Menilai Peran Pemasaran Pada Pengumuman Laba: Respon Pasar Saham Terhadap Kejutan Metrik Pemasaran
Keywords:
Peran Marketing, Pasar Saham, Metrik Pemasaran
Abstract
Introduction/Main Objective: Studi ini berusaha untuk menilai dampak kinerja perusahaan pada metrik pemasaran yang melebihi ekspektasi analis konsensus pada metrik pemasaran yaitu kejutan metrik pemasaran pada pengembalian pasar saham. Background Problem : Quarterly earnings announcements adalah peristiwa penting dalam siklus hidup perusahaan, di mana perusahaan mengungkapkan informasi tentang pendapatan triwulanan mereka, dan investor memperbarui keyakinan mereka tentang kesehatan keuangan perusahaan secara keseluruhan. Novelty : Selanjutnya, penelitian ini menyoroti peningkatan efek variasi waktu dari kejutan metrik pemasaran sedangkan penurunan efek kejutan pendapatan. Terakhir, penelitian ini membandingkan kandungan informasi relatif dari kejutan metrik pemasaran dibandingkan dengan kejutan pendapatan di berbagai industri. Research Method: Penelitian ini menggunakan metodologi studi peristiwa pada saat pengumuman laba untuk menyelidiki reaksi pasar saham terhadap kejutan dalam metrik pemasaran. Menyadari bahwa tidak semua perusahaan secara sukarela mengungkapkan metrik pemasaran khusus industri mereka, hal yang sama dikoreksi menggunakan koreksi Heckman. Finding Result Temuan penelitian ini menunjukkan bahwa kejutan metrik pemasaran bertindak sebagai kabar baik bagi investor, ini menunjukkan bahwa kejutan metrik pemasaran industri telekomunikasi dan media lebih unggul daripada kejutan pendapatan dalam menjelaskan return saham. Conclusion : hasil penelitian ini menunjukkan dampak terhadap pengembalian saham bergantung pada sinyal alokasi sumber daya pemasaran perusahaan dan investor menyaring isyarat pengeluaran pemasaran yang tidak terduga. Temuan penelitian ini sangat penting bagi manajer pemasaran yang dapat memanfaatkan sumber daya secara efisien untuk mengalahkan ekspektasi pasar. Eksekutif pemasaran juga dapat memanfaatkan temuan ini dalam menetapkan akuntabilitas departemen pemasaran di pasar modal.
References
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Ambler, Tim, Flora Kokkinaki, and Stefano Puntoni (2004), "Assessing Marketing Performance: Reasons for Metrics Selection," Journal of Marketing Management, 20 (3-4), 475-98.
Anderson, Eugene W, Claes Fornell, and Sanal K Mazvancheryl (2004), "Customer Satisfaction and Shareholder Value," Journal of Marketing, 68 (4), 172-85.
Barber, Brad M and Terrance Odean (2007), "All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors," Review of Financial Studies, 21 (2), 785-818.
Barth, Mary E, Ron Kasznik, and Maureen F McNichols (2001), "Analyst Coverage and Intangible Assets," Journal of Accounting Research, 39 (1), 1-34.
Bartov, Eli, Dan Givoly, and Carla Hayn (2002), "The Rewards to Meeting or Beating Earnings Expectations," Journal of Accounting and Economics, 33 (2), 173-204.
Bayer, Emanuel, Kapil R Tuli, and Bernd Skiera (2017), "Do Disclosures of Customer Metrics Lower Investors’ and Analysts’ Uncertainty but Hurt Firm Performance?," Journal of Marketing Research, 54 (2), 239-59.
Blundell, Richard and Stephen Bond (1998), "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models," Journal of Econometrics, 87 (1), 115-43.
Brown, Lawrence D, Robert L Hagerman, Paul A Griffin, and Mark E Zmijewski (1987), "Security Analyst Superiority Relative to Univariate Time-Series Models in Forecasting Quarterly Earnings," Journal of Accounting and Economics, 9 (1), 61-87.
Caliendo, Marco and Sabine Kopeinig (2008), "Some Practical Guidance for the Implementation of Propensity Score Matching," Journal of Economic Surveys, 22 (1), 31-72.
