Digital marketing, social media sentiment, and corporate cash flow

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-20 DOI:10.1016/j.frl.2026.109538

Yang Zhang , Manru Jiang

引用次数: 0

Abstract

This paper utilizes panel data from non-financial listed companies in the A-share market from 2015 to 2023 to construct a two-way fixed effects model that explores the impact of digital marketing, social media sentiment, and their interactions on corporate cash flow. Empirical results indicate that: digital marketing significantly enhances corporate cash flow; social media sentiment positively moderates the relationship between digital marketing and operating cash flow; there exists a marginal diminishing return of the relationship between digital marketing and corporate cash flow, characterized as an inverted "U" shape; the moderating effect of social media sentiment in the relationship between digital marketing and operating cash flow exhibits heterogeneity across companies with different operational leverage.

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数字营销、社会媒体情感和企业现金流

本文利用2015 - 2023年a股非金融类上市公司的面板数据，构建双向固定效应模型，探讨数字营销、社交媒体情绪及其交互作用对企业现金流的影响。实证结果表明：数字营销显著提高了企业现金流；社交媒体情绪正向调节数字营销与经营性现金流的关系；数字营销与企业现金流之间存在边际收益递减关系，呈倒“U”型；社交媒体情绪对数字营销与经营性现金流关系的调节作用在不同经营杠杆的公司中表现出异质性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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