Marketing Investment Information: Differentiation Resource or Secret?

Garcia, Evelini Lauri Morri; Vieira, Valter Afonso; Borges, Caroline Pereira

doi:10.1590/1982-7849rac2022200386.en

Evelini Lauri Morri Garcia ^** Corresponding Author

Universidade Estadual de Maringá, Programa de Pós-graduação em Ciências Contábeis, Maringá, PR, Brazil.

http://orcid.org/0000-0003-4321-8643

Valter Afonso Vieira

Universidade Estadual de Maringá, Programa de Pós-graduação em Administração, Maringá, PR, Brazil.

http://orcid.org/0000-0002-4129-3343

Caroline Pereira Borges

Universidade Estadual de Maringá, Departamento de Ciências Contábeis, Maringá, PR, Brazil.

http://orcid.org/0000-0002-0641-3880

* Corresponding Author

Editors-in-chief:

Wesley Mendes-da-Silva (Fundação Getulio Vargas, EAESP, Brazil)

Marcelo de Souza Bispo (Universidade Federal da Paraíba, PPGA, Brazil)

Associate Editor:

Emílio José M. Arruda Filho (Universidade da Amazônia, Brazil)

Reviewers:

The reviewers did not authorize the disclosure of their identities.

Peer Review Report:

The disclosure of the Peer Review Report was not authorized by its reviewers.

Authorship

Evelini Lauri Morri Garcia*

Universidade Estadual de Maringá, Programa de Pós-graduação em Ciências Contábeis

Av. Colombo, n. 5790, 87020-900, Zona 7, Maringá, PR, Brazil

E-mail address: elmgarcia@uem.br

https://orcid.org/0000-0003-4321-8643

Valter Afonso Vieira

Universidade Estadual de Maringá, Programa de Pós-graduação em Administração

Av. Colombo, n. 5790, 87020-900, Zona 7, Maringá, PR, Brazil

E-mail address: vavieira@uem.br

https://orcid.org/0000-0002-4129-3343

Caroline Pereira Borges

Universidade Estadual de Maringá, Programa de Pós-graduação em Administração

Av. Colombo, n. 5790, 87020-900, Zona 7, Maringá, PR, Brazil

E-mail address: caroline-borges@outlook.com.br

https://orcid.org/0000-0002-0641-3880

Conflict of Interests

The authors have stated that there is no conflict of interest.

Authors' Contributions

1^st author: conceptualization (equal); data curation (equal); formal analysis (equal); investigation (equal); methodology (equal); project administration (equal); software (equal); supervision (equal); validation (equal); writing-original draft (equal); writing-review & editing (supporting).

2^nd author: conceptualization (equal); data curation (equal); formal analysis (equal); investigation (equal); methodology (equal); project administration (equal); software (equal); supervision (equal); validation (equal); writing-original draft (equal); writing-review & editing (lead).

3^rd author: data curation (supporting); methodology (supporting); project administration (supporting); visualization (supporting).

