Effects of Advertising, Customer Satisfaction, and Research and Development on a Firm's Systematic and Unsystematic Risks

廣告、顧客滿意度與研究發展對企業系統與非系統風險之效果

本研究旨在探討廣告、顧客滿意度與研究發展如何影響企業財務主管與高階經理人所關心之焦點－企業系統風險與非系統風險。本研究除延續過去文獻所關注之行銷對於企業系統風險之影響，更進一步將非系統風險納入探討。我們使用混合最小平方法與固定時間效果二種迴歸分析方法估計實證模型，實證結果支持本研究之假說：廣告和顧客滿意度可顯著降低企業之總風險、系統風險與非系統風險，研究發展則顯著提高企業之系統風險、非系統風險與總風險。此外，本研究也分別採用CAPM與Fama-French三因子資產定價模型衡量系統風險與非系統風險，使用不同估計風險方法檢定假說，顯示本研究之實證結果具有穩健性。

In this study, we examine how advertising, customer satisfaction, and research and development (R&D) affect a firm's systematic risk and unsystematic risk; these risks being metrics of interest to both finance executives and senior management. Our studies' findings extend prior studies that primarily considered the effects of marketing initiatives on performance metrics, focusing only on systematic risk. We estimate empirical models by the pooled ordinary least squares and the time-series fixed-effects regression analysis. The results significantly support our hypotheses that higher advertising and higher customer satisfaction lower a firm's total risk, systematic risk and unsystematic risk. R&D is significantly associated with higher levels for a firm's total risk, systematic risk, and unsystematic risk. In addition, these effects are robust to alternative estimates of risks, estimating systematic risk and unsystematic risk using both CAPM and the Fama-French three-factor asset pricing model.