Advertising expenditure and stock performance: A bibliometric analysis

Abstract

Firms’ advertising expenditure and its impact on their stock performance have been widely studied. However, existing reviews have often considered them independently, resulting in a fragmented understanding of the progress and contribution of their joint investigation. To address this gap, we conduct a 60-year review of advertising expenditure and stock performance research available in Scopus. Our review unpacks (1) the most prolific countries, institutions, journals, and authors, (2) the most cited articles, and (3) the major clusters or themes of research—i.e., corporate social responsibility, research and development, brand equity, new product performance, innovativeness, and crisis management—on advertising expenditure and stock performance. We conclude by using these retrospective insights to suggest prospective pathways forward to enrich the field.