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Advertising and Investor Recognition of Banking Firms: Evidence from Taiwan

机译:银行公司的广告和投资者认可:来自台湾的证据

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摘要

This study examines the effect of advertising expenditure on strengthening a firm's intangible capital and firm value by attracting the public on the firm's visibility and then investigates the role of advertising expenditures on a banking firm's market value, liquidity, and breadth of ownership. The empirical results find that the advertising has a significantly positive effect on banking firm's share value, liquidity, and institutional holdings. Consequently, this study concludes that advertising benefits banking firms through increased investor perceptions of such firms. In particular, the findings provide additional support for the home bias phenomena, in which investors prefer to invest in familiar stocks.
机译:这项研究考察了广告支出通过吸引公众对公司的知名度来增强公司的无形资本和公司价值的影响,然后研究了广告支出对银行公司的市场价值,流动性和所有权范围的作用。实证结果表明,广告对银行公司的股票价值,流动性和机构持股具有明显的积极影响。因此,本研究得出的结论是,广告通过提高投资者对银行公司的认识而使银行公司受益。尤其是,这些发现为本土偏见现象提供了额外的支持,在这种现象中,投资者倾向于投资于熟悉的股票。

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