{"title":"从市场营销到人力:广告支出对就业的影响","authors":"Wenjun Xie , Yao Chen","doi":"10.1016/j.irfa.2025.104333","DOIUrl":null,"url":null,"abstract":"<div><div>This study investigates the impact of advertising expenditures on corporate employment levels and explores the underlying mechanisms. The yearly data of Chinese listed firms between 2012 and 2021 demonstrate the unintended impact of advertising in the product market on corporate employment. Empirical findings confirm that advertising positively affects employment, with a stronger effect observed in consumer product industries, firms with higher information asymmetry, firms led by executives with marketing backgrounds, and companies with higher labor intensity. Mechanism tests show that advertising affects employment by reducing financial constraints, increasing production scale, and reinforcing brand value. Furthermore, advertising expenditures improve firm performance and employee wages by optimizing human capital structure and increasing labor allocation efficiency. Overall, this study represents one of the few efforts that substantiates the role of advertising in improving corporate employment. Our findings have practical implications for improving internal employment structure.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104333"},"PeriodicalIF":7.5000,"publicationDate":"2025-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"From marketing to manpower: Impact of advertising expenditures on employment\",\"authors\":\"Wenjun Xie , Yao Chen\",\"doi\":\"10.1016/j.irfa.2025.104333\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This study investigates the impact of advertising expenditures on corporate employment levels and explores the underlying mechanisms. The yearly data of Chinese listed firms between 2012 and 2021 demonstrate the unintended impact of advertising in the product market on corporate employment. Empirical findings confirm that advertising positively affects employment, with a stronger effect observed in consumer product industries, firms with higher information asymmetry, firms led by executives with marketing backgrounds, and companies with higher labor intensity. Mechanism tests show that advertising affects employment by reducing financial constraints, increasing production scale, and reinforcing brand value. Furthermore, advertising expenditures improve firm performance and employee wages by optimizing human capital structure and increasing labor allocation efficiency. Overall, this study represents one of the few efforts that substantiates the role of advertising in improving corporate employment. Our findings have practical implications for improving internal employment structure.</div></div>\",\"PeriodicalId\":48226,\"journal\":{\"name\":\"International Review of Financial Analysis\",\"volume\":\"104 \",\"pages\":\"Article 104333\"},\"PeriodicalIF\":7.5000,\"publicationDate\":\"2025-05-11\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Financial Analysis\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S105752192500420X\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Financial Analysis","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S105752192500420X","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
From marketing to manpower: Impact of advertising expenditures on employment
This study investigates the impact of advertising expenditures on corporate employment levels and explores the underlying mechanisms. The yearly data of Chinese listed firms between 2012 and 2021 demonstrate the unintended impact of advertising in the product market on corporate employment. Empirical findings confirm that advertising positively affects employment, with a stronger effect observed in consumer product industries, firms with higher information asymmetry, firms led by executives with marketing backgrounds, and companies with higher labor intensity. Mechanism tests show that advertising affects employment by reducing financial constraints, increasing production scale, and reinforcing brand value. Furthermore, advertising expenditures improve firm performance and employee wages by optimizing human capital structure and increasing labor allocation efficiency. Overall, this study represents one of the few efforts that substantiates the role of advertising in improving corporate employment. Our findings have practical implications for improving internal employment structure.
期刊介绍:
The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.