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Purpose The purpose of this study is twofold: first to demonstrate the application of an algorithm using contextual data to ascertain consumer personality traits; and second to explore the factors impacting the relationship between personality traits and advertisement persuasiveness. Design/methodology/approach A mixed-method approach that comprises two distinct yet complementary studies. The first uses quantitative methods and is based on a sample of 35,264 retail banking customers. Study 2 explores the findings that emerge from Study 1 using qualitative methods. Findings This paper finds that matching consumer personality with congruent advertising messages can lead to more effective consumer persuasion for most personality types. For consumers who exhibit neurotic personality traits, ameliorating perceived risks during purchasing and providing cues for social acceptance and goal attainment are important factors for advertising effectiveness. These factors also had a positive impact on the purchasing behaviour of extroverted consumers. Research limitations/implications This research focusses on understanding purchasing behaviour based on the most dominant personality trait. However, people are likely to exhibit a combination of most or even all of the Big Five personality traits. Practical implications Building on advances in natural language processing, enabling the identification of personality from language, this study demonstrates the possibility of influencing consumer behaviour by matching machine inferred personality to congruent persuasive advertising. It is one of the few studies to use contextual instead of social media data to capture individual personality. Such data serves to capture an authentic rather than contrived persona. Further, the study identifies the factors that may moderate this relationship and thereby provides an explanation of why some personality traits exhibit differences in purchasing behaviour from those that are anticipated by existing theory. Originality/value Although the idea that people are more likely to be responsive to advertising messages that are congruent with their personality type has already been successfully applied by advertising practitioners and documented by advertising scholars, this study extends existing research by identifying the factors that may moderate this relationship and thereby provides an explanation why some personality traits may exhibit differences in purchasing behaviour from those that are anticipated by existing theory.

Purpose The purpose of this study to examine the effect of financial constraint on intangible investment because intangible investment provides an overall picture of marketing investment and activity. Intangible investment also plays a significant role in facilitating future sales. Using a new measure of intangible investment (Peters and Taylor, 2017), the authors first establish that intangible investment is positively related with future sales. Then, using a new text-based measure of financial constraint, the authors show that financial constraint has a significant negative effect on future intangible investments after controlling for other factors. Intangible investment has three components. The first is R&D, the second is 30 per cent of selling and general administrative expense (SGA) and the third is other intangibles. The authors find that the negative and significant effect of financial constraint on 30 per cent SGA is stronger. This indicates that financially constrained firms reduce marketing related investments. The authors then considered firm size and found that smaller firms facing financial constraint continue to increase their intangible investments, whereas larger firms reduce their intangible investment. As a robustness test, the authors use advertising expenditure as a measure of promotion related investment and find that financial constraint has a negative effect on advertising spending. The authors then use two traditional measures of financial constraint in their analysis to compare with the new text-based measure. Design/methodology/approach The authors use ordinary least squares with cluster robust standard error to conduct their empirical analysis. Findings First the authors establish that intangible investment positively affects future sales. Further the authors find that financial constraint negatively affects intangible investment. Moreover, financial constraint negatively affects the brand capital of intangible investment. Research limitations/implications The authors did not conduct any industry specific analysis to see how financial constraints affect intangible investment across different industries. Industry specific analysis is important because in some industries/sectors intangibles are clearly more important than in others, so this is an important avenue for future research. It will also be interesting to explore if and how financial constraint has a mediating effect on sales growth via intangible investment and different components of intangibles. Practical implications This study identifies another important factor that can negatively affect brand capital investment. Originality/value The authors have used a measure of financial constraint and text mined all the annual reports of US firms for the period of 1994-2016 to compute this measure.

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