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Fintech and corporate advertising expenditures: the role of financial constraints

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  • Beibei Wang
  • Xiang He

Abstract

The paper investigates the impact of Fintech advancement on a firm’s advertising strategies. Employing a Fintech index constructed using data from Ant Finance Service, our study reveals that Fintech development significantly promotes advertising by mitigating the adverse effects of financial constraints. In a novel approach, the paper extends the existing literature by discerning the causal effect of Fintech on marketing strategy decisions, utilizing the implementation of the 4 G network and the severity of regional lightning strikes as two exogenous shocks. Besides, we find that the primary effect is more pronounced for firms with lower digitization, greater competition, and less developed intermediation development. In further analysis, we also delve into the mechanisms, elucidating that the increased funding supply, reduced funding costs, and expansion of new funding channels as potential drivers for Fintech to promote advertising. Overall, the paper provides new insights into the real effect of Fintech development on business operations.

Suggested Citation

  • Beibei Wang & Xiang He, 2026. "Fintech and corporate advertising expenditures: the role of financial constraints," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 33(3), pages 441-458, May.
    • Handle: RePEc:taf:raaexx:v:33:y:2026:i:3:p:441-458
    DOI: 10.1080/16081625.2025.2485996
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