CNBC (2018), "Twitter Shares Experience Worst Single Day Percentage Drop since 2014 after Reporting Declining Monthly Active Users," (accessed 05/11/2020, [available at https://www.cnbc.com/2018/07/27/twitter-earnings-q2-2018.html].
Dechow, Patricia, Weili Ge, and Catherine Schrand (2010), "Understanding Earnings Quality: A Review of the Proxies, Their Determinants and Their Consequences," Journal of Accounting and Economics, 50 (2-3), 344-401.
Diether, Karl B, Christopher J Malloy, and Anna Scherbina (2002), "Differences of Opinion and the Cross Section of Stock Returns," Journal of Finance, 57 (5), 2113-41.
DiMaggio, Paul J and Walter W Powell (1983), "The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields," American Sociological Review, 48 (2), 147-60.
Edeling, Alexander and Marc Fischer (2016), "Marketing's Impact on Firm Value: Generalizations from a Meta-Analysis," Journal of Marketing Research, 53 (4), 515-34.
Fama, Eugene F and Kenneth R French (1993), "Common Risk Factors in the Returns on Stocks and Bonds," Journal of Financial Economics, 33 (1), 3-56.
Francis, Jennifer and Katherine Schipper (1999), "Have Financial Statements Lost Their Relevance?," Journal of Accounting Research, 37 (2), 319-52.
Frennea, Carly, Kyuhong Han, and Vikas Mittal (2019), "Value Appropriation and Firm Shareholder Value: Role of Advertising and Receivables Management," Journal of Marketing Research, 0022243718822506.
Gruca, Thomas S and Lopo L Rego (2005), "Customer Satisfaction, Cash Flow, and Shareholder Value," Journal of Marketing, 69 (3), 115-30.
Gupta, Sunil, Donald R Lehmann, and Jennifer Ames Stuart (2004), "Valuing Customers," Journal of Marketing Research, 41 (1), 7-18.
Han, Kyuhong, Vikas Mittal, and Yan Zhang (2017), "Relative Strategic Emphasis and Firm-Idiosyncratic Risk: The Moderating Role of Relative Performance and Demand Instability," Journal of Marketing, 81 (4), 25-44.
Healy, Paul M and Krishna G Palepu (2001), "Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature," Journal of Accounting and Economics, 31 (1-3), 405-40.
Heckman, James J (1979), "Sample Selection Bias as a Specification Error," Econometrica, 47 (1), 153-61.
Himme, Alexander and Marc Fischer (2014), "Drivers of the Cost of Capital: The Joint Role of Non-Financial Metrics," International Journal of Research in Marketing, 31 (2), 224-38.
Hou, Kewei and David T Robinson (2006), "Industry Concentration and Average Stock Returns," Journal of Finance, 61 (4), 1927-56.
Jegadeesh, Narasimhan and Joshua Livnat (2006), "Revenue Surprises and Stock Returns," Journal of Accounting and Economics, 41 (1-2), 147-71
Joshi, Amit and Dominique M Hanssens (2010), "The Direct and Indirect Effects of Advertising Spending on Firm Value," Journal of Marketing, 74 (1), 20-33.
Katsikeas, Constantine S, Neil A Morgan, Leonidas C Leonidou, and G Tomas M Hult (2016), "Assessing Performance Outcomes in Marketing," Journal of Marketing, 80 (2), 1-20.
Kim, MinChung and Leigh M McAlister (2011), "Stock Market Reaction to Unexpected Growth in Marketing Expenditure: Negative for Sales Force, Contingent on Spending Level for Advertising," Journal of Marketing, 75 (4), 68-85.
Kothari, SP (2001), "Capital Markets Research in Accounting," Journal of Accounting and Economics, 31 (1-3), 105-231.
Kothari, Stephen P, Natalie Mizik, and Sugata Roychowdhury (2015), "Managing for the Moment: The Role of Earnings Management Via Real Activities Versus Accruals in Seo Valuation," The Accounting Review, 91 (2), 559-86.
Kumar, V and Denish Shah (2009), "Expanding the Role of Marketing: From Customer Equity to Market Capitalization," Journal of Marketing, 73 (6), 119-36.
Kumar, V, JeeWon Brianna Choi, and Mallik Greene (2017), "Synergistic Effects of Social Media and Traditional Marketing on Brand Sales: Capturing the Time-Varying Effects," Journal of the Academy of Marketing Science, 45 (2), 268-88.
