Marketing Initiatives, Expected Cash Flows, and Shareholders’ Wealth
从金融学视角出发，论证营销行动通过影响公司净现值和释放营运资本两种途径改变股东财富，并指出营销能提升公司生产效率和长期竞争力。
It is widely accepted that marketing initiatives help firms acquire and retain customers. However, the link between the cash flows generated by customers’ purchases and shareholders’ wealth is not fully understood, and the literature is increasingly advocating the need for greater “marketing accountability.” In this interdisciplinary research, the authors adapt the theory of firm valuation from finance and show that a marketing action can affect the shareholders’ wealth by (1) determining the firm's net present value (the “stock price effect”) and (2) potentially reducing the firm's cash needs (the “released working capital effect”). In demonstrating these results, the authors advance marketing theory by answering calls made in the literature to link marketing actions to the investors’ cash flows, the firm's working capital needs, and the owners’ wealth. The approach also shows that by reducing the firm's cash needs, marketing can increase the firm's productivity (operating efficiency). This imputes a critically important role for marketing. By increasing productivity, marketing can increase the firm's competitive posture and, thus, its long-term viability.