Informações dos Investimentos de Marketing: Recurso de Diferenciação ou Segredo?
Open Data (English)
Artigo principal Conteúdo
Evelini Lauri Morri Garcia
Valter Afonso Vieira
Caroline Pereira Borges
Resumo
Objetivo: tomando por base a voluntary disclosure theory, o objetivo desta pesquisa foi analisar os efeitos da intensidade dos investimentos de marketing e do ciclo de vida das empresas no disclosure dos investimentos de marketing. Método: a amostra possui dados financeiros de 89 companhias brasileiras listadas na Bolsa B3 (Economatica) unificados com dados dos investimentos de marketing das empresas (notas explicativas e relatório da administração). Resultados: tanto a intensidade dos investimentos de marketing como o ciclo de vida das empresas influenciam o disclosure dos investimentos de marketing. As fases de nascimento e crescimento moderam os efeitos da intensidade dos investimentos de marketing, diminuindo o nível de disclosure, especialmente em informações qualitativas. Conclusões: os achados sustentam a voluntary disclosure theory e são baseados em argumentos de julgamento porque mostram que, existindo alta intensidade de investimentos de marketing, o disclosure dos investimentos de marketing é gerenciado passando do status de segredo em empresas que estão nas fases de nascimento e crescimento para o status de recurso de diferenciação em empresas na fase de maturidade.
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Garcia, E. L. M., Vieira, V. A., & Borges, C. P. (2021). Informações dos Investimentos de Marketing: Recurso de Diferenciação ou Segredo?. Revista De Administração Contemporânea, 26(2), e200386. https://doi.org/10.1590/1982-7849rac2022200386.en
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Referências
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Cantrell, B. W., & Dickinson, V. (2020). Conditional life cycle: An examination of operating performance for leaders and laggards. Management Science, 66(1), 433-451. https://doi.org/10.1287/mnsc.2018.3209
Costa, W. B. D., Macedo, M. A. D. S., Yokoyama, K. Y., & Almeida, J. E. F. D. (2017). Análise dos estágios de ciclo de vida de companhias abertas no Brasil: Um estudo com base em variáveis contábil-financeiras. Brazilian Business Review, 14(3), 304-320. https://doi.org/10.15728/bbr.2017.14.3.3
Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. The Accounting Review, 86(6), 1969-1994. https://doi.org/10.2308/accr-10130
Dye, R. A. (2001). An evaluation of “essays on disclosure” and the disclosure literature in accounting. Journal of Accounting and Economics, 32(1-3), 181-235. https://doi.org/10.1016/S0165-4101(01)00024-6
Edeling, A., Srinivasan, S., & Hanssens, D. M. (2020). The marketing–finance interface: A new integrative review of metrics, methods, and findings and an agenda for future research. International Journal of Research in Marketing. (in press). https://doi.org/10.1016/j.ijresmar.2020.09.005
Fine, M. B., Gleason, K., & Mullen, M. (2017). Marketing spending and aftermarket performance of IPO firms. Marketing Intelligence & Planning, 35(4), 560-576. http://dx.doi.org/10.1108/MIP-05-2016-0083
Habib, A., & Hasan, M. M. (2019). Corporate life cycle research in accounting, finance and corporate governance: A survey, and directions for future research. International Review of Financial Analysis, 61, 188-201. https://doi.org/10.1016/j.irfa.2018.12.004
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
Joshi, A., & Hanssens, D. M. (2010). The direct and indirect effects of advertising spending on firm value. Journal of Marketing, 74(1), 20-33. https://doi.org/10.1509%2Fjmkg.74.1.20
Kabir, H., Su, L., & Rahman, A. (2020). Firm life cycle and the disclosure of estimates and judgments in goodwill impairment tests: Evidence from Australia. Journal of Contemporary Accounting & Economics, 16(3), 100207. https://doi.org/10.1016/j.jcae.2020.100207
Khurana, I. K., Pereira, R., & Martin, X. (2006). Firm growth and disclosure: An empirical analysis. Journal of Financial and Quantitative Analysis, 41(2), 357-380. Retrieved from https://www.jstor.org/stable/27647251
Koo, D. S., & Lee, D. (2018). Influential chief marketing officers and management revenue forecasts. The Accounting Review, 93(4), 253-281. http://dx.doi.org/10.2308/accr-51946
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Luo, X. (2008). When marketing strategy first meets Wall Street: Marketing spendings and firms’ initial public offerings. Journal of Marketing, 72(5), 98-109. http://dx.doi.org/10.1509/jmkg.72.5.098
Ma, M., Dewally, M., & Huang, J. (2017). Marketing strategy after meeting Wall Street: The role of information asymmetry. Journal of Financial Research, 40(3), 369-400. http://dx.doi.org/10.1111/jfir.12128
