The Value Drivers of US Internet Retailers

Dong-Hoon Yang (), Youngsun Kwon (), Jae Jeung Rho () and Mikyoung Ha ()
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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

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 2003, vol. 06, issue 03, 253-271

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.

Keywords: Fixed-effects regression; seemingly unrelated regression; B2C firm valuation; buy rate; web traffic (search for similar items in EconPapers)
JEL-codes: G1 G2 G3 (search for similar items in EconPapers)
Date: 2003
References: View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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DOI: 10.1142/S0219091503001080

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