Weitere Artikel dieser Ausgabe durch Wischen aufrufen
Are celebrity endorsements worthwhile investments in advertising? To answer this question, we analyze a unique sample of 101 announcements made between 1996 and 2008 by firms listed in the USA. Internet is the main medium of communication for these announcements. We employ event study methodology and document statistically insignificant abnormal returns around the announcement dates. This finding is consistent with the notion that the incremental benefits from celebrity endorsements closely match the incremental costs due to such contracts. Further, we investigate if the announcement date return depends on a number of characteristics that are often used in the endorsement literature. As a result, we find that endorsements of technology industry products coincide with significant positive abnormal returns around the announcement dates. Finally, we find weak support for the match-up hypothesis between celebrities and endorsed products.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Advertising Age International (1997). Virgin Cola breaks first French campaign. Advertising Age International (August 29).
Agrawal, J., & Kamakura, W. A. (1995). The economic worth of celebrity endorsers: an event study analysis. Journal of Marketing, 59(3), 56–62. CrossRef
Atkin, C., & Block, M. (1983). Effectiveness of celebrity endorsers. Journal of Advertising Research, 23(1), 57–61.
Baker, M. J., & Churchill, G. A., Jr. (1977). The impact of physically attractive models on advertising evaluations. Journal of Marketing Research, 14, 538–555. CrossRef
Biswas, D., Biswas, A., & Das, N. (2006). The differential effects of celebrity and expert endorsements on consumer risk perceptions. Journal of Advertising, 35(2), 17–31.
Boyd, T. C., & Shank, M. (2004). Athletes as product endorsers: the effect of gender and product relatedness. Sport Marketing Quarterly, 13(2), 82–93.
Byrne, A., Whitehead, M., & Breen, S. (2003). The naked truth of celebrity endorsement. British Food Journal, 105(4/5), 288–296. CrossRef
Caballero, M. J., & Pride, W. M. (1984). Selected effects of salesperson sex and attractiveness in direct mail advertisements. Journal of Marketing, 48(1), 94–100. CrossRef
Caballero, M. J., & Solomon, P. J. (1984). Effects of model attractiveness on sales response. Journal of Advertising, 13(1), 17–23.
Choi, S. M., & Rifon, N. J. (2007). Who is the celebrity in advertising? Understanding dimensions of celebrity images. Journal of Popular Culture, 40(2), 304–325. CrossRef
Clark, J. M., Cornwell, T. B., & Pruitt, S. W. (2002). Corporate stadium sponsorships, signalling theory, agency conflicts, and shareholder wealth. Journal of Advertising Research, 42(6), 16–32.
Clark, J. M., Cornwell, T. B., & Pruitt, S. W. (2009). The impact of title event sponsorship announcements on shareholder wealth. Marketing Letters, 20(2), 169–182. CrossRef
CNN Money (2003). Nike endorsements hit $1.4B. August 18, 2003. http://money.cnn.com/2003/08/18/news/companies/nike_endorsements/index.htm.
Cornwell, T. B., Pruitt, S. W., & Van Ness, R. (2001). The value of winning in motorsports: sponsorship-linked marketing. Journal of Advertising Research, 41(1), 17–31.
Corrado, C. J. (1989). A nonparametric test for abnormal security-price performance in event studies. Journal of Financial Economics, 23(2), 385–396. CrossRef
Costanzo, P. J., & Goodnight, J. E. (2006). Celebrity endorsements: matching celebrity and endorsed brand in magazine advertisements. Journal of Promotion Management, 11(4), 49–62. CrossRef
Cowan, A. R. (2008). Eventus 8.0 user's guide. Ames: Cowan Research LC.
Erdogan, B. Z. (1999). Celebrity endorsement: a literature review. Journal of Marketing Management, 15(4), 291–314. CrossRef
Erdogan, B. Z., Baker, M. J., & Tagg, S. (2001). Selecting celebrity endorsers: the practitioner's perspective. Journal of Advertising Research, 41(3), 39–48.
