Next Article in Journal
Effect of Financial Support on the Green Technology Innovation of China’s Equipment-Manufacturing Enterprises
Previous Article in Journal
Evaluation of Geoenvironment Carrying Capacity in Mineral Resource-Based Cities from the Perspective of Sustainable Development
 
 
Search for Articles:
Title / Keyword
Author / Affiliation / Email
Journal
Article Type
 
 
Advanced Search
 
Section
Special Issue
Volume
Issue
Number
Page
 
Journals
Sustainability
Volume 16
Issue 18
10.3390/su16187935
sustainability-logo
Submit to this Journal Review for this Journal Propose a Special Issue
► Article Menu

Article Menu

share Share announcement Help format_quote Cite question_answer Discuss in SciProfiles thumb_up
...
Endorse textsms
...
Comment
first_page
settings
Order Article Reprints
Font Type:
Arial Georgia Verdana
Font Size:
Aa Aa Aa
Line Spacing:
Column Width:
Background:
Article

Digital Marketing’s Effect on Middle East and North Africa (MENA) Banks’ Success: Unleashing the Economic Potential of the Internet

by
Robert Gharios
1 and
Bashar Abu Khalaf
2,*
1
Digital Marketing Department, University of Doha for Science & Technology, Doha P.O. Box 24449, Qatar
2
Accounting & Finance Department, University of Doha for Science & Technology, Doha P.O. Box 24449, Qatar
*
Author to whom correspondence should be addressed.
Sustainability 2024, 16(18), 7935; https://doi.org/10.3390/su16187935
Submission received: 11 July 2024 / Revised: 12 August 2024 / Accepted: 6 September 2024 / Published: 11 September 2024
Versions Notes

Abstract

:
One new factor driving the banking industry towards long-term, high-quality growth is digital marketing, which has arisen within the framework of the digital economy. The purpose of this research is to examine the effect of digital marketing on the financial results of MENA banks from 2010 to 2023. The research examines the impact of digital marketing techniques on the effectiveness of financial institutions through Tobit regression analysis, taking into account and controlling for sustainable practices (ESG), bank-specific characteristics (capital adequacy, bank size, liquidity, and cost efficiency), and macroeconomic variables (GDP and inflation). This empirical paper managed to collect the data for eleven countries in the MENA from the Refinitiv Eikon platform, world bank database, and the annual reports of relevant banks in the different stock markets. The final sample included 78 banks out of 120 listed banks. The results show that there is a clear association between the presence of digital marketing campaigns and improved profitability and market share growth for banks. Aligning digital initiatives with ESG principles is crucial for long-term value development, and sustainable practices increase these beneficial benefits even more. The research also shows that macroeconomic factors and bank-specific characteristics affect how effective digital marketing campaigns are. The significance of digital transformation and ESG integration in promoting competitive advantages and long-term growth in the MENA banking sector is highlighted by these findings, which have important implications for policy, investors, and bank executives.

