کد مقاله کد نشریه سال انتشار مقاله انگلیسی ترجمه فارسی نسخه تمام متن
11004991 1482461 2019 12 صفحه PDF سفارش دهید دانلود کنید
عنوان انگلیسی مقاله ISI
From finance to marketing: Initial public offering ownership overhang and marketing in the hospitality industry
ترجمه فارسی عنوان
از مالی تا بازاریابی: ارائه خدمات عمومی به عموم مردم و بازاریابی در صنعت مهمان نوازی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری استراتژی و مدیریت استراتژیک
چکیده انگلیسی
Hospitality firms spend significant amounts on marketing activities post-IPO. It is critical to understand the driving force behind these firms' aggressive marketing strategies. This study examines the impact of Initial Public Offering (IPO) overhang on the marketing activity of newly public firms in the U.S. hospitality industry. IPO overhang measures the ownership retained by pre-existing shareholders who are mostly corporate insiders. Our results indicate that IPO overhang is positively associated with post-IPO marketing intensity up to three years post-IPO. Further, the marketing activity by newly public firms is associated with higher equity market liquidity, consistent with the view that marketing activity promotes equity market liquidity and thus facilitates insiders' exit. Our findings provide an avenue for IPO firms to manage the negative price impact of corporate insiders' cash-out, and a partial explanation for newly public firms' aggressive investments in marketing.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Journal of Hospitality Management - Volume 76, Part A, January 2019, Pages 71-82
نویسندگان
, , , ,