Marketing strategies and interfaces with accounting and corporate finance: a systematic literature review

Abstract

Purpose: The scope of this paper is to provide a defined, refined, and comprehensive understanding of the association between marketing strategies and corporate finance and accounting by conducting a systematic literature review of the interfaces of corporate marketing strategies and finance.

Design/methodology/approach: We undertake a two-stage critical analysis of the marketing strategy literature in relation to stock valuation, corporate financing, and performance evaluation, and subsequently synthesize the existing findings utilizing a multi-theoretical and multi-disciplinary framework.

Findings: A systematic analysis of 116 journal articles was performed over the period 1989-2024 and indicated that the interface between marketing strategies and financial outcomes is a vibrant and growing stream of research, with important implications for researchers. The findings also pinpoint some literature trends and gaps, along with the complexity and other research challenges in the relations between various marketing strategies and financial issues.

Originality/Value: This study enhances the knowledge base of marketing strategies and finance by merging multiple insights from different theoretical streams, allowing a thorough understanding of this issue and providing useful implications for researchers.

Keywords: Marketing strategies, Accounting, Corporate finance, Systematic review.

Paper type: Literature review

Introduction

Marketing's major purpose is to provide value for consumers and meet corporate financial expectations; however, this requires many marketing expenditures and expenses (Foster and Gupta, 1994). This characteristic boosted the literature on marketing tactics and corporate finance and accounting. Product market spending visibility may directly and measurably affect investors' attention and conduct (Sharpe, 2021). Since stock returns are linked to disclosed and reported strategic orientation adjustments, Gensler et al. (2023) point out that investors want corporations to match their marketing strategy orientation with their financial aims and value creation. Celebrity endorsements, green crowdfunding, and consumer resilience programs during extreme crises affect stock valuations, investment intentions, firm values, and fundraising.

Stewart (2009) claims that marketing activities and strategies consume roughly a quarter of a firm's yearly budget. Sydney-Hilton and Vila-Lopez (2019) list branding, communication, price, and service as the biggest marketing expenditures, which affect accounting metrics, performance, and corporate finance. Companies that engage in brand creation may increase sales and profit (Madden et al., 2006). Sydney-Hilton and Vila-Lopez (2019) claim that such items increase earnings and long-term stock returns because buyers are prepared to pay more. Marketing communications have gained speed (particularly with social media development) as an effective vehicle for reaching the intended audience, affecting cost-effectiveness, return on investment, and financial performance.

Despite the abundance of marketing strategy literature, its intersection with accounting and corporate finance is understudied. Many academics agree with Stewart (2009) that marketing should be more responsible and prove its value to the enterprise (DeKimpe and Hanssens, 1995; Luehrman, 1998). Following this logic, numerous researchers argue that practitioners must grasp how marketing standards relate to financial success, shareholder value, and growth. Marketing accountability research has just grown in the recent decade, yet quantifying marketing strategy efficiency appears to be difficult (Foster and Gupta, 1994).

The scope of this study is to provide a defined, refined, and comprehensive understanding of the association between marketing strategies and corporate finance and accounting by conducting a systematic literature review on the interfaces of corporate marketing strategies and finance. Specifically, we attempt to answer the following research question: What are the implications of marketing strategies for business accounting performance and financing decisions? To answer this question, we undertake a critical analysis of the marketing strategy literature in relation to stock valuation, corporate financing, and performance evaluation, and subsequently synthesize the existing findings utilizing a multi-theoretical and multi-disciplinary framework and present avenues for future research.

This is the first systematic literature review on this topic, responding to calls for more research by Morgeson III et al. (2024), Sydney-Hilton and Vila-Lopez (2019) and Gensler et al. (2023), identifying several theoretical and methodological gaps in the literature as well as limitations and emerging issues and trends within extant published research, which constitute a constructive agenda for future researchers. In addition, the current study is motivated by the shortage of previous review studies providing a synthesis of the knowledge on this issue. The most recent study by Nerantzidis et al. (2024) analyses 86 articles yet is focusing only on one form of marketing communication (social media). Thus, our study extends previous systematic reviews in terms of sample size, time coverage (116 papers over three decades) and marketing strategies, beyond corporate communication.

Research design

The paper’s research topic focused on how marketing techniques affect accounting and corporate finance results in firms. Following Vrontis and Christofi (2021) and Dimitropoulos et al. (2023), we selected research publications for this systematic review using certain criteria. First, we chose Web of Science (WoS) and Scopus databases for research tools since they cover marketing and accounting/finance journals extensively. Second, to avoid missing a crucial term that may provide relevant results, we constructed a collection of research keywords with comprehensive coverage. Third, we did not limit the collection of linked publications; it was kept open until the conclusion of the study period, December 2024.

