Advertising investment, industry competitiveness and corporate market performance

Renping Zhang and Yuan Liu

Finance Research Letters, 2025, vol. 72, issue C

Abstract: This article conducts an in-depth analysis using data from A-share listed companies in China from 2012 to 2022, exploring the relationship between advertising investment and corporate market performance, and examining the moderating role of industry competition in this relationship. The results indicate that advertising investment has a significant positive effect on corporate market performance. Furthermore, industry competition plays a positive moderating role between advertising investment and corporate market performance. Notably, net intangible assets serve as a significant intermediary in the path through which advertising investment enhances corporate performance.

Keywords: Advertising investment; Industry competition; Market performance (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:72:y:2025:i:c:s1544612324015332

DOI: 10.1016/j.frl.2024.106504

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