Intangible resource values and Tobin’s Q: Evidence from the Super Bowl
Document Type
Article
Publication Date
10-18-2019
Department
College of Business
Abstract
This paper investigates the issue of intangible resource valuation, specifically quantifying brand equity, through the use of Tobin’s “q ratio”. We performed a pair-wise comparison of the q ratios for Super Bowl advertisers versus non-advertisers from 1989 to 2016 (total of 178 firms), controlling for the Standard Industrial Classification code and relative size of the firm. The findings suggest lower q ratios, i.e. lower brand equity, for those firms who chose to participate. A more detailed analysis by SIC code, along with the explanatory power of marketing theory, however, may reveal a more nuanced story to this paradox.
Publication Title
Journal of Accounting and Finance
Recommended Citation
Inamanamelluri, T.,
Hutchinson, R.,
&
Bernacchi, M.
(2019).
Intangible resource values and Tobin’s Q: Evidence from the Super Bowl.
Journal of Accounting and Finance,
19(6), 104-118.
http://doi.org/10.33423/jaf.v19i6.2317
Retrieved from: https://digitalcommons.mtu.edu/michigantech-p/1258