Authors	Constructs			Positioning in the conceptual model			Main findings
Authors	Marketing investment disclosure	Marketing investment intensity	Life cycle	Dep.	Ind.	Mod.
Bae, Kim and Oh (2017Bae, J., Kim, S. J., & Oh, H. (2017). Taming polysemous signals: The role of marketing intensity on the relationship between financial leverage and firm performance. Review of Financial Economics, 33, 29-40. https://doi.org/10.1016/j.rfe.2016.12.002 https://doi.org/10.1016/j.rfe.2016.12.00... )		✓				✓	Marketing investment intensity moderated positively the relationship between financial leverage and Tobin’s Q.
Bakarich, Hossain and Weintrop (2019Bakarich, K. M., Hossain, M., & Weintrop, J. (2019). Different time, different tone: Company life cycle. Journal of Contemporary Accounting & Economics, 15(1), 69-86. https://doi.org/10.1016/j.jcae.2018.12.002 https://doi.org/10.1016/j.jcae.2018.12.0... )			✓		✓		The life cycle is a determinant (driver) of the qualitative characteristics of information disclosed in the annual reports.
Bayer, Tuli and Skiera (2017Bayer, E., Tuli, K. R., & Skiera, B. (2017). Do disclosures of customer metrics lower investors’ and analysts’ uncertainty but hurt firm performance? Journal of Marketing Research, 54(2), 239-259. https://doi.org/10.1509%2Fjmr.14.0028 https://doi.org/10.1509%2Fjmr.14.0028... )	✓				✓		The greater the marketing information disclosure related to customer equity metrics, the lower the uncertainty for investors and analysts.
Cantrell and Dickinson (2020Cantrell, B. W., & Dickinson, V. (2020). Conditional life cycle: An examination of operating performance for leaders and laggards. Management Science, 66(1), 433-451. https://doi.org/10.1287/mnsc.2018.3209 https://doi.org/10.1287/mnsc.2018.3209... )			✓		✓		Retardant competitors in the same life cycle gain advantages by repeating the marketing investment strategies of leading firms.
Dickinson (2011Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. The Accounting Review, 86(6), 1969-1994. https://doi.org/10.2308/accr-10130 https://doi.org/10.2308/accr-10130... )			✓			✓	The asset turnover and profit margin are differentially successful in generating increases in profitability conditional on the life cycle stage.
Fine, Gleason and Mullen (2017Fine, M. B., Gleason, K., & Mullen, M. (2017). Marketing spending and aftermarket performance of IPO firms. Marketing Intelligence & Planning, 35(4), 560-576. http://dx.doi.org/10.1108/MIP-05-2016-0083 http://dx.doi.org/10.1108/MIP-05-2016-00... )		✓			✓		Pre-IPO marketing investments positively impact the performance of short-term actions.
Kabir, Su and Rahman (2020Kabir, H., Su, L., & Rahman, A. (2020). Firm life cycle and the disclosure of estimates and judgments in goodwill impairment tests: Evidence from Australia. Journal of Contemporary Accounting & Economics, 16(3), 100207. https://doi.org/10.1016/j.jcae.2020.100207 https://doi.org/10.1016/j.jcae.2020.1002... )			✓		✓		Mature companies disclose more impairment test information than companies in other life cycle stages, such as the introduction, growth, and decline stages.
Krishnan, Myllymäki and Nagar (2021Krishnan, G. V., Myllymäki, E. R., & Nagar, N. (2021). Does financial reporting quality vary across firm life cycle? Journal of Business Finance & Accounting, 48(5-6), 954-987. https://doi.org/10.1111/jbfa.12508 https://doi.org/10.1111/jbfa.12508... )			✓		✓		Companies in the introduction, growth, and decline stages are significantly more likely to have distortions in their financial statements compared to companies in the maturity stage.
Ma, Dewally and Huang (2017Ma, M., Dewally, M., & Huang, J. (2017). Marketing strategy after meeting Wall Street: The role of information asymmetry. Journal of Financial Research, 40(3), 369-400. http://dx.doi.org/10.1111/jfir.12128 http://dx.doi.org/10.1111/jfir.12128... )		✓		✓	✓		Companies whose shares are valued (devalued) spend more (less) on marketing in the five years after the IPO. The marketing investment intensity positively influences the transparency of company information after the IPO.
Markovitch, Huang and Ye (2020Markovitch, D. G., Huang, D., & Ye, P. (2020). Marketing intensity and firm performance: Contrasting the insights based on actual marketing expenditure and its SG&A proxy. Journal of Business Research, 118, 223-239. https://doi.org/10.1016/j.jbusres.2020.06.032 https://doi.org/10.1016/j.jbusres.2020.0... )		✓			✓		There is a positive relationship between marketing intensity and the indices that measure the current and future performance of firms.
McIlkenny and Persaud (2017McIlkenny, P., & Persaud, A. (2017). Value relevance of the voluntary disclosure of advertising expenditure: Evidence from Canada. International Journal of Accounting and Finance, 7(3), 185-208. http://dx.doi.org/10.1504/IJAF.2017.088027 http://dx.doi.org/10.1504/IJAF.2017.0880... )	✓				✓		There is a positive relationship between the advertising expenses disclosure and the company’s value. However, it depends on the size and the industry of the company.
Shi, Grewal and Sridhar (2021Shi, H., Grewal, R., & Sridhar, S. (2021). Organizational herding in advertising spending disclosures: Evidence and mechanisms. Journal of Marketing Research, 58(3). https://doi.org/10.1177%2F0022243720978954 https://doi.org/10.1177%2F00222437209789... )	✓				✓		Companies can use the disclosure of competitors’ marketing information to condition their disclosure and their strategic advantage in the product and financial market.
Simpson (2008Simpson, A. (2008). Voluntary disclosure of advertising expenditures. Journal of Accounting, Auditing & Finance, 23(3), 403-436. https://doi.org/10.1177%2F0148558X0802300306 https://doi.org/10.1177%2F0148558X080230... )	✓			✓			Companies with low (high) advertising evaluation benefits during the mandatory disclosure period are less (more) likely to voluntarily disclose their advertising expenses.
This study	✓			✓			The marketing investment intensity and the life cycle of companies influence the marketing investment disclosure.
		✓			✓
			✓		✓	✓

Industry	Subindustry	Number of companies	Percent
Cyclic consumption	Automobiles and Motorcycles	3	3%
	Trade	12	13%
	Construction	18	20%
	Several	8	9%
	Hotels and Restaurants	3	3%
	Media	1	1%
	Fabrics, Clothing, and Footwear	17	19%
	Housewares	3	3%
	Travel and Leisure	5	5%
Non-cyclical consumption	Agriculture	4	4%
	Processed Foods	10	11%
	Drinks	1	1%
	Commerce and Distribution	2	2%
	Personal Use and Cleaning Products	2	2%
Total		89	100%

