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The Value Drivers of US Internet Retailers

Author

Listed:
  • Dong-Hoon Yang

    (School of Business, Information and Communications University (ICU), P.O. Box 77, Yusong, Taejon 305-600, Korea)

  • Youngsun Kwon

    (School of Business, Information and Communications University (ICU), P.O. Box 77, Yusong, Taejon 305-600, Korea)

  • Jae Jeung Rho

    (School of Business, Information and Communications University (ICU), P.O. Box 77, Yusong, Taejon 305-600, Korea)

  • Mikyoung Ha

    (School of Business, Information and Communications University (ICU), P.O. Box 77, Yusong, Taejon 305-600, Korea)

Abstract

This study empirically explores the role of web traffic in explaining the stock prices of e-tailers. In particular, we hypothesize that theactualbuy rate is a key value driver of Internet retailersbecause it represents the direct performance of these firms in the electronic market place. Our empirical analysis indicates that the buy rate is strongly related to the market value of e-tailers in a positive way after controlling for the roles of such financial valuation measures as net income, revenue, sales and marketing expenses, research and development costs, and book value.

Suggested Citation

  • Dong-Hoon Yang & Youngsun Kwon & Jae Jeung Rho & Mikyoung Ha, 2003. "The Value Drivers of US Internet Retailers," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 6(03), pages 253-271.
    • Handle: RePEc:wsi:rpbfmp:v:06:y:2003:i:03:n:s0219091503001080
    DOI: 10.1142/S0219091503001080
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    Citations

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    Cited by:

    1. Re-Jin Guo & Nan Zhou, 2016. "Innovation capability and post-IPO performance," Review of Quantitative Finance and Accounting, Springer, vol. 46(2), pages 335-357, February.
    2. Mustafa Ciftci & Nan Zhou, 2016. "Capitalizing R&D expenses versus disclosing intangible information," Review of Quantitative Finance and Accounting, Springer, vol. 46(3), pages 661-689, April.

    More about this item

    Keywords

    Fixed-effects regression; seemingly unrelated regression; B2C firm valuation; buy rate; web traffic;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance

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