مقاله انگلیسی رایگان در مورد تاثیر ظرفیت بازاریابی در بازده سهام (الزویر)

The questions of how firms deploy resources to serve customers better, how to more fully understand the effect and value of firms’ marketing actions and how marketing capabilities affect firms’ performance in the long run are key areas of concern for marketing academics and practitioners (e.g., Dutta, Narasimhan, & Rajiv, 1999; Marketing Science Institute, 2016). This interest could be even higher for retailing firms because, as Moore and Fairhurst (2003) recognize “as retail competition in consumer markets around the world continues to intensify, marketers are seeking strategies that will capture both the interest and loyalty of consumers” (p. 386). Surprisingly, given recent managerial and academic interest in marketing accountability (Marketing Science Institute, 2014), the role of how marketing capabilities generate higher stock returns remains largely unanswered (e.g., Orr, Bush, & Vorhies, 2011; Vorhies, Orr, & Bush, 2011). This article examines whether growth is a significant mechanism to explain the impact of marketing capabilities on retailing and non-retailing firms’ stock returns (Fama & French, 1992; Lintner, 1965; Sharpe, 1964). A key aspect of the impact of marketing capabilities is how stock markets seize marketing capability information—that is, how future earnings integrate marketing capability information. Research recognizes that growth prospects are critical information that stock markets value (Collins & Kothari, 1989; Rappaport, 1998). In the context of this study, business environment in the retailing industry is constantly changing, so firms must succeed in building and using capabilities that support marketing strategies that lead to growth and/or long-term survival (Moore & Fairhurst, 2003). In this line, this study argues that marketing capabilities provide firms’ growth prospect information that enable firms to generate higher stock returns. This study uses financial models, in particular, the Fama–French (FF) model to estimate a measure of abnormal stock returns or stock returns adjusted by risk-free rate, market risk, stock size, and book-to-market ratios (Fama & French, 1993). This issue is important and timely for practitioners and researchers who are attempting to understand how marketing capabilities affect long-term financial performance (e.g., Agic, Činjarević, Kurtovic, & Cicic, 2016; Frösén & Tikkanen, 2016; Jaakkola et al., 2016). In sum, the purpose of this paper is to study how marketing capabilities influence abnormal stock returns and we argue that growth is a potential mediator that connects marketing capabilities (independent variable) with firms’ stock returns (dependent variable). This research provides the following contributions. First, by studying the mechanisms that explain the impact of firms’ marketing capabilities on firms’ stock returns this research contributes to contemporary debates on resource-based view (RBV) theory. RBV research in marketing has added significantly to our understanding of the performance-enhancing role of marketing capabilities (e.g., Fang, Chang, Ou, & Chou, 2014; Morgan, Slotegraaf, & Vorhies, 2009; Nasution & Mavondo, 2008; Orr et al., 2011; Vorhies, Harker, & Rao, 1999) and extant research examines the direct effect of marketing capabilities on firm’s performance arguing that the intangibility and complementarity of marketing capabilities explain the generation of sustained competitive advantage and therefore impact higher performance (Kozlenkova, Samaha, & Palmatier, 2014; Srivastava, Fahey, & Christensen, 2001). Building on extant research, this study contributes to RBV demonstrating that it is not only the intangibility of marketing capabilities, but also the growth potential marketing capabilities exhibit that help explain higher stock returns. Second, this study recognizes the importance of integrating different resources when defining and measuring capabilities from a productivity or efficiency perspective. Using an input-output approach, Luo and Donthu (2006) study the impact of marketing capability—from a communication productivity perspective—on stock returns measured through market value of equity. Luo and Donthu (2006) employ a Malmquist productivity index to model marketing communication productivity. They use advertising expenditures and sales promotions as input measures, and sales level, sales growth, and corporate reputation as output measures. This study builds on Luo and Donthu’s study and defines marketing capability from an input-output approach. However, in contrast to Luo and Donthu’s (2006) research that do not include the role of competition and the industry in their modeling, this study models marketing capability using bootstrap data envelopment analysis (DEA) and build frontiers of companies competing in each twodigit standard industry classification under analysis. Modi and Mishra (2011), on the other hand, assess the relative influence of marketing capability—from an efficiency perspective—on stock returns measured by the Fama–French model. Modi and Mishra (2011) employ the ratio of sales to selling, general, and administrative expenses of a firm compared to other firms in its industry. In contrast, this study disentangles selling, general, and administrative expenses by using advertising and promotion marketing expenditures as input measures in the modeling. Rather than using only sales as an output measure in the model (Modi & Mishra, 2011), this study also includes sales growth and customer satisfaction as output measures. Therefore, this research adds to the current literature not only by integrating advertising, promotion and customer satisfaction but also by including the role of the industry and competitors when defining and measuring capabilities. Accordingly, this study is relevant for researchers and practitioners interested in answering the question of how to make an efficient use of resources to build capabilities, considering the role of industry competitors. Finally, comparing the effect of marketing capabilities in retailing and non-retailing firms constitutes another contribution. Over the last 40 years a great deal of attention has been paid to the general concept and practice of marketing strategy. Unfortunately, as Moore and Fairhurst (2003) recognize, few researchers have focused on understanding the unique challenges that marketers face in developing and implementing strategy in dynamic retail markets.