Value Appropriation and Firm Shareholder Value: Role of Advertising and Receivables Management
研究了广告投资和应收账款投资同时增加如何通过降低异常股票回报和增加特质风险来损害企业股东价值，并发现企业业务范围扩大会减弱这一联合效应。
ABSTRACT Value-appropriation activities enable a firm to extract more profits from existing customers. The authors examine how investments in two types of value-appropriation activities—advertising and receivables—are jointly associated with abnormal stock returns and idiosyncratic risk. Using data from 1,229 firms over the period of 2003–2015, the authors find that a simultaneous unanticipated increase in advertising investments and receivables investments harms firm shareholder value by decreasing abnormal stock returns and increasing idiosyncratic risk. They find that this association is contingent on firm business scope, such that the joint effect of advertising investments and receivables investments becomes weaker when there is an unanticipated increase in firm business scope compared with when there is an unanticipated decrease in firm business scope.