Investment, Financing Constraints, and Internal Capital Markets: Evidence from the Advertising Expenditures of Multinational Firms

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The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness (2012, unknown): “Given that advertising expenditures do not have to be disclosed if they are immaterial , we follow the literature and set it equal to zero when missing (see, for example, Fee et al. 2009, Hale and Santos 2009, Masulis et al. 2009).”
Financial Constraints and Productivity: Evidence from Euro Area Companies (2018, unknown): “13See for instance Berger and Udell (2003), Rauh (2006), Fee et al. (2009) or Hadlock and Pierce (2010).”
Costly external finance, corporate investment, and the subprime mortgage credit crisis (2010, unknown): “In principle, we would expect to 16 Fee, Hadlock, and Pierce (2009) adopt a similar approach to address a similar concern. see similar effects of cash reserves for other measures of investment or corporate spending.”
From Finance to Marketing: The Impact of Financial Leverage on Customer Satisfaction (2015, background): “For example, Fee, Hadlock, and Pierce (2009) show that firms use their internal cash flows to finance advertising expenditures.”
R&D sensitivity to asset sale proceeds: New evidence on financing constraints and intangible investment (2013, background): “Fee, Hadlock, and Pierce (2009) identify financing constraints by examining the intersection between advertising expenditures by multinational firms and the level of their foreign cash flow.”