Following Dimitropoulos et al. (2023) and Christofi et al. (2017), we examined the Title, Abstract, and Keyword fields within the digital libraries of Scopus and WoS, because these sections typically include key phrases for each article. The keywords were truncated to identify all relevant journal articles (published in English) that contained keyword variations. In addition, each group’s key phrases were correlated using the Boolean OR/AND operator to generate a research string. The research formula utilized was (“Marketing strategies”) AND (“Corporate finance”) AND (“Accounting” OR “Financial Accounting” OR “Corporate accounting”). The basic literature search generated 851 papers from both databases.

These 851 studies were further evaluated based on a set of exclusion criteria. First, in accordance with the methodology of current systematic reviews (Nerantzidis et al., 2024; Dimitropoulos et al., 2023), the research was focused on articles in peer-reviewed scientific journals with full texts. Book chapters, editorials, conference papers, extended abstracts, and book reviews were eliminated from the search. Second, non-English articles were removed from the search and duplicates were excluded. The exclusion parameters yielded a valid sample size of 593 papers, which were thereafter examined according to the scope of this study.

The first evaluation of 593 publications reviewed article titles, abstracts, and, in some cases, introductions. This approach removed 456 unnecessary articles, leaving 137. The third level of inspection removed 25 additional papers after examining the entire texts, and we only selected those that were highly related to the study issue and presented substantial viewpoints on marketing strategies, accounting, and corporate finance. The final sample included 112 articles from the third assessment phase. According to Vrontis and Christofi (2021), we ran a snow-balling manual search of the 112 qualifying publications' references to find noteworthy studies linked to the study issue that were missed by prior searches. The overall number of sampled articles increased to 116 after retrieving four more relevant publications. Table 1 describes the literature search and selection process.

Marketing strategies can produce several types of outcomes, ranging from short-term revenue growth to long-term competitive advantages. This study builds on the typology of the returns of marketing strategies (and investments) developed by Stewart (2009) and categorizes the financial and accounting outcomes of marketing strategies into three categories: a) short-term (incremental) effects, b) long-term (persistent) effects, and c) real options (future opportunities) effects. According to Stewart (2009), the marketing discipline has been efficient and successful in identifying and measuring the short-term effects of marketing strategies on financial outcomes or other forms of performance, including consumer preference or purchase intention, revenue growth, store visits, and e-store visits, all of which are linked to cash flow generation. The second type of return on marketing strategy has a long-term focus and refers to results that mature or bear financial benefits to the firm, at least for some period into the future (DeKimpe and Hanssens, 1995). The third type of marketing strategy return is among the most important; yet it is the least researched and identified within the marketing discipline. Real options represent opportunities with real values that a firm may pursue in the future. Future opportunities can be created by cooperative advertising, which can provide more recognition distribution or shelf space for the firm’s product. Alternatively, brand strategies before or after a merger or acquisition activity can have positive results in terms of firm value, customer retention, or market share (Luehrman, 1998). Consequently, the analysis and data synthesis in the forthcoming section follow Stewart’s (2009) categorization of marketing strategies based on the time horizon of the produced outcomes.

Results and data synthesis

Reviewing the selected sample articles revealed some interesting research trends. First, we categorized the chosen articles by number of authors, countries involved (based on author location), and institutions involved. The relevant findings are presented in Table 2. Most papers had two (n = 41; 35%) or more authors (n = 55; 47%), suggesting strong cooperation among researchers on this issue. These authors are largely from one country (n = 88; 76%) or two (n = 20; 17%), showing that few published papers have multinational authorship teams. Finally, the majority of our chosen papers included researchers from two (n = 41; 35%) and three or more (n = 60; 52%) academic institutions, demonstrating strong institutional collaboration on this study issue. The US had the most researchers (n = 48; 41.4%), followed by the UK and Australia with seven (6%), Canada and Italy with six (5.2%).

The first papers on the examined topic were published at the end of the 1980s, specifically in 1989 and 1990. Since 2000, the number of published articles has shown an increasing trend. Figure 1 provides the time-series evolution of selected publications until the end of 2024. Even though the specific research field started to concern researchers more than 35 years ago, research on this topic surged around 2005. In particular, the results indicate that the number of scholarly outputs increased from 3 studies in 2000 to 6 in 2008, with a further increase to 10 in 2022 and 2023. As for 2024, only five papers on this topic were published in this domain.

