Research on the Relationship Between Digital Marketing and Corporate Performance

In the era of the digital economy in which disruptive information technologies such as artificial intelligence, blockchain, big data, and cloud computing prevail, digital marketing is increasingly becoming the focus of common attention in practice and academia. In this paper, companies listed on the GEM from 2019 to 2023 are selected as research samples to empirically test the impact and intrinsic role of digital marketing on enterprise performance. The results show that digital marketing significantly stimulates enterprise performance, and its incentive effect is mainly reflected in strategic innovation rather than substantive innovation. It is still valid after a series of endogeneity and robustness tests such as instrumental variable method and propensity score matching method. Based on the new perspective of information dynamic capability, this study opens the “black box” of digital marketing enabling enterprise performance and providing certain enlightenment for enterprises to effectively realizing the “win-win” of digital transformation and innovation ability improvement.