Analyzing the Impact of Digital Marketing on Corporate Performance in China Using a Fixed-Effects Panel Data Model
Abstract
Based on panel data from Chinese A-share listed companies from 2013 to 2022, this study employs a fixed-effects model to analyze
the impact of digital marketing on corporate performance. Findings reveal that digital marketing investment intensity has a significant positive
effect on financial performance and market value. Heterogeneity analysis demonstrates this impact is more pronounced in private enterprises,
service industries, and companies in eastern China. Robustness tests confirm these conclusions. Firms should tailor marketing strategies to
their specific type, industry, and regional digitalization level, rationally increasing digital marketing investments to achieve sustained performance enhancement.
the impact of digital marketing on corporate performance. Findings reveal that digital marketing investment intensity has a significant positive
effect on financial performance and market value. Heterogeneity analysis demonstrates this impact is more pronounced in private enterprises,
service industries, and companies in eastern China. Robustness tests confirm these conclusions. Firms should tailor marketing strategies to
their specific type, industry, and regional digitalization level, rationally increasing digital marketing investments to achieve sustained performance enhancement.
Keywords
Digital Marketing; Corporate Performance; Panel Data; Fixed-Effects Model; Heterogeneity Analysis
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PDFReferences
[1] Yan, Y. (2023) The impact of digital marketing on corporate performance. Vitality, (22), 94-96.
[2] Meng, Y. (2022) A study on the impact of digital marketing on corporate operating performance: Evidence from A-share listed companies across multiple industries. [Doctoral dissertation, South China University of Technology].
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[4] Guo, L. and Chen, C. (2010) The relationship between organizational slack and corporate technological innovation performance: An
empirical analysis based on panel data of Chinese manufacturing listed companies. Science of Science and Management of S.&T., 31, 9.
DOI: http://dx.doi.org/10.70711/memf.v3i4.8935
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