1. Introduction

The internet serves as the optimal means of delivering banking services to customers, facilitated by the swift dissemination of technology, without being constrained by time or geographical boundaries. Banks regard the internet as a crucial component of their strategic goals. It has revolutionized the landscape of commercial banking with its innovative design and methods of service delivery [1]. The banking industry has consistently pursued advancements in communication and information technology, resulting in the emergence of what is commonly referred to as ‘digital marketing’. Digital marketing refers to the promotion and advertising of items or services through online platforms and channels in order to connect with customers [2].
Digital marketing has had a significant impact on individuals’ daily lives as well as their careers during the digital age and the subsequent industrial revolution. The growing importance of information technology in the digital era, especially in the financial sector, is widely utilized to facilitate the accessibility of financial products and services to the general population. Due to improvements in information technology, it is asserted that the general population now has the chance to carry out financial transactions with ease, safety, and autonomy [3].
The development of digital marketing has revolutionized commercial banking by bridging barriers in industries, geography, and regulations. It has also opened up new market opportunities and facilitated the creation of innovative products and services for investors and customers [4]. In light of this progress, banks have embraced digital marketing to capitalize on these market prospects and deliver sufficient services to their clients. Nevertheless, every organization has a distinct objective that it aims to accomplish while conducting its commercial operations and enhancing its performance. Final achievement refers to the ultimate outcome of performance inside an organization. It entails the presence of specific targets, a designated timeframe for achieving these targets, and the attainment of efficiency and effectiveness [5].
Although digital marketing methods are becoming more common worldwide, there is still a lack of comprehensive knowledge regarding the precise effect of adopting digital marketing on the performance of banks in the MENA area. Further research is needed to determine the extent to which the adoption of digital marketing by banks in the MENA context influences performance metrics such as market share and profitability [6]. Digital marketing provides chances for banks to successfully connect and communicate with their target audience. Furthermore, the distinct difficulties and possibilities encountered by banks in the MENA area, such as the varied market dynamics, require a concentrated analysis of the consequences of adopting digital marketing on the performance of the company. Recent research has emphasized the significance of digital marketing in promoting corporate expansion and enhancing competitiveness [7]. Nevertheless, there is a scarcity of empirical studies that particularly investigate the cause-and-effect link between the adoption of digital marketing and the results of company performance in banks located in the MENA region. It is essential to comprehend how banks in the MENA region plan, execute, and utilize digital marketing initiatives to improve their performance. This understanding is crucial for guiding policy interventions, managerial practices, and resource allocations that aim to promote the development of banks and economic growth in the digital era [8].
The MENA region is undergoing a rapid digital change, affecting banking and other sectors. Banks use digital marketing to improve operations, client engagement, and growth. Investigating how digital marketing affects MENA banks’ performance is crucial and will assist the sector and economy [9]. Digital marketing tactics are crucial for the competitiveness of markets. Realizing how these methods affect performance helps banks modify their marketing to meet client expectations and beat competition. This insight is essential for creating personalized and effective marketing strategies that boost consumer loyalty. Digital marketing is typically cheaper than traditional marketing, helping banks optimize their marketing budgets and resource allocation. In addition, digital marketing also helps financial inclusion by targeting underserved and unbanked people. Understanding its effects helps banks develop methods to serve these communities, empowering them financially. Digital marketing’s impact also illuminates regulation. Policymakers may foster banking sector digital marketing by knowing how regulatory regulations affect it [10].
Banks can use digital marketing safely due to regulatory alignment and industry standards. This study also shows how cultural insights influence marketing strategy. Understanding how cultural differences affect client preferences and behaviors in MENA helps banks tailor their methods. Cultural awareness improves marketing initiatives and strengthens relationships with varied customers. In brief, studying how digital marketing affects MENA banks’ performance is essential for consumer engagement, competitiveness, and economic progress [11]. Information from it helps banks improve marketing, promote financial inclusion, and adopt new technology. It also influences regulatory frameworks and promotes innovation, helping the MENA banking sector and economy. This complexity highlights the necessity for continuing study and analysis to fully realize digital marketing’s potential to transform banking [12].
This empirical paper attempts to answer the following question: What is the impact of digital marketing techniques on the effectiveness of MENA financial institutions? Thus, this study aims to test the following hypothesis:
H1. 
Digital marketing positively impacts the financial performance of MENA banks.
This paper applied the Tobit regression to empirically investigate the relationship between digital marketing and banks’ performance in the MENA region.
This paper’s remaining sections follow the following format: Section 2 reviews previous empirical investigations and discusses the related theoretical background. Section 3 describes the research methodology, sample, and data collection methods. The results and discussion are in Section 4. Section 5 offers conclusions and suggestions.

