1. 국내문헌

김원수, 광고학 개론, 서울:경문사, 1986.

김우철외, 현대통계학, 서울:영지문화사, 1983.

김정년, 통계학, 서울:경문사, 1984.

김효석, 통계학, 서울:형설출판사, 1980.

김흥규, 사회통계분석(SPSS/PC), 나남, 1990.

리대룡, 광고의 과학, 서울:나남, 1988.

리대룡/이명천, 현대사회와 광고, 서울:나남, 1988.

송용섭, 현대 마아케팅론, 서울:법문사, 1987.

송용섭/리대룡, 현대광고론, 서울:무역경영사, 1985.

오두범, 광고 커뮤니케이션 신론, 서울:전예원, 1989.

임종원, 현대 마아케팅 관리론, 서울:무역경영사, 1987.

차배근, 커뮤니케이션학 개론(상·하), 서울:세영사, 1985.

최병룡, 최신광고론, 서울:박영사, 1986.

한신경제연구소, 증권강좌, 서울:한신경제연구소, 1989.

2. 외국문헌

Alexander, Ralph S. and The Committee on Definitions, Marketing Definitions, (Chicago:American Marketing Association, 1963).

Bogart, Leo, Strategy and Advertising, (New York:Harcourt Brace Havanovich, 1967).

Chow, G.C., Econometrics, (New York:McGraw-Hill, 1984).

Dorfman , R. and P. O. Steiner, "Optimal Advertising and Optimal Quality", The American Economic Review, Vol. 44, 1954.

Dunn, S. Watson and Arnold M. Barban, Adveretising:its Role in Modern Marketing, (Chicago:Dryden, 1982).

Kotler, Philip, Principles of Marketing, (New Jersey:Englewood, Prentice-Hall, 1985).

Lilien Gary L. and Philip Kotler, Marketing Decision Making:A Model-Building Approach, (New York:Harper & Row, 1983).

Longman, Kenneth A., Advertising, (New York:Harcourt Brace Janovich, 1971).

McCarthy, E. Jerome, Basic Marketing:A Managerial Approach, (Homewood, Ill.:Richard D. Irwin, 1981).

Scherter, J. C., The Economics of Industrial Organization, (New Jersey:Englewood, Prentice-Hall, 1981).

Wright John S. and Daniel S. Warner, Advertising, (New York:McGraw-Hill, 1966).

A Study on the Relationship between Advertising and Sales:An Empirical Investigation of D securities Co., Ltd.

Kim, Young-sang, PR/Advertising Major, Graduate School of Mass Communications, Chung-Ang University, Prof. De Ryeong Lyi, Ph. D.

Nowadays, advertising is one of the most important means for increase sales and profit for a firm in the industrialized society.

This study presents an both theoretical and empirical invetigation of the relationship between advertising and sales.

To accomplish this goal, we first review literature concerned with advertising to capture the general principles of advertising. Especially, we identify the response function of consumers to the advertising of the firms.

Next, we discuss theoretically the concept and models of the response function, that is, the relationship between advertising and sales. Also this forms the basis for empirical investigation.

With this theoretical background in mind, we perform an empirical investigation of the Korean stock industry. The selection of Korean industry as the sample is based upon two reasons:one is its practical importance and the other theoretical easiness.

The results show the followings:

(1) the response function is a concave function, that is, sales grows at a decreasing rate as advertising expenditure increases,

(2) while both the quadratic and log models show good explanation, the quadratic model is practically preferred, since the log model reveals a paradox and

(3) dynamics of the advertising effect, that is carry-over and decay effects, is not tested statistically in Korean stock industry.

Therefore, we identified the quadratic model as the best one fits into practical use.