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Marketing investment, financing constraints, and e-commerce firm value

Author

Listed:
  • Ge, Jinxin
  • Wu, Mingsheng
  • Fan, Wei

Abstract

In today's highly competitive e-commerce sector, understanding the drivers of corporate value is essential. This study examines the impact of marketing investment on corporate value using listed e-commerce companies from 2014 to 2023. The results show that marketing investment significantly contributes to the value of e-commerce firms. Meanwhile, financing constraints play a negative moderating role between marketing and e-commerce firm value, limiting the positive impact of marketing on firm value. Additionally, the effect of marketing on firm value is heterogeneous, with more pronounced contributions observed in large-scale and high-profit firms.

Suggested Citation

  • Ge, Jinxin & Wu, Mingsheng & Fan, Wei, 2025. "Marketing investment, financing constraints, and e-commerce firm value," Finance Research Letters, Elsevier, vol. 85(PC).
    • Handle: RePEc:eee:finlet:v:85:y:2025:i:pc:s1544612325013200
    DOI: 10.1016/j.frl.2025.108062
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    References listed on IDEAS

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