The Impact of Cybersecurity Governance on Corporate Digital Marketing: Evidence from Chinese A-Share Listed Firms

In the digital economy era, digital marketing has become a key strategy for firms seeking competitive advantage. However, its reliance on data has heightened exposure to cybersecurity risks. While existing research highlights the importance of digital transformation, less is known about how cybersecurity governance influences firms’ digital marketing activities. Drawing on signalling theory and the resource-based view, this study uses panel data from Chinese A-share listed firms during 2012–2023 to examine the impact of cybersecurity governance on digital marketing and its underlying mechanisms. The results show that effective cybersecurity governance significantly enhances firms’ digital marketing engagement. Mechanism analyses identify three channels. First, by preventing data breaches and negative incidents, firms enhance corporate reputation. Second, by creating a secure operating environment, cybersecurity governance strengthens risk-taking capacity and encourages marketing innovation. Third, by improving information disclosure and stakeholder communication, it alleviates information asymmetry. Heterogeneity analyses indicate that the positive effect is more pronounced for non-state-owned enterprises, firms in eastern regions, and high-tech firms. This study fills a gap in the literature by linking cybersecurity governance path to digital marketing and contributes to research on its economic consequences. The findings also offer practical implications for strengthening internal governance to support external market activities.