Kurt, Didem and John Hulland (2013), "Aggressive Marketing Strategy Following Equity Offerings and Firm Value: The Role of Relative Strategic Flexibility," Journal of Marketing, 77 (5), 57-74.
Löfgren, Karl-Gustaf, Torsten Persson, and Jörgen W Weibull (2002), "Markets with Asymmetric Information: The Contributions of George Akerlof, Michael Spence and Joseph Stiglitz," The Scandinavian Journal of Economics, 104 (2), 195-211.
Lou, Dong (2014), "Attracting Investor Attention through Advertising," Review of Financial Studies, 27 (6), 1797-829.
Malshe, Ashwin and Manoj K Agarwal (2015), "From Finance to Marketing: The Impact of Financial Leverage on Customer Satisfaction," Journal of Marketing, 79 (5), 21-38.
McAlister, Leigh, Raji Srinivasan, and MinChung Kim (2007), "Advertising, Research and Development, and Systematic Risk of the Firm," Journal of Marketing, 71 (1), 35-48.
McCarthy, Daniel M., Peter S. Fader, and Bruce G.S. Hardie (2017), "Valuing Subscription-Based Businesses Using Publicly Disclosed Customer Data," Journal of Marketing, 81 (1), 17-35.
Meyer, John W and Brian Rowan (1977), "Institutionalized Organizations: Formal Structure as Myth and Ceremony," American Journal of Sociology, 83 (2), 340-63.
Mizik, Natalie (2010), "The Theory and Practice of Myopic Management," Journal of Marketing Research, 47 (4), 594-611.
Mizik, Natalie and Robert Jacobson (2008), "The Financial Value Impact of Perceptual Brand Attributes," Journal of Marketing Research, 45 (1), 15-32.
Osinga, Ernst C, Peter SH Leeflang, and Jaap E Wieringa (2010), "Early Marketing Matters: A Time-Varying Parameter Approach to Persistence Modeling," Journal of Marketing Research, 47 (1), 173-85.
Petrin, Amil and Kenneth Train (2010), "A Control Function Approach to Endogeneity in Consumer Choice Models," Journal of Marketing Research, 47 (1), 3-13.
Saboo, Alok R and Rajdeep Grewal (2013), "Stock Market Reactions to Customer and Competitor Orientations: The Case of Initial Public Offerings," Marketing Science, 32 (1), 70-88.
Saboo, Alok R, V Kumar, and Ankit Anand (2017), "Assessing the Impact of Customer Concentration on Initial Public Offering and Balance Sheet–Based Outcomes," Journal of Marketing, 81 (6), 42-61.
Saboo, Alok R, V Kumar, and Insu Park (2016), "Using Big Data to Model Time-Varying Effects for Marketing Resource (Re) Allocation," MIS Quarterly, 40 (4), 911-39.
Seggie, Steven H, Erin Cavusgil, and Steven E Phelan (2007), "Measurement of Return on Marketing Investment: A Conceptual Framework and the Future of Marketing Metrics," Industrial Marketing Management, 36 (6), 834-41.
Sorescu, Alina, Nooshin L Warren, and Larisa Ertekin (2017), "Event Study Methodology in the Marketing Literature: An Overview," Journal of the Academy of Marketing Science, 45 (2), 186-207.
Srinivasan, Shuba and Dominique M Hanssens (2009), "Marketing and Firm Value: Metrics, Methods, Findings, and Future Directions," Journal of Marketing Research, 46 (3), 293-312.
Srivastava, Rajendra K, Tasadduq A Shervani, and Liam Fahey (1998), "Market-Based Assets and Shareholder Value: A Framework for Analysis," Journal of Marketing, 62 (1), 2-18.
Stocken, Phillip C (2000), "Credibility of Voluntary Disclosure," RAND Journal of Economics, 31 (2), 359-74.
Tellis, Gerard J and Joseph Johnson (2007), "The Value of Quality," Marketing Science, 26 (6), 758-73.
Tirunillai, Seshadri and Gerard J Tellis (2012), "Does Chatter Really Matter? Dynamics of User-Generated Content and Stock Performance," Marketing Science, 31 (2), 198-215.
Tuli, Kapil R, Anirban Mukherjee, and Marnik G Dekimpe (2012), "On the Value Relevance of Retailer Advertising Spending and Same-Store Sales Growth," Journal of Retailing, 88 (4), 447-61.
