The effect of advertising on stock returns: Evidence from selected public companies in the Philippines
Date of Publication
2015
Document Type
Bachelor's Thesis
Degree Name
Bachelor of Science in Commerce Major in Management of Financial Institutions
Subject Categories
Finance and Financial Management
College
Ramon V. Del Rosario College of Business
Department/Unit
Financial Management
Thesis Adviser
Joseph Vincent David
Defense Panel Member
Alfredo Santoyo
Denmark Alarcon
Krisitne Lagdameo
Abstract/Summary
The study aims to identify the effect of advertising on stock returns in the Philippines, using data from 32 publicly listed companies in the Philippines. Along with advertising expense, the researchers used total assets, sales, and capital expenditures as independent variables. Control variables such as market capitalization, firm age, and book-to-market ratio were also used in the study. The data used by the researchers were gathered from the annual reports of the companies from 2004-2012 via the Philippine Stock Exchange (PSE) Library and Osiris. The researchers used Fama-Macbeth regression to examine the effect of the independent variables on stock returns. Additional research was done on the short-term effect of advertising expense by regressing quarterly data.
Results show that the independent variables used in the study had no significant relationship with stock returns, even when the control variables were included in the model.
Chapter 1 contains the background of the study, statement of the problem, objectives, statement of the hypotheses and the limitations of the study. Chapter 2 contains the related literature which the researchers will use throughout the study as well as the literature map and the research gap. Chapter 3 contains the frameworks used to provide a sound base for the study. Chapter 4 contains the research and sampling design, method of data collection, description of the variables used, data analysis method, and the methodological limitations. Chapter 5 contains the results of the regression as well as data interpretation. Chapter 6 contains the conclusion and recommendations.
Abstract Format
html
Language
English
Format
Accession Number
TU21711
Shelf Location
Archives, The Learning Commons, 12F, Henry Sy Sr. Hall
Physical Description
74 leaves : illustrations
Keywords
Stock exchanges--Philippines; Advertising, Industrial--Philippines
Recommended Citation
Cruz, M., Cruz, M., Leong, C., & Yap, L. (2015). The effect of advertising on stock returns: Evidence from selected public companies in the Philippines. Retrieved from https://animorepository.dlsu.edu.ph/etd_bachelors/18376