It pays to pay attention: How firm's and competitor's marketing levers affect investor attention and firm value
International Journal of Research in Marketing(2022)
Abstract
Investors' attention to a firm's stock has been demonstrated to influence stock returns (Da et al., 2011). But does a firm's marketing information draw attention to a firm's stock? Research in finance, accounting, and marketing has investigated advertising as one potential driver of investors' attention to a firm's stock. How about other potential marketing drivers? The authors develop hypotheses related to the impact of the changes in four marketing levers: advertising, product development announcements, WOM, and customer satisfaction on the change in investor attention to a firm's stock. Furthermore, they investigate the moderating role of competitors' marketing levers in these relationships.
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Key words
Marketing levers,Investor attention,Competitors,Firm value,Marketing-finance
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