14 October 2019
ESCP – Campus République

Andrew ZYLSTRA, PhD candidate in the PhD programme ESCP EuropeAndrew ZYLSTRA, PhD candidate in the PhD programme ESCP, publicly defended his PhD thesis in Management Sciences.
Thesis Title:
Transposing the ‘real effects of financial markets’ perspective onto the marketing-finance interface

Jury 

Supervisor:

  • Prof. Sandrine MACE,
    ESCP

Referees:

  • Prof. Pascal ALPHONSE,
    Professeur des Universités, Université de Lille
  • Prof. Paul-Valentin NGOBO,
    Professeur des Universités, Université Paris Dauphine

Suffragants:

  • Prof. Philippe AURIER,
    Professeur des Universités, Université Montpellier
  • Prof. Sophie CHANGEUR,
    Professeur des Universités, Université de Picardie Jules Verne
  • Prof. Christophe MOUSSU,
    Université Paris Dauphine

Abstract

To obtain deeper insights into the relationship between marketing and equity markets, this thesis investigates whether the ‘real effects of financial markets’ perspective (P. Bond et al., 2012) is suitable for integrating the two streams of the marketing-finance-accounting interface research area.

The four studies in this thesis highlight the bidirectional flows of information in stock prices between marketing investments and equity markets. The first two studies (Chapters 3 and 4) show empirically the impact of information flows from marketing investments to equity markets while the third and fourth studies (Chapters 5 and 6) show empirically the inverse flow of information from equity markets to marketing. Together, the four studies suggest that information flows bidirectionally between marketing investments and equity markets, reflecting the contentions of the ‘real effects of financial markets’ perspective.

We make two arguments based on this finding. First, we contend that the ‘real effects of financial markets’ perspective should be transposed onto the marketing-finance interface because it enhances our understanding of the two research streams of the marketing-finance interface and provides a suitable theoretical framework to account for how marketing investments both affect and reflect information in equity markets. Second, transposing the 'real effects of financial markets' perspective onto the marketing-finance interface opens up many research possibilities to generate new insights into the two-way interactions between marketing investments and equity markets.

Campuses

Paris