2. Literature Review

2.1. Theoretical Background

2.1.1. Resource-Based View (RBV)

Wernerfelt was the one who initially proposed the RBV, and Barney was the one who elaborated upon it [13,14]. The RBV places an emphasis on the internal firm resources and competencies as potential sources of a sustainable competitive advantage. In the context of the influence that the adoption of digital marketing has on the performance of a company, the RBV suggests that digital marketing tools and technologies can be regarded as valuable resources that contribute to the performance of the company. The capabilities of digital marketing, which include online customer involvement, data analytics, and targeted advertising, can improve a company’s capacity to efficiently reach and serve its target market, which in turn can have a beneficial impact on the company’s performance. Finally, the resource-based view (RBV) paradigm proposes that an organization’s long-term competitive advantage is determined by its capacity to acquire and manage valuable, rare, inimitable, and non-substitutable (VRIN) resources and capabilities. The resource-based view (RBV) hypothesis offers a solid foundation for understanding how digital marketing affects bank performance in the MENA area. Recognizing digital marketing as a VRIN resource allows banks to strategically harness it to boost customer engagement, operational efficiency, and business growth, resulting in and maintaining a competitive advantage in today’s dynamic banking sector.

2.1.2. Innovation Diffusion Theory

Rogers proposed the innovation diffusion theory, which investigates the process by which new concepts, goods, or technology spread throughout a social system [15]. With regard to the adoption of digital marketing methods by financial institutions in the Middle East and North Africa (MENA) area, this theory proposes that the decision to embrace digital marketing strategies is influenced by a number of criteria, including perceived relative advantage, complexity, compatibility, observability, and trialability. According to the innovation–decision process model, the adoption of an innovation is not a single act but rather a process that takes place over the course of time. Within the course of their interaction with an innovation, prospective adopters progress through five stages [16]. The first stage is known as knowledge, and it is during this stage that prospective adopters learn about an innovation and acquire a fundamental comprehension of what it is and how it operates. The second step is called persuasion, and it is during this stage that prospective adopters acquire an opinion, either favorable or unfavorable, on the innovation. In the third stage of decision-making, the innovation is either accepted or rejected, depending on the particular circumstances. When the invention is put into practice, the fourth step, which is called implementation, takes place. Confirmation is the fifth stage, and it is at this stage that the adopter seeks knowledge about the innovation and either continues to use the invention or stops using it. It is possible to gain insights into the impact that digital marketing adoption has on business performance among banks in the Middle East and North Africa (MENA) by gaining an understanding of how these elements influence the adoption process [17]. Based on the previous discussion and argument of both theories, the following Table 1 provides a clear direction of the expected impact between digital marketing and banks’ performance.