Verrecchia, Robert E (1983), "Discretionary Disclosure," Journal of Accounting and Economics, 5, 179-94.
Vorhies, Douglas W, Robert E Morgan, and Chad W Autry (2009), "Product‐Market Strategy and the Marketing Capabilities of the Firm: Impact on Market Effectiveness and Cash Flow Performance," Strategic Management Journal, 30 (12), 1310-34.
Vuolteenaho, Tuomo (2002), "What Drives Firm‐Level Stock Returns?," Journal of Finance, 57 (1), 233-64.
Wand, Matt P (2003), "Smoothing and Mixed Models," Computational Statistics, 18 (2), 223-49.
Xiong, Guiyang and Sundar Bharadwaj (2013), "Asymmetric Roles of Advertising and Marketing Capability in Financial Returns to News: Turning Bad into Good and Good into Great," Journal of Marketing Research, 50 (6), 706-24.
Ambler, Tim, Flora Kokkinaki, and Stefano Puntoni (2004), "Assessing Marketing Performance: Reasons for Metrics Selection," Journal of Marketing Management, 20 (3-4), 475-98.
Anderson, Eugene W, Claes Fornell, and Sanal K Mazvancheryl (2004), "Customer Satisfaction and Shareholder Value," Journal of Marketing, 68 (4), 172-85.
Barber, Brad M and Terrance Odean (2007), "All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors," Review of Financial Studies, 21 (2), 785-818.
Barth, Mary E, Ron Kasznik, and Maureen F McNichols (2001), "Analyst Coverage and Intangible Assets," Journal of Accounting Research, 39 (1), 1-34.
Bartov, Eli, Dan Givoly, and Carla Hayn (2002), "The Rewards to Meeting or Beating Earnings Expectations," Journal of Accounting and Economics, 33 (2), 173-204.
Bayer, Emanuel, Kapil R Tuli, and Bernd Skiera (2017), "Do Disclosures of Customer Metrics Lower Investors’ and Analysts’ Uncertainty but Hurt Firm Performance?," Journal of Marketing Research, 54 (2), 239-59.
Blundell, Richard and Stephen Bond (1998), "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models," Journal of Econometrics, 87 (1), 115-43.
Brown, Lawrence D, Robert L Hagerman, Paul A Griffin, and Mark E Zmijewski (1987), "Security Analyst Superiority Relative to Univariate Time-Series Models in Forecasting Quarterly Earnings," Journal of Accounting and Economics, 9 (1), 61-87.
Caliendo, Marco and Sabine Kopeinig (2008), "Some Practical Guidance for the Implementation of Propensity Score Matching," Journal of Economic Surveys, 22 (1), 31-72.
CNBC (2018), "Twitter Shares Experience Worst Single Day Percentage Drop since 2014 after Reporting Declining Monthly Active Users," (accessed 05/11/2020, [available at https://www.cnbc.com/2018/07/27/twitter-earnings-q2-2018.html].
Dechow, Patricia, Weili Ge, and Catherine Schrand (2010), "Understanding Earnings Quality: A Review of the Proxies, Their Determinants and Their Consequences," Journal of Accounting and Economics, 50 (2-3), 344-401.
Diether, Karl B, Christopher J Malloy, and Anna Scherbina (2002), "Differences of Opinion and the Cross Section of Stock Returns," Journal of Finance, 57 (5), 2113-41.
DiMaggio, Paul J and Walter W Powell (1983), "The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields," American Sociological Review, 48 (2), 147-60.
Edeling, Alexander and Marc Fischer (2016), "Marketing's Impact on Firm Value: Generalizations from a Meta-Analysis," Journal of Marketing Research, 53 (4), 515-34.
Fama, Eugene F and Kenneth R French (1993), "Common Risk Factors in the Returns on Stocks and Bonds," Journal of Financial Economics, 33 (1), 3-56.
Francis, Jennifer and Katherine Schipper (1999), "Have Financial Statements Lost Their Relevance?," Journal of Accounting Research, 37 (2), 319-52.
Frennea, Carly, Kyuhong Han, and Vikas Mittal (2019), "Value Appropriation and Firm Shareholder Value: Role of Advertising and Receivables Management," Journal of Marketing Research, 0022243718822506.