Moreover, the evolution of this research field is evidenced by the variety of methodologies that researchers have followed, along with the diversity of scientific regimes that have examined this specific topic. Figure 2 provides a snapshot of the different methodologies employed in the sample articles. Most of the selected studies followed a quantitative type of analysis (almost 60% of the sample papers), while theoretical-conceptual research designs were the second most popular methodology (almost 20% of the sampled papers). Mixed methods, case studies, and interviews were the least selected methodologies (10%, 5%, and 4% of the sampled papers respectively).

Furthermore, Figure 3 provides a snapshot of the different scientific regimes that have examined the association of marketing strategies with accounting and finance issues. Of course, most of the sampled papers were from Marketing (n = 45) and Management (n = 27) fields, followed by Business (n = 14) and Economics (n = 11). However, the association between marketing strategies, accounting, and corporate finance has gained the attention of researchers in Tourism (n = 5), Accounting and Finance (n = 8), and multi-disciplinary research fields (n = 7). This was further corroborated by the journals publishing these papers. The most popular journals on this topic are the European Journal of Marketing (n = 6 papers; 5.2%) and Marketing Science (n = 6 papers; 5.2%), followed by the Journal of International Marketing, Journal of Marketing, and Management Science with four papers each (3.4%). Other sample articles in the review were published in journals from other disciplines, such as Accounting, Tourism, Economics, Business, Innovation and Operational Research.

4. Discussion

Effective advertising, especially in the digital age, drives revenue and offers strategic benefits. Research confirms its direct impact on customer purchases and sales. Vieira et al. (2022) show that mobile marketing increases daily income, while McAlister et al. (2016) highlight advertising’s role in boosting sales and corporate value. Beyond immediate gains, advertising shapes market dynamics. Luo and de Jong (2012) link ad investments to stock returns over decades, and Dekimpe and Hanssens (1995) suggest temporary ad spending can have lasting brand effects. Future strategies, including precision marketing and programmatic ads, enable targeted outreach. Advertising not only generates income but also fosters long-term growth and market expansion.

Brand strategies are crucial to long-term financial success. Research consistently reveals that strong brand ownership helps a firm establish premium pricing, retain customers, and weather market swings. According to Madden et al. (2006), strong brands provide a high return on investment (ROI) by building lasting customer relationships, assuring financial stability and growth. Corporate finance views branding as affecting more than short-term consumer purchases. Long-term profitability, cash flow stability, and risk minimisation are affected. Research shows that stakeholder-focused brand strategies increase customer loyalty and financial success (Mena et al., 2019). Leonidou et al. (2013) suggest that adding corporate social responsibility (CSR) into brand identity may help companies stand out.

Brand investments decrease financial risk and strengthen a company's market resiliency over time. Bharadwaj et al. (2020) found that companies with strong brands are less likely to accumulate large cash reserves due to their more predictable revenues. Brand efforts provide considerable prospective and financial benefits via customer retention. Strong brands can withstand competition, enabling market growth, strategic collaborations, and product diversification. In mergers and acquisitions (M&A), brands with significant ownership may utilise their reputation and market status to negotiate better terms.

Advertising, celebrity endorsements, sponsorships, and corporate actions influence both short-term financial results and long-term reputation. Communication strategies impact customer behaviour and stock returns. Shiva et al. (2022) found that celebrity endorsements can quickly boost stock prices, especially in cases where public figures shape consumer opinion. Beyond immediate gains, communication builds corporate reputation, essential for financial success (Blake et al., 2019; Besana & Esposito, 2021). Mazzola et al. (2006) highlight transparency and trust as key in reputation-driven industries. Companies fostering strong reputations attract investment, long-term funding, and customer loyalty. Sanchez et al. (2022) found that corporate activism can boost stock returns when aligned with consumer sentiment but may backfire if it alienates stakeholders.

Direct marketing strategies, such as CRM and loyalty programs, drive revenue and client retention. Ryals and Knox (2005) highlight customer lifetime value (CLTV) as key to assessing direct marketing’s financial impact, helping firms optimize ROI. Panzone et al. (2024) found that loyalty programs boost short-term spending and long-term profitability by increasing retention and reducing acquisition costs. The effectiveness of direct marketing depends on data analytics and personalization. With expanding consumer data, companies can tailor marketing to individual preferences, enhancing loyalty programs and returns.

Market orientation aligns marketing with firm goals like profitability, growth, and customer satisfaction. Sutarmin and Jatmiko (2016) found that integrating marketing into the value chain enhances operations and finances. It also strengthens customer satisfaction, loyalty, and retention—key drivers of revenue. Market-oriented strategies ensure adaptability to changing conditions, supporting long-term competitiveness. Kiseleva (2017) highlights real-time market intelligence as a competitive advantage, fostering continuous growth and profitability.