2.2. Previous Studies and Hypothesis Development

According to Al Mansoori et al., businesses may now reach their target audience, build relationships with prospective customers, and boost their overall performance thanks to the rise of social media marketing [20]. The exponential expansion of social media in the last several years has ushered in a new era of constant change in the online world, providing companies with chances to connect with customers all over the world [21]. A new age of marketing has begun as a result of this shift, one that goes beyond the scope of conventional advertising [22]. For companies of all stripes, social media has become an indispensable tool for increasing website traffic, developing deeper connections with consumers, and building brand awareness [21].
According to Aljabari et al., social media marketing offers a flexible and affordable way to promote products, services, and content, which means it may be used in various sectors [23]. Organizations need to change with the times and take advantage of social media’s huge potential if they want to succeed in the modern digital world [24]. Using social media to boost efficiency has turned into a game changer for banks [25]. Corresponding with previous findings, social media plays a crucial role in raising brand recognition and exposure among target consumers. Macarthy found that banks with strong social media presences were more likely to be noticed and make a permanent mark on customers with their products and services [26].
Enhanced visibility typically results in more attention from consumers, which boosts the business’s efficiency [27]. Customer involvement and relationship encouraging have dominated discussions about the influence of social media on banks. Social media platforms are a great way to connect with clients directly, according to a lot of research [28]. Banks gain customer loyalty and a sense of community when they answer questions, fix problems, and provide personalized interactions [29]. According to Habes et al., banks can boost their financial performance through the use of relationship-building methods [30]. These strategies lead to better relationships, more client loyalty, and good referrals.
One important aspect of social media’s impact on financial institutions is how well it works as a promotional and marketing tool. Consistent with Belew, targeted advertising and content promotion on social media platforms are widely acknowledged by researchers as being effective [31]. Increased interaction with customers, internet traffic, and conversion rates may be the outcome of these operations, which allow financial institutions to establish relationships with certain consumer segments. Thus, according to Evangelista et al., using social media to boost marketing campaigns immediately improves business efficiency measures [32]. Without any uncertainty, the academic research clearly states that social media has a major impact on banks’ bottom lines. Through direct interactions with customers, it raises the profile of the brand, encourages participation, boosts marketing, increases sales, and promotes innovation [33]. If banks take a systematic approach to managing their social media accounts, they can boost their overall performance in the digital age, even though there are challenges [34].
The combination of digital communication, brand exposure, and customer involvement is what makes social media marketing a winning strategy for banks [35]. In the contemporary competitive business world, social media marketing is a powerful tool that may significantly impact banks’ growth and success [36]. The main advantages of the link between digital communications and banks are the possibilities for financial institutions to increase their brand’s exposure and audience size through social media. By carefully crafting content, institutions may showcase their goods and services to a large internet audience, highlighting their distinct value propositions [37]. Because of the accessibility and broad use of social media platforms, banks can contact potential clients outside their local area and communicate with them in a new way [38]. Also, using social media marketing, banks may reach their customers in a more personal and interesting way [39].
Financial institutions are able to quickly react to customer concerns, fix problems, and gather comments thanks to online tools that enable direct engagement [40]. Not only does having a two-way link boost consumer happiness, it additionally offers financial institutions the ability to personalize their offerings based on current data, which helps them create products and services that match client preferences [41]. There are many ways in which social media marketing can help banks improve their performance. It can affect things like customer engagement, brand awareness, quantitative metrics, and brand loyalty [42]. Banks can use social media marketing to reach more people, build stronger relationships with them, and encourage a growth mindset [43]. When it comes to taking advantage of growth prospects and succeeding in today’s digital business world, banks are ahead of the curve when it comes to social media marketing [44].
In addition, according to Hess et al., consumers are more engaged with content and may engage with the firm in real-time through the growth of social media platforms, such as video-sharing services, blogs, and social networks [45]. Three crucial components of social media use are highlighted by Kim and Ko, namely interaction, entertainment, and trends [46]. Business, consumer connections, and the online community are all strengthened by digital marketing [47].
Internet sales are boosted by interactive ads that meet multiple criteria, for example: appealing to consumers’ emotions or cognitive states; clearly identifying the product or service category to which it belongs; highlighting the brand or mark; and conveying either an objective or subjective message while capturing their attention [48]. By utilizing digital marketing tools, companies can boost their online visibility and advertise their websites, products, and services. This gives them a competitive edge, which is crucial for achieving peak efficiency and performance.
According to Kotler and Keller, digital businesses are reliant on the online environment for their development and operations [49]. This lends acceptance to the proposition that digital marketing helps organizations enhance and preserve an elevated level of society’s and consumers’ well-being [50]. Considering that social media platforms allow for more efficient two-way connection between businesses and their consumers, it stands to reason that this would lead to happier customers [51]. Rather than being loyal to a single brand, today’s consumers seek variety and expect a tailored experience, so it is no surprise that businesses are scrambling to adapt to the ever-changing digital landscape [52]. Based on the previous empirical findings, this empirical paper expects that there is a positive impact of digital marketing on the performance of banks.
The current body of research on the influence of digital marketing on bank performance has frequently been constrained by various factors. These include a limited scope that concentrates on particular regions or time periods, a failure to account for broader sustainability factors, and insufficient controls for crucial bank-specific characteristics and macroeconomic variables. A significant number of studies have either disregarded the MENA region or failed to accurately depict the evolving changes in digital marketing and its incorporation with sustainable practices, which are becoming increasingly vital for the success of banks. Moreover, prior studies have frequently failed to adequately consider how fluctuations in capital adequacy, bank size, liquidity, and cost efficiency can mitigate the correlation between digital marketing and bank performance. Furthermore, there has been a lack of thorough investigation into the impact of macroeconomic variables such as GDP growth and inflation, which may have resulted in biassed findings. The present study aims to fill the existing gaps in the research by specifically examining the impact of digital marketing on the success of banks in the MENA region. By analyzing data from 2010 to 2023 and carefully controlling for various factors, this study provides a thorough and contextually relevant analysis of the subject in this economically diverse and rapidly changing region.

