Marketing Strategies in Corporate Equity Issuance Process: A Literature Review

Aims: To analyze the role of marketing strategies in shaping investor perceptions, reducing information asymmetry, and improving equity offering outcomes. Specifically, this study aims to examine the effectiveness of traditional roadshows, corporate branding, digital engagement, and social media in equity issuance preparation, and to identify gaps in cross-market comparability and digital branding research from 2010 to 2025. Study Design: Systematic literature review of peer-reviewed journal articles, conference proceedings, and high-quality industry reports published between 2010 and 2025. Place and Duration of Study: The study was conducted as a desk-based review, covering global equity markets with a special focus on developing economies such as Indonesia. The review period spanned publications from January 2010 to June 2025. Methodology: This study employs a systematic literature review guided by PRISMA-style principles, adapted to interdisciplinary research in finance and marketing. Relevant studies were identified from Scopus, Web of Science, and Google Scholar using keywords such as "equity offering marketing," "roadshows," "digital branding," "social media," and "investor relations." The initial search identified 87 publications. After removing duplicates and applying predefined inclusion criteria—restricted to peer-reviewed journal articles, conference papers, and credible institutional reports—a total of 22 studies were retained for analysis. The selected literature was thematically coded to identify recurring marketing strategies, challenges, and outcomes, with particular attention to digital communication, social media use, corporate governance, and long-term firm performance. Results: The findings indicate that traditional roadshows and structured investor engagement continue to dominate equity offering marketing, especially in developed markets, supporting signaling and information asymmetry theories that emphasize credibility and direct communication. Digital platforms have expanded investor reach and democratized access to information but have also increased exposure to volatility, reputational risk, and sentiment-driven market reactions. Social media influences investor sentiment, although its long-term performance effects remain inconclusive. Cross-market comparisons show that emerging economies, including Indonesia, face challenges in aligning equity marketing narratives with corporate governance practices and sustainable business strategies. The review identifies a significant research gap concerning the lack of standardized digital branding practices in equity markets. Conclusion: The study contributes theoretically by linking financial signaling and marketing communication to equity offering outcomes. Effective equity issuance requires a balanced strategy combining strong financial fundamentals with transparent and accountable marketing communication. Overreliance on hype-driven marketing may enhance short-term visibility but weaken long-term performance and trust. Future research should focus on developing standardized digital branding frameworks that support sustainability and long-term shareholder value, particularly in developing markets.