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The long run.

The conventional wisdom is that advertising results in increase in sales. This paper investigates the long-run properties of the sales-advertising expenditure relationship using cointegration methodology. In addition, the causal relationship between sales and advertising expenditure is investigated. The results indicate that there is a long-run relationship between the growth rate in advertising expenditure and sales growth and that causal relationship exist between these two variables. The long-run relationship and causal effect varies significantly across firms within the industry studied. The direction of the causality and the long-run relationship has implication for setting advertising budgets as well as the expensing of advertising expenditures.