3. Methodology

3.1. Sample Used

After accounting for firm characteristics like capital adequacy, liquidity, size, and cost efficiency, as well as macroeconomic variables like inflation and GDP, the present paper examines how digital marketing affects the performance of banks in MENA nations. Below, Table 2 shows the banks that were collected from the LSEG database. This empirical evidence compiles information gathered from the Refinitiv Eikon platform over the passage of fourteen years, from 2010 to 2023. All banking organizations’ data were thoroughly compiled, while any missing details were filled in by accessing the appropriate banks annual reports or the relevant stock exchange market.
As evident in the above Table 2, the population included 120 banks, and 78 made up the final sample. Several variables did not have any data, which is the main reason why the final sample size is smaller than the starting count.

3.2. Model Development

The research investigation uses a solid theoretical construction, which is split into two separate models to account for different aspects of performance, to evaluate the effect of digital marketing on banks’ performance. As an independent variable, market share is used in Model 1, whereas return on assets is used in Model 2. Table 3 below details the measurements of all variables.

3.3. Empirical Variables

3.3.1. Dependent Variable: Return on Assets and Market Share

One such significant percentage that shows how profitable a bank is, is its return on assets [72]. According to Khalaf, it is calculated as the ratio of income to total assets [73]. It is a measure of the bank’s management’s capacity to turn a profit from the resources at their disposal. It reveals, in another way, how well the business makes use of its resources to produce revenue [59]. Additionally, it shows how well the management of a business uses all of the resources at their disposal to generate net income [66]. According to Abu Khalaf et al., a higher return on assets indicates that the company is making better use of its resources [74]. An organization’s position in the marketplace, strategic efficacy, and marketplace impact can be derived from its market share, which is an important performance measure [54]. By monitoring and assessing market share, companies may make smart choices to strengthen their presence in the industry, reach their growth goals, and satisfy stakeholders [75]. Nevertheless, to provide a whole picture of performance and sustainability, market share should be considered with other financial and non-financial indicators. A product’s or company’s market share is the percentage of a market’s total assets that it accounts for over a certain time period; it is an important performance indicator [76]. It can be obtained by taking the company’s assets, dividing them by the industry assets as a whole, and then multiplying the result by 100 to obtain the percentage [54].

3.3.2. Independent Variable: Digital Marketing Presence Index (DMPI)

To assess the extent to which a corporation is actively engaging in digital marketing, this empirical paper used the digital marketing presence index (DMPI) following Kilgour et al. [57]. Web presence, social media activity, search engine optimization, content promotion, and mobile optimization are all part of the DMPI [58]. To collect the DMPI, we add the scores together on all of those above dimensions and normalize them to a scale from 0 to 100 [77]. According to its significance as found in the literature, each dimension is given a different weight as suggested by Yaseen et al., but in this empirical paper we provided equal weights to all dimensions to avoid any potential biases that could arise from subjective judgment [78,79]. By raising their profile, encouraging client participation, and giving them an edge in the online marketplace, the digital marketing presence index (DMPI) helps boost banks’ success [80]. With more website traffic, social media interaction, SEO, and relevant content marketing, a higher DMPI means a strong digital presence, which can attract more customers [81]. Increased client acquisition and retention, as well as the development of trust and loyalty, are outcomes of these interrelated elements [82]. Customers’ banking experiences are further improved by a strong mobile optimization that guarantees accessibility and ease. Banks with a high DMPI are better able to meet their customers’ changing digital expectations, which in turn increases their market share, revenues, and financial performance [83]. Finally, in order to validate the DMPI, a two-step procedure was utilized. Initially, a group of five digital marketing and finance specialists assessed the index for its apparent reliability, guaranteeing that it precisely encompasses the fundamental elements of digital marketing presence. Furthermore, the index underwent empirical testing utilizing historical data, in which its correlation with established performance metrics such as return on assets (ROA) was examined. The observed connections were statistically significant, confirming the robustness of the DMPI and its applicability as a measure of digital marketing performance in the banking sector.

