An Investigation of Causality between Advertising and Operating Activity: Macro and Micro Evidence from Japan

Kosei Fukuda
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Abstract

The relationship between advertising and operating activity is one of the topical issues in marketing and economic research. However, micro data have not been analyzed. In this paper, causality between them is empirically examined by using macro and micro data and applying four models-conventional Vector Autoregressive (VAR) model, vector error correction model, homogeneous parameter panel VAR model and heterogeneous parameter panel VAR model. Granger causality tests are applied to Japanese advertising and operating activity data. Empirical results indicate that operating activity causes advertising and not vice versa.
广告与经营活动的因果关系研究:来自日本的宏观与微观证据
广告与经营活动的关系是市场营销和经济研究中的热点问题之一。然而,微观数据尚未进行分析。本文利用宏观和微观数据,运用传统的向量自回归(VAR)模型、向量误差修正模型、同质参数面板VAR模型和异质参数面板VAR模型,实证检验了两者之间的因果关系。格兰杰因果检验应用于日本的广告和经营活动数据。实证结果表明,经营活动引起广告,而不是广告引起经营活动。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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