Is Value Associated with Initiating New Advertising Agency-Client Relations?
Is Value Associated with Initiating New Advertising Agency-Client Relations?
复制标题
价值与建立新的广告公司-客户关系有关吗？
DOI：
10.1080/00913367.1996.10673503
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发表时间：
1996
期刊：
影响因子：
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通讯作者：
I. Mathur
中科院分区：
文献类型：
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作者：
Lynette Knowles Mathur;I. Mathur
有多种因素促使公司管理者与广告公司建立新的关系。其中最主要的因素是改善公司财务业绩的愿望。作者研究了建立新关系是否会导致公司市场价值的变化，即是否存在财富效应。研究了涉及新关系的三种情况：一家公司宣布与一家广告代理公司建立了一个新账户，一家公司宣布与一家已经与该公司有联系的代理机构建立了一个新账户，以及一家公司宣布该公司为一项新的业务活动建立了一个新账户。针对这三种情况分别编制了一个总体样本和三个子样本进行分析。总体样本的结果显示，与新的代理-客户关系的宣布相关的显着的负面财富影响。同样，第一个子样本也观察到了负财富效应。然而，对于第二个子样本（已与公司有联系的机构的新账户的公告）和第三个子样本（新活动的新账户的公告），在延迟的基础上观察到显着的正财富效应。与更有声望的机构相关的公告会带来更积极的财富效应。最后，财务业绩相对较差的公司发布的公告与相对较低的财富效应相关。讨论了结果可能产生的管理影响。
A variety of factors motivate firms' managers to initiate new relations with advertising agencies. Principal among the factors is the desire to improve the firm's financial performance. The authors examine whether initiating new relations results in a change in the market value of the firm, that is, whether there is a wealth effect. Three situations involving new relations are studiedL a firm's announcement that a new account is established with an advertising agency, a firm's announcement that a new account is established with an agency already linked to the firm, and a firm's announcement that a new account is established for a new business activity by the firm. One overall sample and three subsamples corresponding to the three situations were compiled for analysis. The results for the overall sample show significant negative wealth effects associated with the announcements of new agency-client relations. Similarly, negative wealth effects are observed for the first subsample. However, significantly positive wealth effects are observed on a delayed basis for the second subsample (announcements of new accounts with agencies already linked to the firms) and for the third subsample (announcements of new accounts for new activities). Announcements associated with more prestigious agencies resulted in more positive wealth effects. Finally, announcements by firms with relatively poor financial performance were associated with relatively lower wealth effects. Possible managerial implications of the results are discussed.