## 4 Results  
We employed the Arellano-Bond (AB) dynamic panel estimation approach to address our research questions. The results of our estimation are provided in Table 3.  
First, the three marketing activities influenced the web search volume. As expected, news media (NWM) and social network marketing (SNM) significantly increased the web search volume (\(p\)-value = 0.000 for both NWM and SNM). While performance-based star power (PSP) had no impact, non-performance-based star power (NSP) increased the web search volume (\(p\)-value = 0.83 and \(p\)-value = 0.011 for PSP and NSP, respectively). These results imply that news media, social network marketing, and star power, particularly non-performance-based star power, could play a significant role in the web volume generation process. It is noteworthy that the popularity of star actors and actresses can be helpful for increasing web searches of the movie they are cast in. However, the quality of casting may not induce people to search more for movie information, but it might help a moviegoer to determine their decision to watch a movie [6; 16; 21]. In addition, we found that the genre of the movie played an important role in influencing the web search volume. This indicates that the web search volume was significantly higher for the comedy genre movies (\(p\)-value = 0.000), and we found marginal evidence for the action and romance genres that might have been helpful for increasing the web search volume (\(p\)-value = 0.056 and 0.053, respectively). Furthermore, we found that IP movies could be beneficial in increasing the web search behaviors of people. The results show a significant increase in web search behavior for IP movies (\(p\)-value = 0.000). Additionally, we found a significant seasonal effect on web search behavior for several months, namely January, March, May, and September (\(p\)-value = 0.000, 0.05, 0.004, and 0.007). This indicates that web search behavior was relatively higher for certain months due to seasonal events such as holidays, vacations, weather, school breaks, and so on [6]. To address the second research question, we computed the elasticity of each activity. This showed that social network marketing (SNM) generated the web search volume most strongly, followed by non-performance-based star power (NSP) and news media (NWM) (Table 4). Specifically, a one percent change in the three variables (NWM, SNM, and NSP) increased the web search volume by 0.008%, 1.018%, and 0.018%, respectively. This implies that social network marketing is relatively more effective at generating the web search volume compared with the other two variables. Thus, it provides important managerial \begin{table}
\begin{tabular}{c c c c c c} \hline \hline
**Variable** & **Min** & **Mean** & **s.d.** & **Max** & **Obs** \\ \hline Web Search Volume (WSV) & 0 & 20,173 & 77,426 & 2,743,351 & 6594 \\ News Media (NWM) & 0 & 52 & 137 & 3432 & 6594 \\ Social Network (SNM) & 0 & 124,340 & 1,898,231 & 7.81 \(\times\) 10\({}^{7}\) & 6594 \\ Number of Awards won by Actor or & 0 & 1.44 & 2.50 & 21 & 6594 \\ Actress (PSP) & 0 & 31,061 & 40,366 & 202,868 & 6594 \\ Number of Fans of Actor or Actress & & & & & \\ (NSP) & 0 & 31,061 & 40,366 & 202,868 & 6594 \\ \hline \hline \end{tabular}
\end{table} 
Table 1: Descriptive statistics of key variables. \begin{table}
\begin{tabular}{c c c c c} \hline \hline  & **WSV** & **NWM** & **SNM** & **PSP** & **NSP** \\ \hline WSV & 1 & & & & \\ NWM & 0.417 & 1 & & & \\ SNM & 0.013 & 0.011 & 1 & & \\ PSP & 0.006 & 0.077 & \(-\)0.011 & 1 & \\ NSP & 0.245 & 0.274 & \(-\)0.032 & 0.161 & 1 \\ \hline \hline \end{tabular}
\end{table} 
Table 2: Correlation coefficient analysis between key variables. implications for a marketer to promote their newly introduced movie so it should be considered during a consumer's buying process. Social network marketing can be a more effective tool for inducing potential consumers to search for information on their movie rather than other marketing activities.