Marketing investment, financing constraints, and e-commerce firm value

Jinxin Ge, Mingsheng Wu and Wei Fan

Finance Research Letters, 2025, vol. 85, issue PC

Abstract: In today's highly competitive e-commerce sector, understanding the drivers of corporate value is essential. This study examines the impact of marketing investment on corporate value using listed e-commerce companies from 2014 to 2023. The results show that marketing investment significantly contributes to the value of e-commerce firms. Meanwhile, financing constraints play a negative moderating role between marketing and e-commerce firm value, limiting the positive impact of marketing on firm value. Additionally, the effect of marketing on firm value is heterogeneous, with more pronounced contributions observed in large-scale and high-profit firms.

Keywords: Marketing investment; Financing constraints; Firm value; E-commerce firm (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:85:y:2025:i:pc:s1544612325013200

DOI: 10.1016/j.frl.2025.108062

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