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The logic of media transformation under digital empowerment: How does digital marketing affect firm performance?

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  • Zhao, Weiguang
  • Wang, Nisha

Abstract

Using panel data of Chinese A-share media firms (2011–2023), this study constructs a digital marketing index via machine learning textual analysis of annual reports to examine its impact on performance. Results show digital marketing significantly enhances productivity, a finding robust to sensitivity and endogeneity tests. Mechanism analysis indicates gains mainly stem from capital intensity, while R&D investment is suppressed. Dimensionally, digital media exerts the strongest positive effect, platforms have limited influence, and digital relationships show short-term negative impacts. Overall, this study offers empirical evidence on the transformation logic of media enterprises under digital empowerment.

Suggested Citation

  • Zhao, Weiguang & Wang, Nisha, 2026. "The logic of media transformation under digital empowerment: How does digital marketing affect firm performance?," Finance Research Letters, Elsevier, vol. 88(C).
    • Handle: RePEc:eee:finlet:v:88:y:2026:i:c:s1544612325023384
    DOI: 10.1016/j.frl.2025.109089
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