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A Decision Model for Advertising Expense: From the Perspective of the Blockholder's Private BenefitsA Decision Model for Advertising Expense: From the Perspective of the Blockholder's Private Benefits
- Other Titles
- A Decision Model for Advertising Expense: From the Perspective of the Blockholder's Private Benefits
- Issue Date
- 2009
- Publisher
- 한국상품학회
- Keywords
- Advertising Expense; Private Benefits; Advertising Expense; Private Benefits
- Citation
- 상품학연구, v.27, no.2, pp.123 - 130
- Indexed
- KCI
- Journal Title
- 상품학연구
- Volume
- 27
- Number
- 2
- Start Page
- 123
- End Page
- 130
- ISSN
- 1226-6132
- Abstract
- This paper examines how the size of private benefits of large owners, measured using block premium, affects changes in advertising expense of the company. If large owners enjoy private benefits through engaging in pet projects, it will result in increased advertising expense. On a sample of 130 firms whose blocks of shares are traded in the U.S., we show that the magnitude of private benefits is not associated with changes in advertising expense.
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