An Empirical Study on the Relationship between Advertising Expenditures and Sales in the Korean Liquor Industry

Title
An Empirical Study on the Relationship between Advertising Expenditures and Sales in the Korean Liquor Industry
Author(s)
이희욱임병진
Keywords
Advertising Expenditure; Sales; VAR; Granger Causality; Unit Root; Johansen's Cointegration; Impulse Response; Variance Decomposition
Issue Date
201401
Publisher
한국마케팅관리학회
Citation
마케팅관리연구, v.19, no.1, pp.77 - 88
Abstract
This study analyzes the mutual influence between advertising expenditures and corporate sales in the Korean liquor industry. A bivariate vector autoregressive model is estimated using quarterly data on the won value of advertising expenditures and sales from 2005 to 2012. The estimated impulse response functions show that a one-time increase in advertising expenditures leads to increase in corporate values with a two-quarter lag. However, the impact of advertising on liquor sales is more immediate and relatively large. There is evidence that sales Granger cause advertising expenditures. However, there is no evidence of causality from advertising expenditures to sales. The results suggest that sales are effective in determining advertising expenditures in the Korean liquor industry.
URI
http://hdl.handle.net/YU.REPOSITORY/33365
ISSN
1229-7798
Appears in Collections:
경영대학 > 경영학과 > Articles
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