Paid media and measurement · Firm-level econometric analysis of advertising mix and performance
The Impact of Online Display Advertising and Paid Search Advertising Relative to Offline Advertising on Firm Performance and Firm Value
Bayer, E., Srinivasan, S., Riedl, E. J., & Skiera, B. (2020). International Journal of Research in Marketing, 37(4), 789–804.
Plain-English take
Paid search had a more positive effect on sales than offline advertising, while display advertising had a relatively more positive effect on Tobin's q than offline advertising, consistent with different short- and long-run economic roles. For your marketing: Separate near-term sales objectives from longer-horizon brand or firm-value goals when comparing channels.
How much weight to give this
2.5/5 Limited or context-dependent evidence
The 1–5 evidence-check score is a practical reading aid, not a formal peer review or a probability that a conclusion is true. It combines design strength (2 points), sample reporting (1), comparison/control clarity (1), and how much of the paper could be checked (1). Access affects how confidently this directory can assess a study, not the study's underlying quality. Blinding is reported separately because it is not relevant to every design.
This is observational evidence; selection or unmeasured differences may affect the result.
A usable sample size is not stated in the profile's accessible source.
Statistical adjustment is not the same as random assignment; review the controls and assumptions.
This profile could be checked against an abstract or metadata, not the full paper.
Double-blind? Not applicable in the same way as a participant-treatment experiment.
Research question
What the authors investigated
How do paid search and online display advertising relate to firm performance and firm value compared with offline advertising?
Design
The authors compare the economic effects of online display, paid search and offline advertising using firm-level performance and valuation outcomes.
Sample and setting
Firms with observed online and offline advertising and financial outcomes; the abstract reviewed does not provide the sample size or specific industries.
Reported result
What the study found
Paid search had a more positive effect on sales than offline advertising, while display advertising had a relatively more positive effect on Tobin's q than offline advertising, consistent with different short- and long-run economic roles.
This is a paraphrase of the source. Check the original paper for definitions, estimates, statistical uncertainty and analysis details.
Scope and transfer
Limitations to keep in view
Firm-level estimates from the study's period and sample; they do not establish causal effects for a particular startup's campaign or current ad market. Sales and firm value are distinct outcomes.
Possible founder application
Separate near-term sales objectives from longer-horizon brand or firm-value goals when comparing channels. Treat the study as context for measurement choices, not a universal channel ranking.
Evidence access
Publisher abstract
International Journal of Research in Marketing publisher abstract and DOI metadata.
If only an abstract or metadata was available, the profile is limited to claims supported there. A paper's paywall does not change its evidentiary status, but it limits what we can substantiate from accessible text.