The Earnings Effects of Marketing Communication Expenditures During Recessions
研究了1971年以来五次经济衰退期间，企业广告和促销支出变化与当前及未来收益的关系，发现衰退期间增加支出对收益的正面影响更强更直接，而削减支出则与未来收益存在延迟关联。
Abstract This study examines associations between company earnings and marketing communication (i.e., advertising and promotion) expenditures during recessions. Data date to 1971, a period covering five recessionary periods. Using cross-sectional time series analysis, the data reveal that changes in firms' advertising and promotion expenditures are related to changes in firms' current and future earnings, conditional on product classification. In addition, differential effects occur for changes during recessions compared to nonrecessionary periods. Specifically, the link between advertising and promotion spending increases and future earnings is stronger and more immediate during recessions. Decreases in advertising and promotion spending during recessions have a delayed relationship with future earnings.