Dependent variable	Models	Description
DivTotal	Model 1	General level of disclosure considering all categories of information analyzed
DivAM	Model 2	Disclosure level of marketing asset information
DivIM	Model 3	Level of disclosure of marketing investment information
DivRFE	*	Level of disclosure of information on changes in financial and economic earnings from marketing investments
DivFRFE	Model 4	Level of information disclosure of expected future effects on economic and financial earnings and maintenance of long-term marketing strategies
DivQL	Model 5	Disclosure level of qualitative information on marketing investments
DivQT	Model 6	Disclosure level of quantitative information on marketing investments

Variable	Measures	Data	Authors
Level of marketing investment disclosure	1 when there is information disclosure and 0 for the absence of information. Calculation of the proportion of the information disclosed in relation to the expected information. Information separated into six categories (Appendix A).	Categories: CPC 00 (2011), CPC 26 (2011), Publishes Discussion Paper on Management Commentary (2005), and Principles for Ongoing Disclosure and Material Development Reporting by Listed Entities (2002); information obtained from B3.	Developed in this study.
Marketing investment intensity	Selling, general, and administrative expenses in the period divided by total assets.	Economatica	Luo (2008Luo, X. (2008). When marketing strategy first meets Wall Street: Marketing spendings and firms’ initial public offerings. Journal of Marketing, 72(5), 98-109. http://dx.doi.org/10.1509/jmkg.72.5.098 http://dx.doi.org/10.1509/jmkg.72.5.098... ); Mizik (2010Mizik, N. (2010). The theory and practice of myopic management. Journal of Marketing Research, 47(4), 594-611. https://doi.org/10.1509%2Fjmkr.47.4.594 https://doi.org/10.1509%2Fjmkr.47.4.594... )
Life cycle	1 if the firm is in the early stages (birth and growth), 2 for maturity, and 3 for the final stages (turbulence and decline).	Economatica	Dickinson (2011Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. The Accounting Review, 86(6), 1969-1994. https://doi.org/10.2308/accr-10130 https://doi.org/10.2308/accr-10130... )
Corporate governance segment	1 for New Market and 0 for other segments.	Economatica	Kabir et al. (2020Kabir, H., Su, L., & Rahman, A. (2020). Firm life cycle and the disclosure of estimates and judgments in goodwill impairment tests: Evidence from Australia. Journal of Contemporary Accounting & Economics, 16(3), 100207. https://doi.org/10.1016/j.jcae.2020.100207 https://doi.org/10.1016/j.jcae.2020.1002... )
Industry	1 for cyclic consumption and 0 for non-cyclic consumption.	B3	Cantrell and Dickinson (2020Cantrell, B. W., & Dickinson, V. (2020). Conditional life cycle: An examination of operating performance for leaders and laggards. Management Science, 66(1), 433-451. https://doi.org/10.1287/mnsc.2018.3209 https://doi.org/10.1287/mnsc.2018.3209... )
Audit	1 for Big Four auditing and 0 for other auditing companies.	B3	Shi et al. (2021Shi, H., Grewal, R., & Sridhar, S. (2021). Organizational herding in advertising spending disclosures: Evidence and mechanisms. Journal of Marketing Research, 58(3). https://doi.org/10.1177%2F0022243720978954 https://doi.org/10.1177%2F00222437209789... )
Return on equity (ROE)	Net income divided by shareholders’ equity.	Economatica	Ma et al. (2017Ma, M., Dewally, M., & Huang, J. (2017). Marketing strategy after meeting Wall Street: The role of information asymmetry. Journal of Financial Research, 40(3), 369-400. http://dx.doi.org/10.1111/jfir.12128 http://dx.doi.org/10.1111/jfir.12128... ); Simpson (2008Simpson, A. (2008). Voluntary disclosure of advertising expenditures. Journal of Accounting, Auditing & Finance, 23(3), 403-436. https://doi.org/10.1177%2F0148558X0802300306 https://doi.org/10.1177%2F0148558X080230... )
Institutional control	1 for control by institutional investor and 0 for control by non-institutional investor.	B3	Kabir et al. (2020Kabir, H., Su, L., & Rahman, A. (2020). Firm life cycle and the disclosure of estimates and judgments in goodwill impairment tests: Evidence from Australia. Journal of Contemporary Accounting & Economics, 16(3), 100207. https://doi.org/10.1016/j.jcae.2020.100207 https://doi.org/10.1016/j.jcae.2020.1002... ); Mohamed and Schwienbacher (2016Mohamed, A., & Schwienbacher, A. (2016). Voluntary disclosure of corporate venture capital investments. Journal of Banking & Finance, 68(July), 69-83. https://doi.org/10.1016/j.jbankfin.2016.03.001 https://doi.org/10.1016/j.jbankfin.2016.... )