This literature review highlights the significant financial impact of marketing strategies over short- and long-term periods. Advertising, branding, communication, and direct marketing drive immediate revenue and recognition while fostering brand equity, loyalty, and competitive advantages. By investing in and optimizing these strategies, companies can achieve both short-term profitability and long-term success. The rise of data-driven marketing and real-time consumer insights further enhances competitiveness in an evolving market. The appendix table summarizes the findings from 116 reviewed articles by marketing strategy returns.

5. Conclusions and future research directions

Marketing strategies evolve and present opportunities for further research on their impact on short-term financial performance and long-term success. This section explores key research directions to address gaps and assess the marketing-finance link in a digital and globalized market. While advertising's impact on firm performance is well-documented, some aspects remain underexplored. Vieira et al. (2022) show that mobile marketing and influencer campaigns boost retail performance. Future research could investigate how influencer-product associations influence consumer behaviour, brand perception, and revenue in push vs. pull promotions.

McAlister et al. (2016) suggest that advertising may not drive sustained sales growth, especially for cost-leader firms. Future research should explore its impact on long-term brand equity, financial performance, and market share, particularly in competitive, low-margin industries. Studies could also examine how various advertising mediums—digital, print, and social media—affect brand visibility and sales over time. Cross-platform data can help assess integrated advertising strategies’ influence on short-term sales and brand loyalty. Additionally, future research should analyse how macroeconomic factors (e.g., recession, inflation) and firm strategies (e.g., mergers, diversification) affect advertising ROI, aiding in the development of more adaptable marketing approaches.

Brand strategies are crucial for long-term financial sustainability, but further research is needed, especially as firms prioritize sustainability and corporate responsibility. Future studies should explore brand value creation across industries and markets, examining how factors like consumer loyalty, perceived quality, and brand relationships influence financial performance. Research should also assess the impact of corporate social responsibility (CSR) on brand equity, focusing on stakeholder engagement—including customers, investors, media, and NGOs—to determine its financial effects. Additionally, studying brand spillover effects between national and private labels in multichannel environments could provide insights into how brand image shapes consumer behaviour.

As consumer expectations shift toward sustainability, businesses must balance authenticity and greenwashing. Leonidou et al. (2013) found that greenwashing erodes trust, highlighting the need for research on consumer perceptions of sustainability claims and their impact on brand loyalty and performance. Future studies could explore cross-cultural differences in responses to eco-friendly marketing, especially in regions facing varying environmental challenges. Communication strategies, including celebrity endorsements, sponsorships, corporate actions, and social media, offer further research opportunities. Shiva et al. (2022) show that celebrity endorsements boost business valuations, but future studies should examine investor behaviour and real-time stock market reactions. Research could analyse investor sentiment and stock dynamics in response to celebrity-driven marketing, particularly the influence of endorser credibility on stock returns.

Corporate activism is rising as companies address social and political issues to strengthen consumer relationships. Future research should explore its long-term effects on brand loyalty, employee satisfaction, and financial performance, especially in cross-cultural contexts. Studies could also assess how corporate activism impacts financial performance in developed vs. emerging markets, where socio-political factors shape responses. Further research could examine the relationship between corporate activism and shareholder value, analysing its influence on long-term stock prices and brand image to assess risks and rewards. Given social media's role in corporate communication, studies should also explore its use in fostering immediate engagement and long-term relationships.

Direct marketing, including CRM and loyalty programs, impacts both short- and long-term finances. Future research should explore how customer advocacy and social media engagement influence CLTV and organizational effectiveness. Additionally, studies could examine how big data and AI-driven personalization enhance customer retention and spending. Research may also investigate the role of gratitude and self-esteem in loyalty program participation and how social identity alignment strengthens brand loyalty. Predictive analytics in CRM presents a key opportunity, focusing on how data-driven insights can help anticipate consumer behaviour and optimize marketing for long-term financial success.

Market orientation strategies align marketing with business goals, but their external and internal influences remain unclear. Future research should explore how industry trends, macroeconomic conditions, and technological advancements impact these strategies across sectors. Cross-cultural studies could also provide insights into regional differences in market orientation. Further research may examine how emerging market firms adapt their strategies to local consumer preferences, economic conditions, and competition, assessing their impact on long-term profitability. Additionally, as big data, AI, and digital marketing platforms evolve, studies should explore how firms leverage digital technologies for real-time market insights, enhancing decision-making and financial success.

Future research can deepen our understanding of how advertising, branding, communication, direct marketing, and market orientation impact short-term profitability and long-term sustainability. A multidisciplinary approach integrating psychology, economics, and technology is essential to comprehending modern marketing. By addressing research gaps and exploring new opportunities, scholars can help businesses optimize marketing strategies for a digital, globalized economy. We hope this work inspires future academics to investigate these evolving challenges.

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