Abstract
ABSTRACT Firm value is a powerful metric for assessing advertising managers’ performance: investors evaluate advertising decisions and incorporate their evaluations in the stock price, thus influencing the company’s value in the stock markets. Previous studies have analysed the impact of some advertising decisions on investors, namely, the advertising expenditure level and messages. However, previous research has ignored what happens with other advertising decisions, such as media mix. The present study examines the differential effects of media on investors’ response to advertising, that is, whether advertising expenditure and brand messages equally increase firm value when delivered through different media. Our results indicate that the effect of advertising expenditure depends on which media companies use. We also find that brand messages increase firm value only when broadcast through some specific media.
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