Event Study: Are Effie Award Winning Campaigns Associated with Improved Stock Market Performance?
Jerry Jenkins1, Juritsa Ford2
1Jerry Jenkins, Department of Business, Hampton University, Virginia, USA.
2Dr. Juritsa Ford, Department of Business, Hampton University, Virginia, USA.
Manuscript received on 11 November 2022 | Revised Manuscript received on 18 November 2022 | Manuscript Accepted on 15 December 2022 | Manuscript published on 30 December 2022 | PP: 1-9 | Volume-9 Issue-4, December 2022 | Retrieval Number: 100.1/ijmh.D1542129422 | DOI: 10.35940/ijmh.D1542.129422
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© The Authors. Published By: Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: This article assesses the effectiveness of Effie Award winning marketing campaigns on the award recipient company’s stock market performance. Effie Worldwide (Effie) is a distinguished industry organization who champions marketing effectiveness by global agencies and practitioners. Effie’s preimminent award is bestowed on global advertising agencies based on their effectiveness at contributing to a brand’s success. The objective of this study is to test how well Effie is meeting its purpose of awarding marketing campaigns based on their effectiveness. The literature review was constructed via a key word search of past and current perspectives using ProQuest and Google Scholar data bases of studies on the effectiveness of marketing campaigns relative to improved stock market performance. Design and methods for this event study approach is based on ten companies selected from the Gold award category, to determine if Gold winning advertising campaigns were associated with a company’s improved stock market performance. The event study utilized the market model as the asset pricing instrument to evaluate the companies’ stock prices following the launch of Effie Gold winning advertising campaigns. The results of this study suggest that Effie Award winning advertising campaigns are not associated with an increase in stock value.
Keywords: Effie Award, Event Studies, Marketing Effectiveness.
Scope of the Article: Business and Marketing