Impact of User Marketing Assets on the Performance of Internet Enterprises

Yaqi Jin

doi:10.47297/wspceWSP2516-251927.20261004

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Impact of User Marketing Assets on the Performance of Internet Enterprises

10卷第4期

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Impact of User Marketing Assets on the Performance of Internet Enterprises
Impact of User Marketing Assets on the Performance of Internet Enterprises
Shandong Technology and Business University, Yantai, Shandong, 264000, China
2026年10卷第4期页码：140-145
纸质出版：2026-08-30
DOI：10.47297/wspceWSP2516-251927.20261004
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Yaqi Jin. (2026). Impact of User Marketing Assets on the Performance of Internet Enterprises. 创意经济（英文版）, 10(4), 140-145.

Jin Yaqi.Impact of User Marketing Assets on the Performance of Internet Enterprises[J].Creative Economy,2026,10(04):140-145.
Yaqi Jin. (2026). Impact of User Marketing Assets on the Performance of Internet Enterprises. 创意经济（英文版）, 10(4), 140-145. DOI： 10.47297/wspceWSP2516-251927.20261004.

Jin Yaqi.Impact of User Marketing Assets on the Performance of Internet Enterprises[J].Creative Economy,2026,10(04):140-145. DOI： 10.47297/wspceWSP2516-251927.20261004.

摘要

Abstract

Internet enterprises' main source of market value is user-based intangibles

such as the size of the user base and the stickiness of those users

which are not reflected in the balance sheet and are disclosed to investors through voluntary disclosure in annual reports. This paper investigates whether the disclosure of such user marketing assets is related to the risk dimension of capital market performance for U.S.-listed Internet enterprises. From an expanded CRSP–Compustat panel of 627 firms over 2017–2023 (3

316 firm-years)

three user-marketing-asset indicators are hand-coded from 10-K text

and one-year-ahead crash risk and idiosyncratic volatility are regressed on these using two-way fixed effects with industry-clustered standard errors. Disclosure of a user-scale metric is associated with a lower future stock price crash risk for firms that can attract a blockholder filing due to sufficient ownership concentration

and this association with idiosyncratic volatility is weaker and more sensitive to specification. Disclosure of a retention metric is in line with the direction of prediction but not statistically significant. The link between a firm's crash risk and its disclosure has been reversed when the company reports material weaknesses in its internal control; thus

the value of such disclosure may be lower in an environment of weak internal controls. The results are only correlations and do not support the disclosure-transparency model.

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references

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