Liquidity	Current assets divided by current liabilities.	Economatica	Mohamed and Schwienbacher (2016Mohamed, A., & Schwienbacher, A. (2016). Voluntary disclosure of corporate venture capital investments. Journal of Banking & Finance, 68(July), 69-83. https://doi.org/10.1016/j.jbankfin.2016.03.001 https://doi.org/10.1016/j.jbankfin.2016.... )
General solvency	Total assets divided by payable liabilities.	Economatica	Simpson (2008Simpson, A. (2008). Voluntary disclosure of advertising expenditures. Journal of Accounting, Auditing & Finance, 23(3), 403-436. https://doi.org/10.1177%2F0148558X0802300306 https://doi.org/10.1177%2F0148558X080230... ); Costa, Macedo, Yokoyama and Almeida (2017Ma, M., Dewally, M., & Huang, J. (2017). Marketing strategy after meeting Wall Street: The role of information asymmetry. Journal of Financial Research, 40(3), 369-400. http://dx.doi.org/10.1111/jfir.12128 http://dx.doi.org/10.1111/jfir.12128... )
Size	Natural logarithm of total assets.	Economatica	Costa et al. (2017Costa, W. B. D., Macedo, M. A. D. S., Yokoyama, K. Y., & Almeida, J. E. F. D. (2017). Análise dos estágios de ciclo de vida de companhias abertas no Brasil: Um estudo com base em variáveis contábil-financeiras. Brazilian Business Review, 14(3), 304-320. https://doi.org/10.15728/bbr.2017.14.3.3 https://doi.org/10.15728/bbr.2017.14.3.3... ); Kabir et al. (2020Kabir, H., Su, L., & Rahman, A. (2020). Firm life cycle and the disclosure of estimates and judgments in goodwill impairment tests: Evidence from Australia. Journal of Contemporary Accounting & Economics, 16(3), 100207. https://doi.org/10.1016/j.jcae.2020.100207 https://doi.org/10.1016/j.jcae.2020.1002... ); Koo e Lee (2018Koo, D. S., & Lee, D. (2018). Influential chief marketing officers and management revenue forecasts. The Accounting Review, 93(4), 253-281. http://dx.doi.org/10.2308/accr-51946 http://dx.doi.org/10.2308/accr-51946... ); Simpson (2008Simpson, A. (2008). Voluntary disclosure of advertising expenditures. Journal of Accounting, Auditing & Finance, 23(3), 403-436. https://doi.org/10.1177%2F0148558X0802300306 https://doi.org/10.1177%2F0148558X080230... )
Age	Full years since the date of registration of the firm with the CVM.	GetDFPData Web	Bae et al. (2017Bae, J., Kim, S. J., & Oh, H. (2017). Taming polysemous signals: The role of marketing intensity on the relationship between financial leverage and firm performance. Review of Financial Economics, 33, 29-40. https://doi.org/10.1016/j.rfe.2016.12.002 https://doi.org/10.1016/j.rfe.2016.12.00... ); Ma et al. (2017Ma, M., Dewally, M., & Huang, J. (2017). Marketing strategy after meeting Wall Street: The role of information asymmetry. Journal of Financial Research, 40(3), 369-400. http://dx.doi.org/10.1111/jfir.12128 http://dx.doi.org/10.1111/jfir.12128... )
Market-to-book	Market value of the firm divided by shareholders’ equity.	Economatica	Costa et al. (2017Costa, W. B. D., Macedo, M. A. D. S., Yokoyama, K. Y., & Almeida, J. E. F. D. (2017). Análise dos estágios de ciclo de vida de companhias abertas no Brasil: Um estudo com base em variáveis contábil-financeiras. Brazilian Business Review, 14(3), 304-320. https://doi.org/10.15728/bbr.2017.14.3.3 https://doi.org/10.15728/bbr.2017.14.3.3... ); Kabir et al. (2020Kabir, H., Su, L., & Rahman, A. (2020). Firm life cycle and the disclosure of estimates and judgments in goodwill impairment tests: Evidence from Australia. Journal of Contemporary Accounting & Economics, 16(3), 100207. https://doi.org/10.1016/j.jcae.2020.100207 https://doi.org/10.1016/j.jcae.2020.1002... ); Koo e Lee (2018Koo, D. S., & Lee, D. (2018). Influential chief marketing officers and management revenue forecasts. The Accounting Review, 93(4), 253-281. http://dx.doi.org/10.2308/accr-51946 http://dx.doi.org/10.2308/accr-51946... )
Sales growth	Percentage change in revenues for year t in relation to t-1.	Economatica	Costa et al. (2017Costa, W. B. D., Macedo, M. A. D. S., Yokoyama, K. Y., & Almeida, J. E. F. D. (2017). Análise dos estágios de ciclo de vida de companhias abertas no Brasil: Um estudo com base em variáveis contábil-financeiras. Brazilian Business Review, 14(3), 304-320. https://doi.org/10.15728/bbr.2017.14.3.3 https://doi.org/10.15728/bbr.2017.14.3.3... ); Ma et al. (2017Ma, M., Dewally, M., & Huang, J. (2017). Marketing strategy after meeting Wall Street: The role of information asymmetry. Journal of Financial Research, 40(3), 369-400. http://dx.doi.org/10.1111/jfir.12128 http://dx.doi.org/10.1111/jfir.12128... )

