Name: ANANDA BARCELOS BISI
Publication date: 15/08/2024
Examining board:
Name |
Role |
|---|---|
| EVANDRO LUIZ LOPES | Examinador Externo |
| FLAVIA MENEGUELLI RIBEIRO SETUBAL | Examinador Interno |
| HELIO ZANQUETTO FILHO | Examinador Interno |
| MARCELO MOLL BRANDAO | Presidente |
| OTAVIO BANDEIRA DE LAMÔNICA FREIRE | Examinador Externo |
Summary: This thesis aimed to understand the conditions that influence investor perceptions of stock prices upon receiving communication about the company marketing expenditure, specifically concerning the medium through which the communication is disseminated and the engagement of the investor with the communication. To achieve this objective, two experimental studies were conducted, allowing the establishment of cause-and-effect relationships. Marketing expenditure (high/low) and media credibility (high/low) were manipulated to observe the different impacts on stock price perception. The proposed hypotheses were tested using regression analysis with SPSS software and the Macro Process extension. Both the direct relationship between marketing actions and company performance and the indirect relationship involving marketing assets (EDELING; FISCHER, 2016) were tested, with the conditions identified in the state-of-the-art interface of Marketing-Behavioral Finance. The studies demonstrated that only communications disseminated through media recognized for having above-average credibility can influence investors to engage with the company and recommend the stock. Additionally, they indicated that by recommending the stock, the investor recognizes its potential to influence the value of the company and perceives the stock appreciation through price changes. The study contributes to addressing a gap noted in both literature and managerial practice: proving the impact of marketing actions on the creation of value for shareholders and the conditions that can influence this relationship. Theoretical contributions include understanding the impact of conditions from Communication and Behavioral Finance on the creation of value for shareholders. Practical contributions benefit the company by providing insights into investor behavior, benefit investors by increasing their understanding of the creation of value for shareholders and stock price variation, and benefit the market by revealing the potential of media to influence informational asymmetry.
