The author reexamines the cyclical sensitivity of national advertising expenditure with a longitudinal data set of 59 countries over 35 years. In contrast to prior studies, the author examines the effects of the entire set of Hofstede culture dimensions to study cross-country variation in the advertising sensitivity and investigates how the emergence and growth of online advertising has transformed the cyclical sensitivity of advertising spending. National culture substantially affects advertising’s cyclical sensitivity, but in different ways than hypothesized previously. Consistent with the literature, advertising sensitivity is lower in long-term-oriented and high-uncertainty-avoidant countries and is unrelated to individualism. However, power distance is unassociated with cyclical sensitivity, and masculinity and indulgence—the two dimensions ignored in previous research—reduce cyclical sensitivity. Moreover, there is evidence that culture operates differently for the cyclical sensitivity of online advertising. Advertising expenditure is cyclically much more sensitive than documented previously and has grown more so over time since the advent of online advertising. This study provides initial evidence that online spending is more elastic than traditional advertising and that traditional spending has become more procyclical. The author advances timely and refined empirical generalizations on the cyclical sensitivity of advertising expenditure.

作者使用35年中59个国家的纵向数据集，重新检验了国家广告支出的周期性敏感性。与先前的研究相比，作者检查了整个霍夫斯泰德文化维度的影响，以研究跨国的广告敏感性差异，并调查了在线广告的出现和增长如何改变了广告支出的周期性敏感性。民族文化极大地影响了广告的周期性敏感性，但其方式不同于先前的假设。与文献一致，在长期导向和避免高不确定性的国家中，广告敏感性较低，并且与个人主义无关。但是，功率距离与周期性灵敏度无关，而阳刚与放纵（这是先前研究中忽略的两个维度）降低了周期性敏感性。此外，有证据表明，文化对于在线广告的周期性敏感性有不同的运作方式。从周期性上讲，广告支出比以前记录的要敏感得多，并且自从在线广告问世以来，随着时间的推移，广告支出的增长速度越来越快。这项研究提供了初步证据，表明在线支出比传统广告更具弹性，并且传统支出变得更加顺周期性。作者对广告支出的周期性敏感性进行了及时而完善的经验总结。从周期性上讲，广告支出比以前记录的要敏感得多，并且自从在线广告问世以来，随着时间的推移，广告支出的增长速度越来越快。这项研究提供了初步证据，表明在线支出比传统广告更具弹性，并且传统支出变得更加顺周期性。作者对广告支出的周期性敏感性进行了及时而完善的经验总结。从周期性上讲，广告支出比以前记录的要敏感得多，并且自从在线广告出现以来，随着时间的推移，广告支出的增长速度越来越快。这项研究提供了初步证据，表明在线支出比传统广告更具弹性，并且传统支出已变得顺周期性。作者对广告支出的周期性敏感性进行了及时而完善的经验总结。