	Variables	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
1	DivTotal	1
2	DivAM	0.73***	1
3	DivIM	0.75***	0.19	1
4	DivFRFE	0.55***	0.13	0.32**	1
5	DivQL	0.93***	0.70***	0.60***	0.64***	1
6	DivQT	0.88***	0.60***	0.81***	0.30**	0.65***	1
7	Marketing Int.	0.46***	0.39***	0.26*	0.29**	0.49***	0.35***	1
8	Corp. Gov. Seg.	0.25*	0.04	0.37***	0.11	0.11	0.38***	-0.16	1
9	Industry	0.04	0.02	0.10	-0.07	-0.01	0.12	-0.00	-0.06	1
10	Audit	0.34**	0.27**	0.23*	0.19	0.26*	0.37***	0.13	0.47***	0.05	1
11	ROE	0.03	0.16	-0.10	-0.01	0.05	-0.00	0.01	0.04	-0.01	0.19	1
12	Instit. control	-0.11	-0.12	-0.09	-0.01	-0.08	-0.15	-0.20	-0.07	-0.20	-0.02	0.04	1
13	Liquidity	-0.04	-0.13	0.05	0.09	-0.07	0.01	-0.15	0.19	0.17	0.12	0.04	0.05	1
14	General solvency	0.04	-0.05	0.08	0.15	-0.00	0.09	-0.06	0.13	0.16	0.09	0.08	-0.00	0.89***	1
15	Size	0.23*	0.25*	0.13	0.04	0.17	0.25*	-0.10	0.43***	-0.25*	0.52***	0.04	0.20	-0.02	-0.11	1
16	Age	-0.16	0.02	-0.26*	-0.09	-0.07	-0.23*	0.14	-0.79***	0.21*	-0.42***	-0.06	0.01	-0.10	-0.09	-0.40***	1
17	Market-to-book	0.33**	0.26*	0.25*	0.11	0.32**	0.27**	0.35***	0.20	0.02	0.34**	-0.10	-0.13	-0.00	-0.01	0.31**	-0.20	1
18	Sales growth	0.12	0.08	0.06	0.12	0.11	0.11	-0.02	0.23*	-0.19	0.08	-0.01	-0.00	-0.13	-0.14	0.32**	-0.19	0.19	1
	N	89	89	89	89	89	89	89	89	89	89	89	89	89	89	89	89	89	89
	Mean	0.25	0.50	0.43	0.08	0.36	0.18	0.17	0.63	0.79	0.57	0.01	0.44	1.89	2.10	6.34	22.46	1.84	0.04
	Stand. deviation	0.16	0.37	0.34	0.20	0.23	0.13	0.14	0.49	0.41	0.50	0.43	0.50	1.70	1.83	0.73	15.67	2.14	0.31
	Minimum	0	0	0	0	0	0	0.02	0	0	0	-1.56	0	0.04	0.34	4.66	1	-0.50	-0.54
	Maximum	0.58	1	1	0.67	0.80	0.43	0.53	1	1	1	0.69	1	8.05	9.49	7.72	50	7.95	0.93

Comparisons	Difference of means	t-test	p-value
DivAM - DivIM	0.67	1.40	0.16
DivAM - DivFRFE	0.42	10.03	0.00
DivIM - DivFRFE	0.36	9.98	0.00
DivQL - DivQT	0.18	9.34	0.00

