An Examination of the Role of Marketing Capabilities in Stock Returns

Document Type : Original Article

Author
Rouhollah Ahangari Darabi
Master's student in Business Administration (Marketing specialization), Farvardin Institute of Higher Education, Qaem Shahr, Iran.
10.22034/jmek.2024.460703.1133
Abstract
The objective of this research is to identify the role of marketing capabilities on the stock returns of companies listed on the Tehran Stock Exchange. This study is descriptive and correlational in nature. The required data were collected through library research and field methods, specifically extracting data from official stock exchange databases. The statistical population includes all companies listed on the Tehran Stock Exchange from 2019 to 2022. After applying specific screening criteria, a sample of these companies was selected. Excel and EViews software were utilized for data analysis. The research regression model was examined using panel data, applying Fisher's F-test and the Chow test for fixed effects. The findings revealed a significant positive relationship between marketing capabilities and stock returns at a 95% confidence level. Additionally, the importance of marketing demonstrated a significant positive relationship with the stock return rate. Conversely, the control variables, namely firm size and financial leverage, showed no significant relationship with stock returns. These findings indicate that investing in the development of marketing capabilities can act as a key factor in increasing stock returns. Therefore, it is recommended that organizational managers pay sufficient attention to creating superior value for customers, which serves as the foundation of the organization's competitive advantage, by strengthening these marketing capabilities.
Keywords
Marketing Capabilities
Stock Returns
Marketing Importance
Operational Importance
Subjects
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  • Receive Date 07 April 2024
  • Revise Date 31 May 2024
  • Accept Date 03 September 2024