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245	1		_aShare repurchases and myopia : _bimplications on the stock and consumer markets / _cDavid Bandig, Daniel Willmann, Steffen Strese, & Malte Brettel.
240	1		_aJournal of Marketing
100			_a82
100			_d2
700			_a3/1/2018
700	0		_a19-41
110			_aArticle
260			_aEnglish : _b,
250			_amarketing - finance interface ; myopic marketing management ; earnings management ; product recalls ; share repurchase
300			_aInvestor demands has promoted share repurchasers to the dominating payout instrument for U.S. firms. However, critics worry that the reprchase boom leads to firms neglecting long-term investments. Even worse, scholars have shown that investor pressure also motivates firms to cut marketing investments with the aim of boosting short-term income, a practice called myopic marketing management. Extant theory still lacks an understanding of whether and how the co-occurrence of share repurchases and myopic marketing affects firm stakeholders such as investors and consumers. Using a large-scale cross-industry sample, the authors reveal that there is a higher share of firms cutting marketing investments among repurchasing firms than among nonrepurchasing firms. Furthermore, investors immediately respond negatively to myopic firms that also repurchase shares. Finally, repurchases and myopic marketing are also associated with an increase in product recalls. This first study to assess share repurchases through a marketing lens hence reveals negative effects on both the stock and the consumer markets.
942			_2lcc _cpr _ajpascua _b2020-11-10 10:57:17 _djpascua _e2020-11-10 10:57:17
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998			_a11612
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