Gruca, Thomas S and Lopo L Rego (2005), "Customer Satisfaction, Cash Flow, and Shareholder Value," Journal of Marketing, 69 (3), 115-30.
Gupta, Sunil, Donald R Lehmann, and Jennifer Ames Stuart (2004), "Valuing Customers," Journal of Marketing Research, 41 (1), 7-18.
Han, Kyuhong, Vikas Mittal, and Yan Zhang (2017), "Relative Strategic Emphasis and Firm-Idiosyncratic Risk: The Moderating Role of Relative Performance and Demand Instability," Journal of Marketing, 81 (4), 25-44.
Healy, Paul M and Krishna G Palepu (2001), "Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature," Journal of Accounting and Economics, 31 (1-3), 405-40.
Heckman, James J (1979), "Sample Selection Bias as a Specification Error," Econometrica, 47 (1), 153-61.
Himme, Alexander and Marc Fischer (2014), "Drivers of the Cost of Capital: The Joint Role of Non-Financial Metrics," International Journal of Research in Marketing, 31 (2), 224-38.
Hou, Kewei and David T Robinson (2006), "Industry Concentration and Average Stock Returns," Journal of Finance, 61 (4), 1927-56.
Jegadeesh, Narasimhan and Joshua Livnat (2006), "Revenue Surprises and Stock Returns," Journal of Accounting and Economics, 41 (1-2), 147-71
Joshi, Amit and Dominique M Hanssens (2010), "The Direct and Indirect Effects of Advertising Spending on Firm Value," Journal of Marketing, 74 (1), 20-33.
Katsikeas, Constantine S, Neil A Morgan, Leonidas C Leonidou, and G Tomas M Hult (2016), "Assessing Performance Outcomes in Marketing," Journal of Marketing, 80 (2), 1-20.
Kim, MinChung and Leigh M McAlister (2011), "Stock Market Reaction to Unexpected Growth in Marketing Expenditure: Negative for Sales Force, Contingent on Spending Level for Advertising," Journal of Marketing, 75 (4), 68-85.
Kothari, SP (2001), "Capital Markets Research in Accounting," Journal of Accounting and Economics, 31 (1-3), 105-231.
Kothari, Stephen P, Natalie Mizik, and Sugata Roychowdhury (2015), "Managing for the Moment: The Role of Earnings Management Via Real Activities Versus Accruals in Seo Valuation," The Accounting Review, 91 (2), 559-86.
Kumar, V and Denish Shah (2009), "Expanding the Role of Marketing: From Customer Equity to Market Capitalization," Journal of Marketing, 73 (6), 119-36.
Kumar, V, JeeWon Brianna Choi, and Mallik Greene (2017), "Synergistic Effects of Social Media and Traditional Marketing on Brand Sales: Capturing the Time-Varying Effects," Journal of the Academy of Marketing Science, 45 (2), 268-88.
Kurt, Didem and John Hulland (2013), "Aggressive Marketing Strategy Following Equity Offerings and Firm Value: The Role of Relative Strategic Flexibility," Journal of Marketing, 77 (5), 57-74.
Löfgren, Karl-Gustaf, Torsten Persson, and Jörgen W Weibull (2002), "Markets with Asymmetric Information: The Contributions of George Akerlof, Michael Spence and Joseph Stiglitz," The Scandinavian Journal of Economics, 104 (2), 195-211.
Lou, Dong (2014), "Attracting Investor Attention through Advertising," Review of Financial Studies, 27 (6), 1797-829.
Malshe, Ashwin and Manoj K Agarwal (2015), "From Finance to Marketing: The Impact of Financial Leverage on Customer Satisfaction," Journal of Marketing, 79 (5), 21-38.
McAlister, Leigh, Raji Srinivasan, and MinChung Kim (2007), "Advertising, Research and Development, and Systematic Risk of the Firm," Journal of Marketing, 71 (1), 35-48.
McCarthy, Daniel M., Peter S. Fader, and Bruce G.S. Hardie (2017), "Valuing Subscription-Based Businesses Using Publicly Disclosed Customer Data," Journal of Marketing, 81 (1), 17-35.
Meyer, John W and Brian Rowan (1977), "Institutionalized Organizations: Formal Structure as Myth and Ceremony," American Journal of Sociology, 83 (2), 340-63.