Evans, R. B. (1998). Production and creativity in advertising. London: Pitman Publishing.
Farrell, K. A., & Frame, W. S. (1997). The value of Olympic sponsorships: who is capturing the gold? Journal of Market Focused Management, 2(2), 171–182. CrossRef
Farrell, K. A., Karels, G. V., & McClatchey, C. A. (2000). Celebrity performance and endorsement value: the case of Tiger Woods. Managerial Finance, 26(7), 1–15. CrossRef
Fink, J. S., Cunningham, G. B., & Kensicki, L. J. (2004). Using athletes as endorsers to sell women's sport: attractiveness vs. expertise. Journal of Sport Management, 18, 350–367.
Fizel, J., McNeill, C. R., & Smaby, T. (2008). Athlete endorsement contracts: the impact of conventional stars. International Advances in Economic Research, 14, 247–256. CrossRef
Friedman, H. H., & Friedman, L. (1979). Endorser effectiveness by product type. Journal of Advertising Research, 19(3), 63–71.
Grinblatt, M., & Titman, S. (1998). Financial markets and corporate strategy. New York: McGraw-Hill.
Hsu, C.-K., & McDonald, D. (2002). An examination on multiple celebrity endorsers in advertising. Journal of Product & Brand Management, 11(1), 19–29. CrossRef
Ikenberry, D., Lakonishok, J., & Vermaelen, T. (1995). Market underreaction to open market share repurchases. Journal of Financial Economics, 39, 181–208. CrossRef
Johnston, M. A. (2007). A review of the application of event studies in marketing. Academy of Marketing Science Review, 11(4), 1–31.
Kahle, L. R., & Homer, P. M. (1985). Physical attractiveness of the celebrity endorser: a social adaptation perspective. Journal of Consumer Research, 11, 954–961. CrossRef
Kamins, M. A. (1990). An investigation into the ‘match-up’ hypothesis in celebrity advertising: when beauty may be only skin deep. Journal of Advertising, 19(1), 4–14.
Kamins, M. A., Brand, M. J., Hoeke, S. A., & Moe, J. C. (1989). Two-sided versus one-sided celebrity endorsements: the impact on advertising effectiveness and credibility. Journal of Advertising, 18(2), 4–10.
Kamins, M. A., & Gupta, K. (1994). Congruence between spokesperson and product type: a matchup hypothesis perspective. Psychology and Marketing, 11(6), 569–586. CrossRef
Keller, K. L. (1998). Strategic brand management: building, measuring and managing brand equity. New York: Prentice Hall.
Lear, K. E., Runyan, R. C., & Whitaker, W. H. (2009). Sports celebrity endorsements in retail products advertising. International Journal of Retail & Distribution Management, 37(4), 308–321. CrossRef
Lee, J.-G., & Thorson, E. (2008). The impact of celebrity-product incongruence on the effectiveness of product endorsement. Journal of Advertising Research, 48(3), 433–449. CrossRef
Liu, M. T., Huang, Y., & Minghua, J. (2007). Relations among attractiveness of endorsers, match-up, and purchase intention in sports marketing in China. Journal of Consumer Marketing, 24(6), 358–365. CrossRef
Louie, T. A., Kulik, R. L., & Jacobson, R. (2001). when bad things happen to the endorsers of good products. Marketing Letters, 12(1), 13–23. CrossRef
MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of Economic Literature, 35(1), 13–39.
Mathur, L. K., Mathur, I., & Rangan, N. (1997). The wealth effects associated with a celebrity endorser: the Michael Jordan phenomenon. Journal of Advertising Research, 37, 67–73.
