When macroeconomic conditions influence marketing investments
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Abstract
Although macroeconomic conditions are recognized as factors that influences country’s performance, little is known about how companies, sectors, and investment in marketing absorb such impacts. Drawing on myopic marketing theory, the paper’s goal is to analyze the relationship between macroeconomic conditions and investments in marketing by Brazilian companies. The authors use a panel data sample of 183 Brazilian companies with quarterly financial data (2010 to 2020).
The authors obtained financial information from Economatica Platform and macroeconomic information from IpeaData. First, the results indicate that GDP, interest rates and consumer confidence are positively related and the exchange rate and unemployment have a negative relationship with marketing investments. Second, the impacts of these relationships are distinct across industry sectors. Third, the outcomes show that decisions regarding the level of investments and the expansion of investments in marketing depend on macroeconomic conditions indicating the contexts that influence the discretionary
treatment of the marketing budget.
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