||Does Creative Award Matter in Firm Value Creation?
||Institute of International Business
The Clio Award
The One Show Award
Advertising is a common marketing strategy in our daily life. It can attract customers’ interest and purchase intention easily. However, the advertising spending is also a huge number. Firms desire to figure out what kind of advertising is worth to spend on. A wide variety of advertising, one is the creative advertising. The creative advertising is believed can push the message into viewers’ minds. In this study, I choose two internationally recognized awards: the Clio Awards and the One Show Awards as the rating indicator of creativity. Investigating the impact of winning of advertising award would increase the firm value or not. In addition, I try to figure out the initial signs carried by advertising awards.
In this study, I use event study methodology to estimate the market reaction to announcements of winning creative award and develop regression models to explain the relationship between firms’ abnormal returns and selected variables. The sample firms are collected from 2009 to 2017 on The Clio Award and The One Show Award official websites. The study result shows that stock market has a consistent positive reaction to several factors like award rank. However, the abnormal return is significantly negative on the award announcement date. The creative awards may not generate much attention from the investment community.
Chapter 1 Introduction...P.1
Chapter 2 Literature Review...P.3
2.1 Creativity and Advertising...P.3
2.2 Advertising and Financial Performance...P.3
2.3 Creative Award...P.4
2.4 Research Hypotheses...P.7
Chapter 3 Methodology...P.10
3.1 Sample selection...P.10
3.3 Variables Definition...P.12
3.4 Two Sample t-test...P.14
3.5 Regression Models...P.14
Chapter 4 Empirical Analysis...P.17
4.1 Sample Description...P.17
4.2 Two Sample t-test Analysis...P.22
4.3 Regression Analysis...P.24
Chapter 5 Conclusion...P.32
5.2 Research Limitations...P.33
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