Markovitch, D. G., Huang, D., & Ye, P. (2020). Marketing intensity and firm performance: Contrasting the insights based on actual marketing expenditure and its SG&A proxy. Journal of Business Research, 118, 223-239. https://doi.org/10.1016/j.jbusres.2020.06.032
McIlkenny, P., & Persaud, A. (2017). Value relevance of the voluntary disclosure of advertising expenditure: Evidence from Canada. International Journal of Accounting and Finance, 7(3), 185-208. http://dx.doi.org/10.1504/IJAF.2017.088027
Mikosz, K. S. C., Roma, C. M. S., Louzada, L. C., & Macedo, M. R. G. O. (2019). Previsão de retornos e preços das ações a partir de dados contábeis condicionado ao ciclo de vida das firmas. Revista de Contabilidade e Organizações, 13, e160869. http://dx.doi.org/10.11606/issn.1982-6486.rco.2019.160869
Mizik, N. (2010). The theory and practice of myopic management. Journal of Marketing Research, 47(4), 594-611. https://doi.org/10.1509%2Fjmkr.47.4.594
Mohamed, A., & Schwienbacher, A. (2016). Voluntary disclosure of corporate venture capital investments. Journal of Banking & Finance, 68(July), 69-83. https://doi.org/10.1016/j.jbankfin.2016.03.001
Oh, Y. K., Gulen, H., Kim, J. M., & Robinson, W. T. (2016). Do stock prices undervalue investments in advertising? Marketing Letters, 27(4), 611-626. https://doi.org/10.1007/s11002-016-9411-4
Shi, H., Grewal, R., & Sridhar, S. (2021). Organizational herding in advertising spending disclosures: Evidence and mechanisms. Journal of Marketing Research, 58(3). https://doi.org/10.1177%2F0022243720978954
Sidhu, B. K., & Roberts, J. H. (2008). The marketing accounting interface–lessons and limitations. Journal of Marketing Management, 24(7-8), 669-686. http://dx.doi.org/10.1362/026725708X345461
Silveira, C. S., Oliveira, M. O. R. de, Heldt, R., & Luce, F. B. (2020). Trade-off between value creation and value appropriation? Marketing Intelligence & Planning, 39(1), 1-16. https://doi.org/10.1108/MIP-11-2019-0592
Simpson, A. (2008). Voluntary disclosure of advertising expenditures. Journal of Accounting, Auditing & Finance, 23(3), 403-436. https://doi.org/10.1177%2F0148558X0802300306
Srivastava, R. K., Shervani, T. A., & Fahey, L. (1998). Market-based assets and shareholder value: A framework for analysis. Journal of Marketing, 62(1), 2-18. https://doi.org/10.2307/1251799
Stewart, D. W. (2009). Marketing accountability: Linking marketing actions to financial results. Journal of Business Research, 62(6), 636-643. https://doi.org/10.1016/j.jbusres.2008.02.005
Sydney-Hilton, E., & Vila-Lopez, N. (2019). Are marketing strategies correlated with financial outputs? A longitudinal study. Journal of Business & Industrial Marketing, 34(7), 1533-1546. https://doi.org/10.1108/JBIM-02-2018-0088
Verrecchia, R. E. (2001). Essays on disclosure. Journal of Accounting and Economics, 32(1), 97-180. https://doi.org/10.1016/S0165-4101(01)00025-8
Bakarich, K. M., Hossain, M., & Weintrop, J. (2019). Different time, different tone: Company life cycle. Journal of Contemporary Accounting & Economics, 15(1), 69-86. https://doi.org/10.1016/j.jcae.2018.12.002
Bardin, L. (1977). Análise de conteúdo. Lisboa: Edições 70.
Bayer, E., Tuli, K. R., & Skiera, B. (2017). Do disclosures of customer metrics lower investors’ and analysts’ uncertainty but hurt firm performance? Journal of Marketing Research, 54(2), 239-259. https://doi.org/10.1509%2Fjmr.14.0028
Cantrell, B. W., & Dickinson, V. (2020). Conditional life cycle: An examination of operating performance for leaders and laggards. Management Science, 66(1), 433-451. https://doi.org/10.1287/mnsc.2018.3209
Costa, W. B. D., Macedo, M. A. D. S., Yokoyama, K. Y., & Almeida, J. E. F. D. (2017). Análise dos estágios de ciclo de vida de companhias abertas no Brasil: Um estudo com base em variáveis contábil-financeiras. Brazilian Business Review, 14(3), 304-320. https://doi.org/10.15728/bbr.2017.14.3.3
Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. The Accounting Review, 86(6), 1969-1994. https://doi.org/10.2308/accr-10130
Dye, R. A. (2001). An evaluation of “essays on disclosure” and the disclosure literature in accounting. Journal of Accounting and Economics, 32(1-3), 181-235. https://doi.org/10.1016/S0165-4101(01)00024-6
Edeling, A., Srinivasan, S., & Hanssens, D. M. (2020). The marketing–finance interface: A new integrative review of metrics, methods, and findings and an agenda for future research. International Journal of Research in Marketing. (in press). https://doi.org/10.1016/j.ijresmar.2020.09.005
Fine, M. B., Gleason, K., & Mullen, M. (2017). Marketing spending and aftermarket performance of IPO firms. Marketing Intelligence & Planning, 35(4), 560-576. http://dx.doi.org/10.1108/MIP-05-2016-0083
