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Digital marketing, credit constraints, and enterprise innovation efficiency

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  • Zhang, Fujuan
  • Wang, Kaili
  • Zhang, Yuge

Abstract

Using data on Chinese A-share listed firms from 2010 to 2023, this study confirms that digital marketing significantly enhances innovation efficiency. Mechanism tests reveal that digital marketing promotes innovation by alleviating financing constraints. Further analysis shows the effect is stronger for strategic innovation than substantive innovation and is driven by digital platform marketing, though the impact is weaker for growth-stage firms. These findings suggest digital marketing is not merely a market tool but a strategic driver for reducing financing frictions and fostering innovation.

Suggested Citation

  • Zhang, Fujuan & Wang, Kaili & Zhang, Yuge, 2026. "Digital marketing, credit constraints, and enterprise innovation efficiency," Finance Research Letters, Elsevier, vol. 89(C).
    • Handle: RePEc:eee:finlet:v:89:y:2026:i:c:s1544612325025103
    DOI: 10.1016/j.frl.2025.109261
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