Panel A: Direct effects
	Model 1		Model 2		Model 3		Model 4		Model 5		Model 6
VD	DivTotal		DivAM		DivIM			DivFRFE		DivQL		DivQT
	Beta	t	Beta	t	Beta	t	Beta	t	Beta	t	Beta	t
Predictors
Mkt. Intens. (H₁)	0.47***	4.67	0,36**	3,12	0,28*	2.49	0.33*	2.18	0.46***	4.29	0.40***	3.89
Life cycle (birth-growth) (H₂)
(vs.) Maturity	-0.21^⸸	-1.78	-0.27*	-2.40	-0.02	-0.13	-0.11	-0.71	-0.13	-0.97	-0.25*	-2.20
(vs.) Turb.-decl.	-0.25*	-2.07	-0.23*	-1.92	-0.21^⸸	-1.67	-0.01	-0.09	-0.19	-1.44	-0.25*	-2.33
Covariates
Corp. Gov. Seg.	0.38*	2.28	0.15	1.04	0.44	2.59	0.15*	0.93	0.18	1.02	0.55**	3.55
Industry	0.07	0.66	0.05	0.41	0.14	1.14	-0.09	-0.72	0.03	0.27	0.15	1.33
Audit	0.09	0.92	0.06	0.43	0.01	0.07	0.16	1.22	0.07	0.63	0.08	0.81
ROE	-0.02	-0.40	0.13	1.48	-0.14	-1.79	-0.07^⸸	-0.73	0.01	0.16	-0.07	-0.98
Instit. control	0.04	0.36	-0.04	-0.44	0.06	0.56	0.07	0.54	0.04	0.33	0.01	0.11
Liquidity^a	-0.37*	-2.00	-0.40^⸸	-1.98	-0.19	-0.90	-0.11	-0.53	-0.23	-1.27	-0.43*	-2.29
General solvency	0.40^⸸	1.92	0.37^⸸	1.78	0.22	1.08	0.27	1.05	0.24	1.15	0.46*	2.41
Size	0.14	0.91	0.31*	2.22	-0.04	-0.30	-0.05	-0.26	0.10	0.60	0.17	1.21
Age	0.17	0.92	0.25	1.62	0.00	-0.02	0.07	0.45	0.09	0.48	0.22	1.32
Market-to-book	0.05	0.62	0.06	0.70	0.07	0.74	-0.07	-0.61	0.09	0.99	-0.01	-0.10
Sales growth	-0.01	-0.12	-0.04	-0.46	-0.05	-0.48	0.13	1.41	0.01	0.15	-0.03	-0.40
Constant	-0.15	-0.59	-0.79	-1.52	0.17	0.31	0.00	0.00	-0.07	-0.19	-0.20	-1.09
N	89		89		89		89		89		89
F-Test	5.01***		4.76***		3.44***		0.85		4.70***		4.57***
R²	0.43		0.36		0.31		0.18		0.34		0.45
Panel B: Moderate effects
Predictors
Mkt. Intens.	-0.06	-0.19	0.14	0.45	-0.18	-0.68	-0.14	-0.62	-0.15	-0.50	0.04	0.16
Life cycle (birth-growth)
(vs.) Maturity	-0.45*	-2.27	-0.37^⸸	-1.74	-0.20	-0.90	-0.37	-1.56	-0.49*	-2.33	-0.30	-1.52
(vs.) Turb.-decl.	-0.64**	-2.87	-0.40^⸸	-1.80	-0.56*	-2.62	-0.33	-1.30	-0.56*	-2.34	-0.61**	-3.05
Interaction
Mkt. Int. * Life cycle (birth-growth) (H₃)
(vs.) Maturity	0.45	1.58	0.19	0.63	0.36	1.31	0.46	1.65	0.64*	2.28	0.14	0.52
(vs.) Turb.-decl.	0.61*	2.28	0.26	0.94	0.55*	2.22	0.49^⸸	1.73	0.59*	2.23	0.55*	2.21
Covariates
Corp. Gov. Seg.	0.37*	2.27	0.15	1.03	0.43*	2.56	0.14	0.91	0.17	1.01	0.54***	3.62
Industry	0.08	0.78	0.05	0.44	0.14	1.29	-0.08	-0.70	0.03	0.31	0.16	1.64
Audit	0.11	1.27	0.07	0.51	0.03	0.26	0.17	1.36	0.09	0.84	0.11	1.18
ROE	-0.08	-1.28	0.10	1.07	-0.20**	-2.63	-0.11	-1.14	-0.03	-0.44	-0.14*	-2.13
Instit. control	0.08	0.75	-0.03	-0.27	0.10	0.95	0.10	0.72	0.07	0.57	0.06	0.61
Liquidity^a	-0.44*	-2.18	-0.43*	-2.03	-0.26	-1.16	-0.15	-0.69	-0.27	-1.34	-0.53**	-2.75
General solvency	0.47*	2.15	0.40^⸸	1.86	0.30	1.36	0.32	1.19	0.29	1.28	0.57**	2.89
Size	0.13	0.87	0.31*	2.19	-0.06	-0.37	-0.06	-0.30	0.10	0.60	0.15	1.11
Age	0.19	1.08	0.25^⸸	1.67	0.02	0.10	0.09	0.55	0.10	0.57	0.24	1.57
Market-to-book	0.05	0.66	0.06	0.69	0.07	0.73	-0.07	-0.59	0.10	1.22	-0.02	-0.27
Sales growth	-0.06	-0.68	-0.06	-0.71	-0.09	-0.89	0.09	0.90	-0.03	-0.39	-0.08	-0.93
Constant	-0.06	-0.24	-0.70	-1.31	0.34	0.65	0.10	0.31	0.07	0.18	-0.15	-0.82
N	89		89		89		89		89		89
F-test	5.39***		4.70***		3.51***		0.91		4.79***		5.70***
R²	0.47		0.37		0.35		0.21		0.38		0.51

