ABSTRACT
One of the challenges for marketers is to demonstrate the impact of their activities on firm value. The high investment of organizations in advertising generates a need for marketers to demonstrate the financial outcomes of efforts and investments in this marketing tool. Given the large number of articles discussing this topic, a systematic review about the relationship between advertising investment and firm value was conducted with the objective of evaluating the results obtained in different thematic categories on the topic and evaluating the effect of advertising investments on different firm value metrics. Using EBSCO, Google Scholar and Web of Science databases, we searched articles published between 1997 and 2019, thus reaching a final base of 43 articles for evaluation. The results mostly show positive effects of communication on firm value, although some contradictory results were also found. Variables with potential to affect this relationship were also observed, such as culture, type of industry and company size. Additionally, it was possible to identify a shortage of Brazilian studies on the subject. Finally, an agenda for future research was proposed in order to obtain further advances in the comprehension of the subject.
Keyword:
Advertising spending; Firm value; Marketing metrics; Systematic review; Marketing productivity