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首页> 外文期刊>Journal of Business Research >Are Super Bowl ads a super waste of money? Examining the intermediary roles of customer-based brand equity and customer equity effects
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Are Super Bowl ads a super waste of money? Examining the intermediary roles of customer-based brand equity and customer equity effects

机译：超级碗广告会浪费金钱吗？研究基于客户的品牌资产和客户资产效应的中介作用

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Prior research on the impact of marketing activities such as Super Bowl advertising on firm value has produced mixed results. Drawing on the marketing productivity chain, this study introduces hitherto neglected customer based brand equity effects as indicator for investors' expectations about future customer equity effects (i.e., expected future cash flow deviations) and find that customer-based brand equity mediates the relationship between Super Bowl advertising and abnormal stock returns. Using event study methodology, the authors analyze a sample of 62 ads for which data is available on both measures that represent brand equity and stock price from the Super Bowls from 2008 to 2012. This study finds that Super Bowl ads can be worth the large investment; but only if they enhance customer-based brand equity. The reverse also holds in that a negative impact on stock return is expected when a Super Bowl ad reduces customer-based brand equity. Furthermore, empirical evidence suggests a ceiling effect, that is, for brands with high pre-Super Bowl brand equity the relationship between change in customer-based brand equity and stock return is significantly smaller. (C) 2016 Elsevier Inc. All rights reserved.
机译：先前对诸如超级碗广告之类的营销活动对公司价值的影响的研究产生了不同的结果。该研究利用营销生产力链，介绍了迄今为止被忽视的基于客户的品牌资产效应，以此作为投资者对未来客户资产效应的期望指标（即预期的未来现金流量偏差），并发现基于客户的品牌资产介导了超级客户之间的关系。碗广告和异常股票收益。作者使用事件研究方法，分析了62个广告的样本，这些广告可同时获得代表超级市场从2008年至2012年的品牌资产和股价的数据。该研究发现，超级碗广告值得进行大量投资;但前提是它们可以增强基于客户的品牌资产。相反，当“超级碗”广告减少基于客户的品牌资产时，预计会对股票收益产生负面影响。此外，经验证据表明存在上限效应，即对于超级碗之前品牌资产较高的品牌，基于客户的品牌资产变化与股票收益之间的关系要小得多。 （C）2016 Elsevier Inc.保留所有权利。

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