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Sales investment, marketing digitalization, and corporate growth

Author

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  • Wang, Xinyue
  • Zhang, Bo
  • Tang, Linyi

Abstract

Using balanced panel data from 1868 A-share listed companies across 19 industries from 2014 to 2021, this study investigates how sales investment influences corporate growth while considering moderating and mediating factors such as marketing digitalization, corporate heterogeneity, and market competitive position. Findings reveal that sales investment significantly boosts corporate growth. Marketing digitalization positively moderates the relationship between sales investment and corporate growth. Meanwhile, sales investment positively influences corporate growth, regardless of whether they are state-owned enterprises or private enterprises; however, the effect is more pronounced in the latter. Finally, market share partially mediates the effect of sales investment on corporate growth, implying that sales expenditure promotes corporate growth by increasing the company's market share.

Suggested Citation

  • Wang, Xinyue & Zhang, Bo & Tang, Linyi, 2025. "Sales investment, marketing digitalization, and corporate growth," International Review of Financial Analysis, Elsevier, vol. 102(C).
    • Handle: RePEc:eee:finana:v:102:y:2025:i:c:s1057521925002339
    DOI: 10.1016/j.irfa.2025.104146
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