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Digital marketing and corporate market performance: The mechanism of fintech development

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  • Liu, Xiaonan
  • Li, Jie

Abstract

This study utilizes panel data from Chinese listed companies from 2010 to 2023 and applies econometric methods to investigate the mechanisms by which digital marketing influences firms’ market performance, with a particular focus on the moderating role of fintech evolution. The findings reveal that digital marketing significantly enhances market performance and that fintech development, as a key moderating variable, further strengthens this relationship. Moreover, the impact of digital marketing exhibits significant firm heterogeneity: its positive effect is much stronger for private enterprises (PEs) than for state-owned enterprises (SOEs), and more pronounced in high-tech firms than in non-high-tech firms.

Suggested Citation

  • Liu, Xiaonan & Li, Jie, 2025. "Digital marketing and corporate market performance: The mechanism of fintech development," Finance Research Letters, Elsevier, vol. 85(PD).
    • Handle: RePEc:eee:finlet:v:85:y:2025:i:pd:s1544612325014588
    DOI: 10.1016/j.frl.2025.108203
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    References listed on IDEAS

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    Full references (including those not matched with items on IDEAS)

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