Marketing-Finance Metrics

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Marketing-Finance Metrics

    Marketing-Finance Metrics

    --Nov 10, 2008

    Financial metrics Illustrative Papers

Cash flow volatility Gruca and Rego 2005

    Fischer et al. 2006

    Systematic risk Fornell et al. 2006

    McAlister et al. 2007

    Aksoy et al 2008

    Idiosyncratic risk Luo 2007, 2009

Tobin’s q Simon and Sullivan 1993

     Rao et al. 2004

    Firm valuation Pauwels et al. 2004

    Market-to-book ratio Fornell et al. 2006

    Stock returns Fang et al. 2008 1Stock value gap Sorescu and Spanjol 2008

     Morgan and Rego 2009

     Aksoy et al 2008

    Srinivasan et al. 2009 2Joshi and Hanssens 2009

    Luo and Homburg 2008

    Return on assets Bayus, Erickson, and Jacobson 2003

    Return on sales

    Return on equity

     Analyst forecast

    DV IV Illustrative Papers Analyst earning forecasting, Advertising and R&D Luo and De Jong Long-term abnormal stock return expenditure

    Analyst recommendations Customer satisfaction Luo, Homburg, and Wieseke Analyst coverage Advertising and R&D Barth, Kasznik, and Manichols

    expenditure 2001

    Analyst forecast consensus (the Advertising and R&D Barron, Byard, Kile, and Riedl

    correlation in analysts' forecast expenditure 2002


     1 Sorescu, Alina B. and Spanjol, Jelena (2008) Innovation's Effect on Firm Value and Risk: Insights

    from Consumer Packaged Goods.” Journal of Marketing, 72 (2), p114-132. 2 Joshi, Amit M. and Dominique M. Hanssens, “Movie Advertising and the Stock Market Valuation of

    Studios: A Case of "Great Expectations?" Marketing Science, forthcoming.

    Feedback from stock prices to marketing strategy IV DV Illustrative Papers

    Stock return Firm’s decision making Rappaport 1987

    Analyst forecasts Subrahmanyam and Titman 2001

     Markovitch, Steckel, and Yeung


    Cash flow, volatility Capital expenditures, R&D, Minton and Schrand 1999


Stock return, volatility, WOM, Stock return, volatility, WOM, Luo 2009

    cash flows cash flows

    Stock price Sales increase, firm survival Markovitch and Golder 2008

Marketing metrics Illustrative Metrics Illustrative Papers

    Brand Equity Financial World’s measure of brand Barth et al. 1998

     equity Mizik and Jacobson 2008 3 Young and Rubicam Brand Asset Bahadir et al. 20081Morgan and Rego 2009 Valuator

    Goldfarb, Lu, and Moorthy 2009

    Customer American Customer Ittner and Larcker 1998

    Satisfaction Satisfaction Index Anderson et al. 2004

    Fornell et al. 2006

    Luo and Homburg 2008

    Luo and Nguyen 2008

    Villanueva, Yoo, and Hanssens 2008 4Aksoy et al 2008

    Anderson and Sattar A. Mansi 2009

    Jacobson 2009

    Customer Metrics Customer Lifetime Value (CLV) Gupta et al. 2004

    Customer Equity (CE) Maxham, Netemeyer, and

     Lichtenstein 2008

    Product Quality Equitrend Perceived Quality Aaker and Jacobson 1994

    JDPA Perceived Appeal and Quality Srinivasan et al. 2007

    Product Review (Lexis- Nexis) Tellis and Johnson 2007

    Word of mouth Service transition strategy Fang, Palmatier, and Steenkamp 5Marketing spendings Marketing strategy 2008

    Luo 2008

    Seog 2009 6Other Marketing capability Krasnikov and Jayachandran 2008

    Merger and Acquisition Swaminathan, Murshed, and Hulland 72008

    Srinivasan and Hanssens 2009

     3 Bahadir, S. Cem, Bharadwaj, Sundar G, and Srivastava, Rajendra K.(2008), “Financial Value of Brands in Mergers and Acquisitions: Is Value in the Eye of the Beholder?” Journal of Marketing, 72 (6), p49-64 4 Aksoy, Lerzan, Bruce Cooil, Christopher Groening, Timothy L Keiningham, and Atakan Yalçın (2008),

    The Long-Term Stock Market Valuation of Customer Satisfaction,” Journal of Marketing, 2008, 72 (4), p105-122.

    5 Fang, Eric (Er), Robert W Palmatier, and Jan-Benedict E.M. Steenkamp (2008), “ Effect of Service Transition Strategies on Firm Value,” Journal of Marketing, 72 (5), p1-14.

    6 Krasnikov, Alexander and Satish Jayachandran (2008), “The Relative Impact of Marketing, Research-

    and-Development, and Operations Capabilities on Firm Performance,” Journal of Marketing, 72 (4), p1-11.

