Marketing firm performance: When does marketing lead to financial gains?

Rafael Barreiros Porto*, Gordon Robert Foxall

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

1 Citation (Scopus)


The research investigated whether economic context and prior financial reinforcement/punishment moderate the effectiveness of marketing behavior in generating gains for the firm. An experiment with a longitudinal design was conducted using 1,759 companies from 2000 to 2017. The results demonstrate that marketing is effective in gaining market share when the country's economy is growing. In contrast, it increases return on assets and Tobin's Q when the country's economy is in recession, this increase being maximized when the company was financially reinforced. The study helps explain the circumstances in which marketing activities boost firms' financial gains.

Original languageEnglish
Pages (from-to)191-202
Number of pages12
JournalManagerial and Decision Economics
Issue number2
Publication statusPublished - Mar 2020

Bibliographical note

Funding Information:
Funding includes Foundation for Research Support of the Federal District (FAP-DF), grant 0193.001530/2017.

Publisher Copyright:
© 2019 John Wiley & Sons, Ltd.


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