McCracken, G. (1989). Who is the celebrity endorser? The Journal of Consumer Research, 16(3), 310–321. CrossRef
McWilliams, A., & Siegel, D. (1997). Event studies in management research: theoretical and empirical issues. Academy of Management Journal, 40(3), 626–657. CrossRef
Michaely, R., Thaler, R., & Womack, K. (1995). Price reactions to dividend initiations and omissions: overreaction or drift? Journal of Finance, 50, 573–608. CrossRef
Mishra, D., Bobinski, G. S., Jr., & Bhabra, H. (1997). Assessing the economic worth of corporate event sponsorships: a stock market perspective. Journal of Market Focused Management, 2, 149–169. CrossRef
Misra, S., & Beatty, S. E. (1990). Celebrity spokesperson and brand congruence. Journal of Business Research, 21(2), 159–174. CrossRef
Miyazaki, A. D., & Morgan, A. G. (2001). Assessing market value of event sponsoring: corporate Olympic sponsorships. Journal of Advertising Research, 41(1), 9–15.
Mowen, J. C., & Brown, S. W. (1981). On explaining and predicting the effectiveness of celebrity endorsers. In K. W. Monroe (Ed.), Advances in Consumer Research, Vol. 8 (pp. 437–441). Michigan: Association for Consumer Research.
Ohanian, R. (1991). The impact of celebrity spokespersons' perceived image on intention to purchase. Journal of Advertising Research, 31(1), 46–54.
Peterson, R. A., & Kerin, R. A. (1977). The female role in advertisements: some experimental evidence. Journal of Marketing, 41(4), 59–63. CrossRef
Petty, R. E., Cacioppo, J. T., & Schumann, D. (1983). Central and peripheral routes to advertising effectiveness: the moderating role of involvement. Journal of Consumer Research, 10, 135–146. CrossRef
Pritamani, M., & Singal, V. (2001). Return predictability following large price changes and information releases. Journal of Banking & Finance, 25, 631–656. CrossRef
Pruitt, S. W., Cornwell, T. B., & Clark, J. M. (2004). The NASCAR phenomenon: auto racing sponsorships and shareholder wealth. Journal of Advertising Research, 44(3), 281–296. CrossRef
Rossiter, J. R., & Percy, L. (1987). Advertising and promotion management. London: McGraw-Hill.
Samitas, A., Kenourgios, D., & Zounis, P. (2008). Athens' Olympic Games 2004 impact on sponsors' stock returns. Applied Financial Economics, 18(19), 1569–1580. CrossRef
Seno, D., & Lukas, B. A. (2007). The equity effect of product endorsements by celebrities. European Journal of Marketing, 41(1/2), 121–134. CrossRef
Shimp, T. A. (2000). Advertising promotion: supplemental aspects of integrated marketing communications (5th ed.). Fort Worth: Dryden Press.
Simmers, C. S., Damron-Martinez, D., & Haytko, D. L. (2009). Examining the effectiveness of athlete celebrity endorser characteristics and product brand type: the sexpertise continuum. Journal of Sport Administration & Supervision, 1(1), 52–64.
Sports Business Journal (2002). How $194,64 billion is spent in sports. Sports Business Journal, 5(36), 150–151.
Till, B. D., & Busler, M. (1998). Matching products with endorsers: attractiveness versus expertise. Journal of Consumer Marketing, 15(6), 576–586. CrossRef
Till, B. D., & Shimp, T. A. (1998). Endorsers in advertising: the case of negative celebrity information. Journal of Advertising, 27(1), 67–82.
Tripp, C., Jensen, T. D., & Carlson, L. (1994). The effect of multiple product endorsements by celebrities on consumers' attitudes and intentions. Journal of Consumer Research, 20(4), 535–547. CrossRef
White, D. W., Goddard, L., & Wilbur, N. (2009). The effects of negative information transference in the celebrity endorsement relationship. International Journal of Retail and Distribution Management, 37(4), 322–335. CrossRef
Ziegel, V. (1983). Mark Spitz: eleven years and seven gold medals later. Advertising Age, Feb 7, p. 32.
- The value of celebrity endorsements: A stock market perspective
Alexander E. Molchanov
Philip A. Stork
- Springer US
Entwicklung einer Supply-Strategie bei der Atotech Deutschland GmbH am Standort Feucht