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Digital marketing, social media sentiment, and corporate cash flow

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  • Zhang, Yang
  • Jiang, Manru

Abstract

This paper utilizes panel data from non-financial listed companies in the A-share market from 2015 to 2023 to construct a two-way fixed effects model that explores the impact of digital marketing, social media sentiment, and their interactions on corporate cash flow. Empirical results indicate that: digital marketing significantly enhances corporate cash flow; social media sentiment positively moderates the relationship between digital marketing and operating cash flow; there exists a marginal diminishing return of the relationship between digital marketing and corporate cash flow, characterized as an inverted "U" shape; the moderating effect of social media sentiment in the relationship between digital marketing and operating cash flow exhibits heterogeneity across companies with different operational leverage.

Suggested Citation

  • Zhang, Yang & Jiang, Manru, 2026. "Digital marketing, social media sentiment, and corporate cash flow," Finance Research Letters, Elsevier, vol. 92(C).
    • Handle: RePEc:eee:finlet:v:92:y:2026:i:c:s1544612326000693
    DOI: 10.1016/j.frl.2026.109538
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