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Digital marketing on the sustainable performance of retail enterprises: An analysis from the perspective of intelligent investment

Author

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  • Zhang, Yaoyushan
  • Shan, Jinbao
  • Li, Guanyu

Abstract

Using data from China's A-share listed companies between 2010 and 2023, this paper examines the impact of digital marketing on the sustainable performance of retail enterprises, with a focus on intelligent investment. Analysis derived from two-way fixed effects models reveals that digital marketing materially contributes to the augmentation of sustainable performance in retail enterprises. Diversity analysis reveals that the beneficial digital ramifications for technology marketing on sustainable performance is particularly evident in non-state-owned enterprises. Operating costs function as a partial mediator between digital marketing and the sustainable performance of retail enterprises, while the level of intelligent investment and the proportion of intelligent hardware investment positively moderate this relationship. These findings provide new insights into how retail enterprises can effectively leverage digital marketing to improve sustainable performance, offering a theoretical basis and practical guidance for relevant policy formulation.

Suggested Citation

  • Zhang, Yaoyushan & Shan, Jinbao & Li, Guanyu, 2026. "Digital marketing on the sustainable performance of retail enterprises: An analysis from the perspective of intelligent investment," Finance Research Letters, Elsevier, vol. 87(C).
    • Handle: RePEc:eee:finlet:v:87:y:2026:i:c:s1544612325023098
    DOI: 10.1016/j.frl.2025.109060
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    Keywords

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    JEL classification:

    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • L81 - Industrial Organization - - Industry Studies: Services - - - Retail and Wholesale Trade; e-Commerce
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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