Mizik, Natalie (2010), "The Theory and Practice of Myopic Management," Journal of Marketing Research, 47 (4), 594-611.
Mizik, Natalie and Robert Jacobson (2008), "The Financial Value Impact of Perceptual Brand Attributes," Journal of Marketing Research, 45 (1), 15-32.
Osinga, Ernst C, Peter SH Leeflang, and Jaap E Wieringa (2010), "Early Marketing Matters: A Time-Varying Parameter Approach to Persistence Modeling," Journal of Marketing Research, 47 (1), 173-85.
Petrin, Amil and Kenneth Train (2010), "A Control Function Approach to Endogeneity in Consumer Choice Models," Journal of Marketing Research, 47 (1), 3-13.
Saboo, Alok R and Rajdeep Grewal (2013), "Stock Market Reactions to Customer and Competitor Orientations: The Case of Initial Public Offerings," Marketing Science, 32 (1), 70-88.
Saboo, Alok R, V Kumar, and Ankit Anand (2017), "Assessing the Impact of Customer Concentration on Initial Public Offering and Balance Sheet–Based Outcomes," Journal of Marketing, 81 (6), 42-61.
Saboo, Alok R, V Kumar, and Insu Park (2016), "Using Big Data to Model Time-Varying Effects for Marketing Resource (Re) Allocation," MIS Quarterly, 40 (4), 911-39.
Seggie, Steven H, Erin Cavusgil, and Steven E Phelan (2007), "Measurement of Return on Marketing Investment: A Conceptual Framework and the Future of Marketing Metrics," Industrial Marketing Management, 36 (6), 834-41.
Sorescu, Alina, Nooshin L Warren, and Larisa Ertekin (2017), "Event Study Methodology in the Marketing Literature: An Overview," Journal of the Academy of Marketing Science, 45 (2), 186-207.
Srinivasan, Shuba and Dominique M Hanssens (2009), "Marketing and Firm Value: Metrics, Methods, Findings, and Future Directions," Journal of Marketing Research, 46 (3), 293-312.
Srivastava, Rajendra K, Tasadduq A Shervani, and Liam Fahey (1998), "Market-Based Assets and Shareholder Value: A Framework for Analysis," Journal of Marketing, 62 (1), 2-18.
Stocken, Phillip C (2000), "Credibility of Voluntary Disclosure," RAND Journal of Economics, 31 (2), 359-74.
Tellis, Gerard J and Joseph Johnson (2007), "The Value of Quality," Marketing Science, 26 (6), 758-73.
Tirunillai, Seshadri and Gerard J Tellis (2012), "Does Chatter Really Matter? Dynamics of User-Generated Content and Stock Performance," Marketing Science, 31 (2), 198-215.
Tuli, Kapil R, Anirban Mukherjee, and Marnik G Dekimpe (2012), "On the Value Relevance of Retailer Advertising Spending and Same-Store Sales Growth," Journal of Retailing, 88 (4), 447-61.
Verrecchia, Robert E (1983), "Discretionary Disclosure," Journal of Accounting and Economics, 5, 179-94.
Vorhies, Douglas W, Robert E Morgan, and Chad W Autry (2009), "Product‐Market Strategy and the Marketing Capabilities of the Firm: Impact on Market Effectiveness and Cash Flow Performance," Strategic Management Journal, 30 (12), 1310-34.
Vuolteenaho, Tuomo (2002), "What Drives Firm‐Level Stock Returns?," Journal of Finance, 57 (1), 233-64.
Wand, Matt P (2003), "Smoothing and Mixed Models," Computational Statistics, 18 (2), 223-49.
Xiong, Guiyang and Sundar Bharadwaj (2013), "Asymmetric Roles of Advertising and Marketing Capability in Financial Returns to News: Turning Bad into Good and Good into Great," Journal of Marketing Research, 50 (6), 706-24.
Published
2023-05-04
How to Cite
Aftuqa Sholikatur Rohmania, & Ronaldo Aprili. (2023). Menilai Peran Pemasaran Pada Pengumuman Laba: Respon Pasar Saham Terhadap Kejutan Metrik Pemasaran. Jurnal Manajemen Informatika & Teknologi, 3(1), 28-45. https://doi.org/10.51903/mifortekh.v3i1.318
Section
Articles
