shift toward digital advertising and the lack of advertising data available from 上市公司. 根据宋的研究, 只有不到30%的上市公司在年报中分享广告数据, 而那些确实是模糊的.
研究问题
Internet advertising surpassed television advertising in 2016 and is now the largest advertising channel in the U.S.自2018年以来，每年超过1000亿美元. 虽然数字广告已经超过了传统广告, very little research exists that explores what firms gain from advertising in the different channels. This study seeks to answer the following question: How do different advertising media affect brand asset recognition?
主要研究结果
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业务es allocating more resources to traditional and online display advertising experience greater brand asset recognition and valuation.
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Paid search advertising has a more immediate impact on sales than traditional and online display advertising.
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投资者对公认的品牌价值反应积极, 尤其是当公司在传统和在线展示广告上投入更多的时候.
研究的意义
This research provides insights into the effectiveness of different advertising channels in building brand recognition and value. By understanding the impact of advertising strategies on brand assets and valuation, 企业可以对广告投资做出明智的决定. 该研究还强调了全面披露广告数据的重要性, 以及广告分为数字广告和传统广告. 最终, this research contributes to understanding the evolving advertising landscape and its implications for business performance and investor decisions.
Song says one of the most effective ways to evaluate the long-term value creation of various advertising channels is by examining mergers and acquisitions. 这背后的理由是，在美国.S., advertising is reported in financial statements as expenses on income statements.
However, a company must recognize and value all its brand assets during mergers and acquisitions. 这意味着广告活动, 创造品牌价值, 在这些交易中是否被记为品牌资产.
Song’s study utilized a dataset covering annual advertising expenditures across various media outlets from 2010 to 2019. 最后的样本包括287宗涉及美国企业的并购交易.S. 上市公司.
数据显示增加了0.1% in traditional advertising as a percentage of sales was associated with a 17% increase in the probability of brand recognition. A similar increase in online display advertising led to a 41% increase in the likelihood of brand recognition.
另外, if a company increases its spending on traditional advertising by 1% relative to its total sales, the value of its brand (as considered in a merger or acquisition) is likely to increase by about 0.销售额的3%. 类似的, if the same company boosts its online display advertising spending by 1% of its sales, 品牌价值预计将上升约0.销售额的7%.
Song says her research shows that investing in traditional and online display advertising builds brand value and can produce ongoing long-term economic benefits for investors or potential acquirers. 除了, disclosing such data can make a business more attractive and shape advertising strategies.
宋指出，缺乏广告披露一直困扰着她, but executives are likely to question their necessity because such disclosures are not mandatory.
“他们想，‘如果不需要，我们为什么要披露它?’”宋说。. “但我的研究表明，这对投资者很重要, 尤其是在并购环境中, 当上市公司需要更高的品牌估值时.”
Song argues that regulators could reconsider the general reporting framework for advertising, 包括将某些类型的广告确认为资产而不是费用.
“The study shows that traditional and online display advertising are creating brand assets for the firms, 但是现在的美国.S. 会计报告框架根本没有采用这一点，”宋说. “回到100或50年前，广告都是传统的. 广告的性质变了，但报道的框架没有变.”
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写的:
亚伦桑伯恩 |彼得·T. 保罗工商经济学院| 亚伦.sanborn@mbk68.com
