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This article provides evidence of the influence of the advertising expenditure of a firm going public on the initial public offering (IPO) underpricing. It is found that a higher level of advertising expenditure is associated with a lesser extent of IPO underpricing with the help of the positive signaling effect regarding the issuing firm. Because advertising expenditure is a commonly used proxy for marketing cost in the value-relevant marketing research domain, the results of this study also highlighted the effect of marketing decision in financial markets, beyond its direct effect on the sales and profits. The empirical evidence indicates that the marketing decisions, specifically advertising expenditures, are closely related with the shareholder value, especially in the context of a firm going public.

KOSDAQ IPO firms’ advertising expenditures and stock returns