    7 Swaminathan, Vanitha, Feisal Murshed, and John Hulland (2008), “Value Creation Following Merger and Acquisition Announcements: The Role of Strategic Emphasis Alignment,” Journal of Marketing Research (JMR), 45 (1), p33-47.

    Advertising Advertising dollars Joshi and Hanssens 2007

    (COMPUSTAT) McAlister et al. 2006

    Advertising dollars Srinivasan, Pauwels, Silva-Risso and

    (TNS Media) Hanssens 2009 Promotions Promotional expenditures Pauwels et al. 2004

    (J.D. Power and Associates)

    Distribution Channel Channel additions (Newspaper search Geyskens et al. 2002

    of Internet channel additions)

    New Products Product preannouncements Chaney et al. 1991

    (Lexis-Nexis) Sorescu et al. 2006

    New product introductions Pauwels et al. 2004

    (J.D. Power and Associates Srinivasan et al. 2007

    Srinivasan, Pauwels, Silva-Risso &

    Hanssens 2009

    Sood 2009

    Journal of marketing year Illustrative papers 2 2009 Morgan and Rego3Srinivasan, Pauwels, Silva-Risso, and Hanssens 2008 Sorescu and Spanjol

    Aksoy et al

    Luo and Homburg

    Fang, Palmatier, and Steenkamp


    Krasnikov and Jayachandran

    2007 McAlister et al


Journal of marketing research

    year Illustrative papers 42009 Anderson and Mansi 5Srinivasan and Hanssens

    2008 Villanueva, Yoo, and Hanssens

    Swaminathan, Murshed, and Hulland 6Slotegraaf and Pauwels 7Heerde, and Pauwels

    2007 Sorescu, Shankar, and Kushwaha 8Chu, Chintagunta, and Vilcassim 9Luo, Rindfleisch, and Tse

Marketing Science

    year Illustrative papers 102009 Goldfarb, Lu, and Moorthy 11Mizik 12Seog

    Joshi and Hanssens 13Sood 142008 Maxham, Netemeyer, and Lichtenstein 15Markovitch and Golder


    2007 Tellis and Johnson

     1 Neil A. Morgan and Lopo L. Rego (2009), “Brand Portfolio Strategy and Firm Performance,” Journal of

    Marketing, forthcoming.

     2Morgan, Neil A. and Lopo L. Rego (2009), “Brand Portfolio Strategy and Firm Performance”, Journal of

    Marketing, forthcoming.

    3 Srinivasan, Shuba, Koen Pauwels, Jorge Silva-Risso and Dominique M. Hanssens (2009), Product

    Innovations, Advertising and Stock Returns”, Journal of Marketing, forthcoming.

    4 Anderson, Eugene W. and Sattar A. Mansi (2009), Does Customer Satisfaction Matter to Investors? Findings from the Bond Market,” Journal of Marketing Research, forthcoming.

    5 Srinivasan, Shuba and Dominique M. Hanssens (2009), “Marketing and Firm Value: Metrics, Methods, Findings, and Future Directions”, Journal of Marketing Research, forthcoming.

    6 Slotegraaf, Rebecca J and Koen Pauwels (2008), The Impact of Brand Equity and Innovation on the Long-Term Effectiveness of Promotions,” Journal of Marketing Research (JMR), 45(3), p293-306. 7 Heerde,Harald J. van, Els Gijsbrechts, and Koen Pauwels (2008), “Winners and Losers in a Major Price War,” Journal of Marketing Research (JMR), 45(5), p499-518.

    8 Chu, Chintagunta, and Vilcassim (2007), Assessing the Economic Value of Distribution Channels: An Application to the Personal Computer Industry,” Journal of Marketing Research, 44 (1), p29-41. 9 Luo, Rindfleisch, and Tse (2007), “Working with Rivals: The Impact of Competitor Alliances on Financial Performance. Journal of Marketing Research (JMR), 44 (1), p73-83. 10 Goldfarb ,Avi, Qiang Lu, and Sridhar Moorthy (2009), “Measuring Brand Value in an Equilibrium Framework,” Marketing Science, Forthcoming.

    11 Jacobson, Mizik (2009), The Financial Markets and Customer Satisfaction: Re-examining the Value Implications of Customer Satisfaction from the Efficient Markets Perspective,” Marketing Science,


    12 Seog, Hyun (2009), Financing as a Marketing Strategy,” Marketing Science, Forthcoming.

    13 Sood, Tellis (2009), “Do Innovations Really Pay off? Total Stock Market Returns to Innovation,”

    Marketing Science, Forthcoming.

    14 James G. Maxham, III, Richard G. Netemeyer, and Donald R. Lichtenstein (2008), The Retail Value

    Chain: Linking Employee Perceptions to Employee Performance, Customer Evaluations, and Store

    Performance, Marketing Science, 27 (2), p147-167.

    15 Markovitch ,Dmitri G. and Peter N. Golder (2008), “Findings—Using Stock Prices to Predict Market Events: Evidence on Sales Takeoff and Long-Term Firm Survival,” Marketing Science, 27 (4), p717-729.

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