3.3.3. Control Variables

ESG: ESG performance is measured on a scale from 0 to 100, where higher scores indicate a more stringent commitment to sustainability principles and superior ESG practices [59]. Increasing a bank’s ESG score can boost its efficiency in several different manners [60]. As a first benefit, it has the potential to raise the bank’s profile, which in turn can win over more committed customers [84]. Additionally, ESG criteria are being given more weight by investors; as a result, a higher ESG score may lead to a reduction in the cost of capital as well as increased investment [85]. Financial stability and long-term profitability are further enhanced by more efficient operations, decreased risk exposure, and compliance with regulatory requirements—all of which can be achieved through comprehensive ESG practices [86]. Therefore, financial institutions that rank higher on ESG metrics tend to be in a better position to generate long-term growth and better financial results [87].
Capital Adequacy: Capital adequacy is determined by the total net capital sources, which are computed based on the guidelines of the Basel accords or local capital risk requirements [61]. This metric indicates the bank’s ability to withstand future losses and protect the interests of depositors [88]. A higher level of capital adequacy signifies that a bank possesses a robust capital foundation, which serves as a safeguard against financial difficulties and operational hazards [89]. Banks that have stronger capital adequacy are more resistant to economic downturns and market volatility, which improves their stability and trustworthiness [90]. This can result in improved performance by reducing borrowing costs, attracting a larger customer and investment base, and assuring compliance with regulations [91]. In general, having a higher level of capital adequacy instills trust and reassurance among those involved, which in turn promotes long-term growth and enhances financial outcomes [92].
Liquidity: Liquidity is quantified as a percentile rank that exclusively considers the liquidity elements of the smart ratios, with a scale from 0 to 100 [62]. A higher percentile rank signifies increased liquidity, indicating that the bank possesses enough liquid assets to fulfil short-term obligations and address unforeseen cash flow requirements [93]. Increased liquidity improves a bank’s capacity to function efficiently without any financial interruptions, hence preserving client confidence and trust [63]. By decreasing the likelihood of insolvency and potential financial crises, this enables the bank to capitalize on investment prospects and promptly adapt to market fluctuations [94]. Therefore, banks that have a greater amount of readily available funds are typically more secure and in a better position for long-term expansion and profitability, resulting in enhanced financial results [95].
Size: The size of a bank is commonly assessed by using the natural logarithm of its total assets [65]. This approach facilitates comparison and analysis by reducing the impact of extreme values [66]. Higher values of this indicator often reflect larger banks, which often enjoy economies of scale resulting in reduced operating expenses per unit of output [96]. In addition, they typically possess portfolios that are more diversified, therefore dispersing risk across a broader spectrum of assets and activities [97]. Moreover, larger banks possess significant market sway and brand awareness, which might allure a wider customer base and foster additional business prospects [98]. The scale and diversification of a company’s operations can lead to improved financial stability, profitability, and competitive advantage, ultimately resulting in superior overall performance [88].
Cost Efficiency: Bank cost efficiency is commonly assessed using the overhead expense to revenue ratio, which reflects the bank’s ability to effectively control operating costs in relation to its generated income [67]. A lower ratio indicates greater efficiency, indicating that the bank is able to minimize its overhead expenses while maximizing its earnings [68]. Banks that are efficient have a stronger ability to distribute resources effectively, minimize inefficiencies, and simplify procedures, resulting in enhanced profitability [99]. Increased efficiency enables banks to provide more competitive pricing, improve customer service, and allocate resources towards growth prospects. Therefore, banks that have a lower ratio of overhead expenses to revenue typically have better financial performance, more competitiveness, and higher shareholder value [100].
GDP: Gross domestic product (GDP) is quantified by the annual percentage growth rate in the gross domestic product, which serves as an indicator of a country’s overall economic well-being and expansion [69]. A greater GDP growth rate signifies a resilient and expanding economy, which has a beneficial influence on the banks’ performance [70]. As GDP increases, businesses usually see a rise in sales and profitability, which in turn leads to a greater need for banking services like loans, credit, and investment goods [101]. Consumers also gain advantages from increased employment and income levels, which improves their ability to save and invest. The economic prosperity enhances banks’ profits by stimulating loan activity, increasing fee income, and enhancing asset quality, as borrowers are more inclined to fulfil their obligations. Thus, a greater increase in GDP is typically associated with enhanced financial performance and stability for banks [102].
Inflation: Inflation is commonly assessed through the yearly percentage variation in the consumer price index (CPI), which monitors the average price level of a collection of consumer goods and services over a period of time [71]. Inflation can have a complex and varied effect on the performance of banks. Banks can benefit from moderate inflation as it frequently results in higher interest rates [7]. This, in turn, can widen the difference between the rates banks offer on deposits and the rates they impose on loans, so enhancing profitability [103]. Nevertheless, elevated inflation can result in detrimental consequences, including the depreciation of currency, diminished buying ability for consumers, and heightened economic instability. These factors can result in elevated loan default rates, heightened operating expenses, and an overall decrease in economic activity [104]. Thus, whereas moderate inflation can benefit banks by increasing interest margins, severe inflation presents substantial risks that might have adverse effects on banks’ financial stability and profitability [105].