Panel A: Direct effects
	Model 1		Model 2		Model 3		Model 4		Model 5		Model 6
VD	DivTotal		DivAM		DivIM		DivFRFE		DivQL		DivQT
	Beta	t	Beta	t	Beta	t	Beta	t	Beta	t	Beta	t
Predictors
Mkt. Int. (H₁)	0.47***	4.16	0.39**	3.10	0.26*	2.06	0.33*	2.15	0.46***	3.82	0.41***	3.62
Life cycle (growth) (H₂)
(vs.) Birth	-0.09	-0.68	-0.06	-0.39	-0.12	-0.88	0.06	0.36	-0.07	-0.48	-0.08	-0.59
(vs.) Maturity	-0.27	-1.63	-0.32*	-2.39	-0.09	-0.56	-0.07	-0.34	-0.17	-1.02	-0.30*	-2.03
(vs.) Turbulence	-0.30^⸸	-1.87	-0.31*	-2.32	-0.24	-1.52	0.03	0.17	-0.22	-1.38	-0.31*	-2.14
(vs.) Decline	-0.17	-1.31	-0.07	-0.56	-0.22	-1.62	0.00	-0.01	-0.14	-1.11	-0.15	-1.25
Covariates
Corp. Gov. Seg.	0.39*	2.31	0.18	1.21	0.43*	2.47	0.14	0.87	0.18	1.04	0.56***	3.54
Industry	0.08	0.75	0.04	0.32	0.16	1.35	-0.09	-0.73	0.04	0.35	0.15	1.37
Audit	0.07	0.65	0.02	0.18	0.00	0.00	0.17	1.23	0.06	0.47	0.06	0.55
ROE	-0.02	-0.34	0.13	1.56	-0.14^⸸	-1.77	-0.07	-0.75	0.01	0.20	-0.06	-0.89
Instit. control	0.04	0.40	-0.04	-0.41	0.07	0.64	0.07	0.51	0.04	0.36	0.02	0.15
Liquidity	-0.37^⸸	-1.85	-0.36	-1.65	-0.22	-1.06	-0.10	-0.47	-0.24	-1.21	-0.42^⸸	-2.07
General solvency	0.39^⸸	1.87	0.35^⸸	1.68	0.23	1.11	0.27	1.05	0.24	1.13	0.45^⸸	2.31
Size	0.14	0.84	0.33*	2.21	-0.07	-0.43	-0.05	-0.25	0.10	0.54	0.17	1.17
Age	0.16	0.86	0.24	1.53	-0.01	-0.07	0.08	0.49	0.08	0.45	0.21	1.24
Market-to-book	0.08	0.83	0.08	0.87	0.10	0.90	-0.09	-0.69	0.11	1.10	0.01	0.12
Sales growth	-0.03	-0.36	-0.07	-0.85	-0.06	-0.55	0.14	1.43	0.00	0.01	-0.05	-0.68
Constant	-0.12	-0.46	-0.81	-1.45	0.29	0.51	-0.02	-0.07	-0.04	-0.10	-0.19	-0.95
N	89		89		89		89		89		89
F-test	4.63***		4.08***		3.33***		0.76		4.90***		3.85***
R²	0.43		0.38		0.32		0.18		0.34		0.45
Panel B: Moderate effects
Predictors
Mkt. Intens.	-0.27	-0.78	-0.04	-0.14	-0.33	-0.96	-0.20	-0.59	-0.28	-0.82	-0.22	-0.78
Life cycle (growth)
(vs.) Birth	-0.28	-1.34	-0.23	-1.00	-0.24	-1.11	-0.04	-0.14	-0.20	-0.83	-0.33^⸸	-1.82
(vs.) Maturity	-0.66*	-2.63	-0.55*	-2.48	-0.39	-1.34	-0.38	-1.13	-0.64*	-2.49	-0.53*	-2.41
(vs.) Turbulence	-0.76**	-2.85	-0.53*	-2.42	-0.63*	-2.39	-0.35	-1.13	-0.63*	-2.31	-0.77***	-3.47
(vs.) Decline	-0.56**	-3.10	-0.37*	-2.10	-0.56**	-2.89	-0.12	-0.49	-0.48*	-2.52	-0.54***	-3.57
Interaction
Mkt. Int. * Life cycle (growth) (H₃)
(vs.) Birth	0.17	0.84	0.17	0.78	0.09	0.51	0.08	0.40	0.09	0.44	0.25	1.46
(vs.) Maturity	0.66^⸸	1.95	0.38	1.35	0.49	1.39	0.53	1.37	0.77*	2.26	0.42	1.46
(vs.) Turbulence	0.72*	2.47	0.36	1.45	0.59^⸸	1.96	0.58	1.64	0.64*	2.19	0.71**	2.89
(vs.) Decline	0.43**	3.08	0.35**	3.07	0.37*	2.29	0.06	0.41	0.36*	2.34	0.43***	3.86
Covariates
Corp. Gov. Seg.	0.39*	2.33	0.18	1.21	0.43*	2.45	0.15	0.93	0.19	1.04	0.57***	3.67
Industry	0.11	1.09	0.07	0.60	0.19	1.62	-0.10	-0.80	0.06	0.54	0.19^⸸	1.97
Audit	0.08	0.83	0.03	0.19	0.01	0.08	0.20	1.48	0.07	0.56	0.09	0.84
ROE	-0.07	-1.03	0.11	1.11	-0.20*	-2.42	-0.10	-1.05	-0.03	-0.34	-0.12^⸸	-1.82
Instit. control	0.10	0.95	0.00	0.04	0.13	1.18	0.08	0.57	0.09	0.71	0.09	0.86
Liquidity	-0.50*	-2.25	-0.49*	-2.09	-0.35	-1.49	-0.07	-0.29	-0.32	-1.42	-0.58**	-2.79
General solvency	0.53*	2.26	0.47*	2.12	0.36	1.56	0.25	0.86	0.33	1.37	0.62**	3.01
Size	0.15	0.89	0.35*	2.33	-0.06	-0.37	-0.07	-0.38	0.10	0.58	0.18	1.26
Age	0.16	0.93	0.22	1.43	-0.01	-0.06	0.12	0.78	0.08	0.46	0.22	1.40
Market-to-book	0.08	0.78	0.08	0.78	0.11	0.87	-0.10	-0.74	0.13	1.22	-0.01	-0.11
Sales growth	-0.08	-0.87	-0.08	-0.91	-0.10	-0.95	0.08	0.79	-0.05	-0.52	-0.10	-1.14
Constant	-0.02	-0.09	-0.74	-1.28	0.47	0.80	0.13	0.43	0.12	0.29	-0.13	-0.68
N	89		89		89		89		89		89
F-test	4.78***		5.54***		3.54***		0.78		4.56***		5.40***
R²	0.50		0.41		0.37		0.22		0.40		0.54

