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Marketing digitalization, financial support, and consumer dependency: An analysis of the mediating effect of brand reputation

Author

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  • Wang, Peipei
  • Shen, Ye

Abstract

This paper employs a two-way fixed effects model to empirically examine the impact mechanism of marketing digitalization on consumer dependency. The findings reveal that marketing digitalization can significantly enhance consumer dependency, and this finding remains valid after robustness checks. Mechanism analysis indicates that brand reputation plays a partial mediating role between marketing digitalization and consumer dependency. Furthermore, financial support exerts a positive moderating effect between marketing digitalization and consumer dependency. Heterogeneity analysis reveals that the facilitating effect of marketing digitalization is more pronounced in contexts characterized by intense market competition, larger firm scale, and higher overall levels of digital transformation. The conclusions of this study provide a theoretical explanation for understanding how firms can effectively cultivate customer assets in the digital era.

Suggested Citation

  • Wang, Peipei & Shen, Ye, 2026. "Marketing digitalization, financial support, and consumer dependency: An analysis of the mediating effect of brand reputation," Finance Research Letters, Elsevier, vol. 99(C).
    • Handle: RePEc:eee:finlet:v:99:y:2026:i:c:s1544612326004538
    DOI: 10.1016/j.frl.2026.109924
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    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • M37 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Advertising

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