3.4. Empirical Model

In order to analyze the association between digital marketing and the financial performance of banks, we have collected the necessary information from the publicly available annual financial reports of financial institutions listed on several MENA stock exchanges between 2010 and 2023. Furthermore, the Refinitiv Eikon platform (LSEG) was utilized to retrieve data relevant to the financial performance of MENA enterprises. Using Tobit regression, instead of Ordinary Least Squares (OLS) or panel regressions, is crucial for analyzing the impact of digital marketing on banks’ performance. Tobit regression is a statistical technique designed exclusively for the analysis of censored data. Censored data pertain to instances where the dependent variable is seen solely during a specified interval. This phenomenon is commonly noticed in circumstances when the dependent variable possesses a definite minimum or maximum value. In this article, specific measurements such as market share and banks’ profitability may be blocked at zero because they cannot have negative values. Therefore, based on the previous section, the following two models have been used to investigate the impact of digital marketing on the performance of MENA banks:
ROAi,t = β0 + β1 DMPIi,t + β2 ESGi,t + β3 Sizei,t + β4 CADi,t + β5 Liq i,t + β6 CEFFi,t + β7 GDPt + β8 Inft + εi,t
MSi,t = β0 + β1 DMPIi,t + β2 ESGi,t + β3 Sizei,t + β4 CADi,t + β5 Liq i,t + β6 CEFFi,t + β7 GDPt + β8 Inft + εi,t
where the following definitions are used:
  • ROA is the return on assets and is measured by dividing the net income by the total assets.
  • MS is the market share and is measured by the total assets of a bank divided by the total assets of all banks in the banking industry.
  • DMPI is the digital marketing presence index which is measured by a weighted score of banks’ digital marketing availability.
  • ESG is environmental, social, and governance which is measured by a score ranging from 0 to 100.
  • Size is the bank size and is measured by the natural logarithm of total assets.
  • CAD is the capital adequacy and is measured by the value of total net capital sources, calculated in accordance with the Basel accords or local capital risk regulations.
  • Liq is bank liquidity and is measured by a percentile rank that reflects only the liquidity factors of the smart ratios with a range from 0 to 100.
  • CEFF is the bank cost efficiency, which is measured by the overhead expenses as a percentage of revenues.
  • GDP is the growth in the gross domestic product provided by the World Bank.
  • Inf is inflation as measured by the World Bank.
  • ε is the error term.