Categories	Information	Source	Information type	Information perspective
1	Indication that there are marketing assets and that they are off-balance sheet assets	IOSCO (Principles for Ongoing Disclosure and Material Development Reporting by Listed Entities - 1) and CPC 26 (13;112)	Qualitative	Marketing assets (DivAM)
2	Indication of the different marketing assets (for example, brand, customer base, customer satisfaction, etc.)	IOSCO (Principles for Ongoing Disclosure and Material Development Reporting by Listed Entities - 1) and CPC 26 (13;112)	Qualitative
3	The estimated value of marketing assets	CPC 00 (QC7)	Quantitative
4	Presence and types of marketing investments	CPC 26 (99;101)	Qualitative	Marketing investments (DivIM)
5	Annual marketing investment value	CPC 00 (99) - CPC 26 (QC7)	Quantitative
6	Percentage change in marketing investment compared to the previous year	CPC 00 (QC21) - CPC 26 (13;38;43;113) - IASB (Publishes Discussion Paper on Management Commentary)	Quantitative
7	Variation in net revenue for the year linked exclusively to marketing investments	CPC 00 (QC21) - CPC 26 (13;38;43;113) - IASB (Publishes Discussion Paper on Management Commentary)		Financial and economic effects of marketing investments (DivRFE)
8	Change in net income for the year linked exclusively to marketing investments	CPC 00 (QC21) - CPC 26 (13;38;43;113) - IASB (Publishes Discussion Paper on Management Commentary)
9	Change in market value linked exclusively to marketing investments	CPC 00 (QC21) - CPC 26 (13;38;43;113) - Publishes Discussion Paper on Management Commentary)
10	Outlook that current year’s marketing investments will influence economic and/or financial results for the coming years	CPC 26 (13) - IASB (Publishes Discussion Paper on Management Commentary)	Qualitative	Future economic and financial effects and maintenance of long-term marketing strategies (DivFRFE)
11	Indication of marketing investments for the next period	IASB (Publishes Discussion Paper on Management Commentary)	Qualitative
12	Estimated value for marketing investments for the next period	CPC 00 (QC7)	Quantitative

[1] * Corresponding Author

Brasil

Brasil

Marketing Investment Information: Differentiation Resource or Secret?

ABSTRACT

Objective:

Method:

Results:

Conclusions: