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Are Internal Cash Flows the Source of Advertising Expenses?: Evidence from Korea

机译：内部现金流量是广告费用的来源吗？：来自韩国的证据

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The study examines the relationship between advertising expenses and internal cash flow using 8,346 sample companies listed on the Korean stock markets over the period from 1999 to 2008. For the precise test, the study further partitions the total samples into two or four portfolios based on stock markets, firm size, and the magnitude of advertising intensity (advertising expense/total sales). The main findings of this study are twofold; First, internal cash flow is significantly associated with advertising expenses in subgroups such as high advertising firms and firms listed in KRX. This result suggests that internal cash flow may be one of the core sources of advertising expenses. Second, the relation degree of internal cash flow and advertising expenses is mainly depending on the magnitude of advertising expense intensity. It shows more significantly positive relationship for firms with higher advertising expenses intensity than for firms with lowers. The important contribution of this paper is exploring the sources of advertising investment in listed Korean stock market and this study is one of limited number of studies that investigates the main source of advertising expense in Korean stock markets.
机译：该研究使用了1999年至2008年期间在韩国股票市场上上市的8,346个样本公司来研究广告支出与内部现金流量之间的关系。为进行精确检验，该研究还根据股票将总样本分为两个或四个投资组合市场，公司规模和广告强度的大小（广告费用/总销售额）。这项研究的主要发现是双重的。首先，内部现金流量与子类别（如高级广告公司和KRX上市的公司）中的广告支出显着相关。这一结果表明，内部现金流量可能是广告支出的核心来源之一。其次，内部现金流量与广告费用的关系程度主要取决于广告费用强度的大小。与费用较低的公司相比，它显示出广告费用强度较高的公司更显着的正向关系。本文的重要贡献是探索韩国上市股票市场的广告投资来源，而本研究是调查韩国股票市场广告费用主要来源的少数研究之一。

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