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Causal Analysis of Advertising Expenditure and Business Performance
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기업의 경영성과와 광고비 간의 인과관계 분석

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Type
Academic journal
Author
Journal
Korean Association for Advertising and Public Relations The Korean Journal of Advertising and Public Relations Vol.11 No.1 KCI Accredited Journals
Published
2009.1
Pages
141 - 165 (25page)

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Causal Analysis of Advertising Expenditure and Business Performance
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Abstract· Keywords

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One of the primary objectives of this research was to investigate whether, on overall company or business level, advertising can be regarded largely as investment that contributes to increased sales or operating profits, or, conversely, advertising expenditure is determined simply by the level of current or expected company sales. Thus, this research analyzed advertising expenditure in relation to sales, operating profits, and GDP. Specifically, using KIS-Value data from 1980 to 2006, this research performed two major analyses: 1) a series of tests for the stationarity of long term time-series data of advertising expenditure and those business performance variables for the corresponding period, and 2) tests for Granger-causality between advertising expenditure and the performance variables and, based on the results, a series of correlation analysis for the same data. The major findings are as follows: First, sales had higher explanatory power than operating profits in determining the level of advertising expenditure. And, there was significant correlation between advertising expenditure and sales. Also, those companies subjected to analysis appeared to be interested more in increasing profits than sales. Secondly, causality tests indicated that advertising expenditure precedes sales, suggesting that advertising may indeed play the role of investment. There was no Granger-causality between sales and GDP for either direction. But, there was Granger-causality between advertising and GDP for both directions, suggesting that advertising expenditure, rather than sales, responds more sensitively to change in macro-economic condition.
#광고비 #매출액 #Granger-인과관계 #상관분석 #advertising expenditure #sales #Granger-causality #correlation analysis

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References (26)

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1. [학술대회논문] - 권오박 / 2007 / 기업의 매출액과 광고비의 관계에 관한 분석 / 2007년 가을 한국광고홍보학회 추계학술대회발표논문 : 157 ~ 162 google schola 2. [학술지(정기간행물)] - 김광수 / 2003 / 매체와 산업 광고비 예측에 관한 방법론 : SUR와 패널분석을 중심으로 / 광고학연구 14 (3) : 191 ~ 210 dbpia 3. [학술지(정기간행물)] - 김진수 / 2006 / 중국의 석유 수입과 국제원유가격 변동의 인과관계 분석 / 한국지구시스템공학회지 43 (6) : 551 ~ 559 google schola 4. [학술지(정기간행물)] - 박세훈 / 1994 / 광고비 변동에 따른 판매 반응에 관한 연구 / 경영학연구 23 (3) : 251 ~ 279 dbpia 5. [단행본] - 이종원 / 2007 / 계량경제학 / 박영사 google schola

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