An Investigation into the Impact of Advertising, Intangible Assets, and Goodwill, on Investor Holding Period Returns in the Retailing Industry

Document Type

Conference Proceeding

Conference Track

Sales Promotion/ Retailing

Publication Date



Utilizing a sample of 142 publicly traded retailing firms, the study examines the impact of advertising, intangible assets, and goodwill on investor holding period returns (HPR) between the years 2008-2012. The results show that advertising is a significant variable that impactsHPR. However, neither intangible assets nor goodwill appear to have an impact on HPR. The findings suggest that if intangible assets and goodwill fail to drive shareholder value, retailing firms may want to question the effectivness of growth strategies based on mergers andacquisitions. Instead, building a retailing business through a firm's own investments in advertising may prove to be a better use of company resources.

Copyright Statement / License for Reuse

Digital Commons@Georgia Southern License

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