DOES WINNING ADVERTISING AWARDS PAY - THE AUSTRALIAN EXPERIENCE

This study examines wheather the winning of advertising awards affects the billings and income of Australia's top 50 advertising agencies. This is undertaken by examining the winners of four national advertising awards, both in total and by media type. The data is analyzed using a pooled time-series and cross-sectional analysis of advertising agency data for the period 1989-1992. The results indicate that advertising agency income or billings are not affected by the number of awards won. Therefore, it must be assumed that advertising agencies are entering award programs for ''nonmonetary'' reasons.