Habib, A., & Hasan, M. M. (2019). Corporate life cycle research in accounting, finance and corporate governance: A survey, and directions for future research. International Review of Financial Analysis, 61, 188-201. https://doi.org/10.1016/j.irfa.2018.12.004
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
Joshi, A., & Hanssens, D. M. (2010). The direct and indirect effects of advertising spending on firm value. Journal of Marketing, 74(1), 20-33. https://doi.org/10.1509%2Fjmkg.74.1.20
Kabir, H., Su, L., & Rahman, A. (2020). Firm life cycle and the disclosure of estimates and judgments in goodwill impairment tests: Evidence from Australia. Journal of Contemporary Accounting & Economics, 16(3), 100207. https://doi.org/10.1016/j.jcae.2020.100207
Khurana, I. K., Pereira, R., & Martin, X. (2006). Firm growth and disclosure: An empirical analysis. Journal of Financial and Quantitative Analysis, 41(2), 357-380. Retrieved from https://www.jstor.org/stable/27647251
Koo, D. S., & Lee, D. (2018). Influential chief marketing officers and management revenue forecasts. The Accounting Review, 93(4), 253-281. http://dx.doi.org/10.2308/accr-51946
Krishnan, G. V., Myllymäki, E. R., & Nagar, N. (2021). Does financial reporting quality vary across firm life cycle? Journal of Business Finance & Accounting, 48(5-6), 954-987. https://doi.org/10.1111/jbfa.12508
Luo, X. (2008). When marketing strategy first meets Wall Street: Marketing spendings and firms’ initial public offerings. Journal of Marketing, 72(5), 98-109. http://dx.doi.org/10.1509/jmkg.72.5.098
Ma, M., Dewally, M., & Huang, J. (2017). Marketing strategy after meeting Wall Street: The role of information asymmetry. Journal of Financial Research, 40(3), 369-400. http://dx.doi.org/10.1111/jfir.12128
Markovitch, D. G., Huang, D., & Ye, P. (2020). Marketing intensity and firm performance: Contrasting the insights based on actual marketing expenditure and its SG&A proxy. Journal of Business Research, 118, 223-239. https://doi.org/10.1016/j.jbusres.2020.06.032
McIlkenny, P., & Persaud, A. (2017). Value relevance of the voluntary disclosure of advertising expenditure: Evidence from Canada. International Journal of Accounting and Finance, 7(3), 185-208. http://dx.doi.org/10.1504/IJAF.2017.088027
Mikosz, K. S. C., Roma, C. M. S., Louzada, L. C., & Macedo, M. R. G. O. (2019). Previsão de retornos e preços das ações a partir de dados contábeis condicionado ao ciclo de vida das firmas. Revista de Contabilidade e Organizações, 13, e160869. http://dx.doi.org/10.11606/issn.1982-6486.rco.2019.160869
Mizik, N. (2010). The theory and practice of myopic management. Journal of Marketing Research, 47(4), 594-611. https://doi.org/10.1509%2Fjmkr.47.4.594
Mohamed, A., & Schwienbacher, A. (2016). Voluntary disclosure of corporate venture capital investments. Journal of Banking & Finance, 68(July), 69-83. https://doi.org/10.1016/j.jbankfin.2016.03.001
Oh, Y. K., Gulen, H., Kim, J. M., & Robinson, W. T. (2016). Do stock prices undervalue investments in advertising? Marketing Letters, 27(4), 611-626. https://doi.org/10.1007/s11002-016-9411-4
Shi, H., Grewal, R., & Sridhar, S. (2021). Organizational herding in advertising spending disclosures: Evidence and mechanisms. Journal of Marketing Research, 58(3). https://doi.org/10.1177%2F0022243720978954
Sidhu, B. K., & Roberts, J. H. (2008). The marketing accounting interface–lessons and limitations. Journal of Marketing Management, 24(7-8), 669-686. http://dx.doi.org/10.1362/026725708X345461
Silveira, C. S., Oliveira, M. O. R. de, Heldt, R., & Luce, F. B. (2020). Trade-off between value creation and value appropriation? Marketing Intelligence & Planning, 39(1), 1-16. https://doi.org/10.1108/MIP-11-2019-0592
Simpson, A. (2008). Voluntary disclosure of advertising expenditures. Journal of Accounting, Auditing & Finance, 23(3), 403-436. https://doi.org/10.1177%2F0148558X0802300306
Srivastava, R. K., Shervani, T. A., & Fahey, L. (1998). Market-based assets and shareholder value: A framework for analysis. Journal of Marketing, 62(1), 2-18. https://doi.org/10.2307/1251799
Stewart, D. W. (2009). Marketing accountability: Linking marketing actions to financial results. Journal of Business Research, 62(6), 636-643. https://doi.org/10.1016/j.jbusres.2008.02.005
Sydney-Hilton, E., & Vila-Lopez, N. (2019). Are marketing strategies correlated with financial outputs? A longitudinal study. Journal of Business & Industrial Marketing, 34(7), 1533-1546. https://doi.org/10.1108/JBIM-02-2018-0088
Verrecchia, R. E. (2001). Essays on disclosure. Journal of Accounting and Economics, 32(1), 97-180. https://doi.org/10.1016/S0165-4101(01)00025-8