Value Appropriation and Firm Shareholder Value: Role of Advertising and Receivables Management
研究了广告和应收账款投资如何共同影响股票异常回报和特质风险，发现两者存在替代效应，且企业业务范围越广，这种联合效应越弱。
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 1,375 firms over the period of 2003–2015, the authors find that advertising investments and receivables investments interact as substitutes, such that increasing advertising (receivables) investments is detrimental to the beneficial effect of receivables (advertising) investments on firm shareholder value. 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 firms have a broader business scope compared with a narrower business scope.