How Do Strategic Choices Condition the Effects of Marketing on Performance?
(A2026-133544)

AUTHORS

MARCELO BRANDAO, Federal University of Esp�rito Santo; Izauvam Rocha, Universidade Federal do Espírito Santo; Luiz Louzada, PPGCon/UFES/DCC/UFES; ALESSANDRA MONTEIRO, UNIVERSIDADE FEDERAL DO ESPÍRITO SANTO - UFES; Maria Clara Leite, Universidade Federal do Espírito Santo

ABSTRACT

This article investigates how pure and hybrid business strategies condition the effects of marketing intensity on the performance of firms listed on the U.S. stock market. The study treats marketing intensity as a proxy for marketing capabilities, grounded in the Resource-Based View in marketing. To test the proposed relationships, we use panel data on non-financial firms from 1994 to 2023, estimating OLS regressions with industry and year fixed effects across short-, medium-, and long-term horizons. The results indicate that marketing intensity positively affects performance in both the short and long term and that this effect is asymmetric across pure strategies, being stronger in prospectors than in defenders and even more intense and stable among firms with hybrid strategies. The study contributes to marketing and finance research by showing that different strategic configurations amplify the effects of marketing on firm value, providing insights for resource allocation decisions.