연구홍보포털

논문 초록 (Abstract)

This paper investigates the comparative value relevance of donation and advertising expenditures before and after the 2008 globalfinancial crisis in listed Korean stock markets between 2004 and 2011. To tes t whether the value relevance of donation and advertising expenditure s is associated with the 2008 global financial crisis, this paper first divides its sample into pre-and post-December 31, 2007, periods an d then divides those into several subgroups to observe value relevan ce changes according to the characteristics and conditions of listed firms in the Korean stock markets. This paper's empirical results offer important evidence concerning the comparative changes in the valu e relevance of advertising and donation expenditures.First, advert ising and donation expenditures have positive value relevance before an d after the global economic crisis and show a positive association with firm value in every subsample group divided according to firm characteristics. Second, the results show significant time-pe riod differences in the value relevance of donation and advertisin g expenditures before and after the global financial crisis. Th e results also show that value relevance changes according to the circu mstance and contexts of the firms (e.g., KOSPI vs. KOSDAQ, large vs. small and medium, high technology vs. low technology).