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dc.contributor.authorHughes, Mathewen
dc.contributor.authorHughes, Paulen
dc.contributor.authorYan, Ji (Karena)en
dc.contributor.authorSousa, Carlos M. P.en
dc.date.accessioned2018-02-13T14:12:31Z
dc.date.available2018-02-13T14:12:31Z
dc.date.issued2018-01-25
dc.identifier.citationHughes, M., Hughes, P., Sousa, C. and Yan, K., Marketing and Shareholder Value, British Journal of Management,en
dc.identifier.issn1045-3172
dc.identifier.issn1467-8551
dc.identifier.urihttp://hdl.handle.net/2086/15202
dc.descriptionThe file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI linken
dc.description.abstractWe present resource-based and capability-based arguments of marketing investment intensity to offer a strategic view of marketing as an investment in shareholder value. We find that marketing investment intensity has a U-shaped quadratic effect on shareholder value creation (Tobin's q) that calls for marketing investment to be protected and increased, not surrendered. We show how marketing investments interact with investments in R&D, human capital and operations to reveal how strategic co-investments can alter the shareholder value of marketing. Finally, we show how competitive intensity and failings in the firm's investment productivity (its ability to convert investment expenditure into sales) point to malaise in the firm's own strategic architecture as a fault for perceived poor returns from marketing investments. Our findings suggest that marketing investment should not be scapegoated when its contributions to shareholder value are not as expected. When invested in strategically and in combination with other investments, marketing can unlock exciting improvements in shareholder value.en
dc.language.isoenen
dc.publisherWileyen
dc.subjectShareholder valueen
dc.subjectTobin's Qen
dc.subjectMarketingen
dc.titleMarketing as an Investment in Shareholder Valueen
dc.typeArticleen
dc.identifier.doihttps://doi.org/10.1111/1467-8551.12284
dc.peerreviewedYesen
dc.funderN/Aen
dc.projectidN/Aen
dc.cclicenceCC-BY-NCen
dc.date.acceptance2018-01-01en
dc.researchinstituteCentre for Enterprise and Innovation (CEI)en


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