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How does digital marketing affect the operational efficiency of e-commerce enterprises? A perspective based on information dynamic capability

Author

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  • Zhang, Yang
  • Jiang, Manru

Abstract

Utilizing data from Chinese A-share listed e-commerce enterprises spanning 2011 to 2023, this study empirically examines the impact of digital marketing on the operational efficiency of e-commerce firms and its underlying mechanism, from the perspective of information dynamic capability. The findings reveal that digital marketing significantly enhances enterprise operational efficiency. Further analysis indicates that this positive effect is primarily realized through the strengthening of the firm’s information dynamic capability, while agency costs tend to mitigate the positive impact of digital marketing. Heterogeneity analysis demonstrates that the effectiveness of digital marketing varies with firm characteristics, showing more pronounced effects for firms with lower reputation, higher information disclosure quality, or lower supply chain risk.

Suggested Citation

  • Zhang, Yang & Jiang, Manru, 2026. "How does digital marketing affect the operational efficiency of e-commerce enterprises? A perspective based on information dynamic capability," Finance Research Letters, Elsevier, vol. 99(C).
    • Handle: RePEc:eee:finlet:v:99:y:2026:i:c:s1544612326003922
    DOI: 10.1016/j.frl.2026.109862
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    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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