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Aggressive Marketing Strategy Following Equity Offerings and Firm Value: The Role of Relative Strategic Flexibility

Hulland, John - ; Kurt, Didem - ;

Firms raise a significant amount of funds and gain competitive advantage over their rivals through equity financing, namely through initial public offerings and seasoned equity offerings. The authors find that both initial public offering firms and seasoned equity offering firms adopt a more aggressive marketing strategy during the two years following their offering. However, not all equity issuers benefit equally from increased marketing spending, which can help signal companies' growth prospects to investors. A key moderator of the link between marketing investment and firm value is the strategic flexibility of rivals with respect to issuers. In particular, the stock market reacts favorably to an aggressive marketing strategy initiated by issuers competing against rivals with relatively less flexibility, whereas increased marketing expenditures do not translate into higher firm value when rivals have greater flexibility. Furthermore, the authors show that marketing expenditures create value within context: the role of marketing in enhancing shareholder value and the moderating effect of rivals' strategic flexibility are more pronounced in the two-year window immediately following an equity offering than at any other time. The authors conclude with a discussion of implications for theory and practice..Printed Journal


Ketersediaan

Call NumberLocationAvailable
JM7705PSB lt.dasar - Pascasarjana1
Penerbit: American Marketing Association
Edisi-
SubjekStrategic flexibility
Signaling
marketing?finance interface
marketing resources
financial market performance
equity offerings
ISBN/ISSN222429
Klasifikasi-
Deskripsi Fisik-
Info Detail Spesifik-
Other Version/RelatedTidak tersedia versi lain
Lampiran BerkasTidak Ada Data

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