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首页> 外文期刊>Journal of Business Research >Impact of perk expenditures and marketing expenditures on corporate performance in China: The moderating role of political connections
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Impact of perk expenditures and marketing expenditures on corporate performance in China: The moderating role of political connections

机译：津贴支出和营销支出对中国公司绩效的影响：政治联系的调节作用

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This study examines the performance implications of guanxi-related perk expenditures among listed Chinese firms. Specifically, it investigates how these expenditures influence long-term market-based corporate performance (Tobin's Q and market share) as compared with marketing expenditures. It also examines if political connections moderate this influence. Overall, the findings suggest that guanxi-related perks play an essential marketing role in enhancing long-term corporate success. Furthermore, although marketing expenditures exert much stronger influence on Tobin's Q than guanxi-related perks do, they exert no significant influence on market share. In summary, despite firms' much heavier investments in traditional marketing activities than guanxirelated perk activities, the findings highlight the significant performance contribution that guanxi-related perks can still make to a firm. Moreover, this study reveals that political connections weaken the positive impact of guanxi-related perks on both performance measures, thus reminding executives of the dampening effect of these connections on the effective use of perk spending.
机译：本研究考察了中国上市公司中与关系相关的振作支出的绩效影响。具体而言，它调查了这些支出与营销支出相比如何影响基于市场的长期公司绩效（托宾的Q和市场份额）。它还检查了政治联系是否减轻了这种影响。总体而言，研究结果表明，与关系有关的津贴在增强公司长期成功方面起着至关重要的营销作用。此外，尽管营销支出对托宾Q的影响比与关系相关的特权的影响要大得多，但对市场份额的影响却不大。总而言之，尽管公司在传统营销活动上的投资比与关系相关的振兴活动相比要多得多，但调查结果凸显了与关系相关的振作仍可以对公司产生显着的绩效贡献。此外，这项研究表明，政治联系减弱了与关系有关的津贴对两种绩效指标的积极影响，从而使高管们意识到这些联系对津贴有效使用的抑制作用。

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