4. Results and Analysis

The descriptive statistics presented in Table 4 below offer valuable insights into the data prior to analyzing the impact of digital marketing on the performance of the 78 financial institutions investigated in the MENS region.
Based on the above Table 4, banks in MENA exhibit great heterogeneity in their commitment to sustainability policies, as indicated by their highest standard deviation of ESG (environmental, social, governance) scores. The heterogeneity in this context may arise from different regulatory frameworks, distinct cultural perspectives on environmental, social, and governance (ESG) matters, and varying degrees of dedication to sustainable practices among banks in the region [106]. In addition, banks in the MENA region have an average market share of 5.2%, which suggests that the market is moderately fragmented. This level indicates that certain banks in the MENA region have significant market shares, while others have lesser shares. The differences in market shares can be attributed to factors such as competition, regulations, and variable levels of market penetration across different nations within MENA [77]. Moreover, the large standard deviation of bank size in the MENA area suggests significant variation in the assets and scale of operations among banks. These variations may be driven by factors such as disparities in company models, market concentration, levels of capitalization, and strategic determinations regarding mergers and acquisitions. Big banks can take advantage of economies of scale, whereas smaller banks can compete by focusing on specific markets or specialized services [107].
On the other hand, the correlation matrix presented in Table 5 below clarifies the interrelationships between variables.
As evident in Table 5 above, a high DMPI indicates the effective use of digital channels like websites, social media, and content marketing. Such a presence can boost consumer interaction, attract new customers, and boost brand visibility. Revenue growth and cost efficiency affect banking profitability. Therefore, banks with a good digital marketing plan may increase revenue by improving customer acquisition and retention. Allocating resources to digital marketing can increase market penetration and optimize marketing spend, therefore boosting profitability. In addition, banks that have better environmental, social, and governance (ESG) scores are seen as more sustainable and ethical. This perception can strengthen brand trust and appeal to socially aware investors and customers [108]. Having a positive perception can result in decreased funding expenses, mitigated regulatory uncertainties, and enhanced operational durability, ultimately leading to increased profitability. Hence, a direct association between the ESG score and profitability suggests that adopting sustainable practices is conducive to achieving long-term financial success [109]. One more point to raise is that cost management affects performance, since higher expenses lead to lower net income. High operating costs can make it hard for banks to compete and profit. Thus, a negative association between costs and profitability shows that optimizing operational procedures, decreasing overhead, and using technology are essential for increasing profitability. Cost management helps banks allocate resources, improve financial performance, and maintain market advantage [110]. Lastly, all Variance Inflation Factors (VIF) are below three, it indicates that there is no significant issue of multicollinearity in the model and the low VIF values indicate that the estimated coefficients of the regression model are credible [74].
Table 6 below shows the Tobit regression findings for the two models.
Based on Table 6 above, the statistically substantial beneficial effect of DMPI on return on assets and market share, with a significance level of 1%, highlights the crucial role of digital marketing in enhancing financial institution profitability and providing a greater market share. Financial institutions that allocate resources towards strong digital marketing strategies should anticipate enhanced asset utilization and increased revenue generation, thereby establishing digital marketing as a crucial element of contemporary banking operations [111]. Also, financial institutions that use strong digital marketing strategies can anticipate an increase in customer acquisition, distinguish themselves from rivals, and ultimately secure a greater portion of the market. This highlights the significance of digital marketing as a crucial instrument for achieving competitive success in the banking sector [112].
In addition, the existence of a statistically significant positive relationship between ESG scores and return on assets and market share, with a significance level of 1%, highlights the crucial role of sustainable and ethical activities in improving a bank’s profitability [113]. Financial institutions that allocate resources to and prioritize strong environmental, social, and governance (ESG) standards have the potential to enhance the efficiency of their assets and produce superior financial performance [87]. This emphasizes the crucial significance of environmental, social, and governance (ESG) issues in propelling competitive achievement and financial gain in the banking sector. Financial institutions that allocate resources towards and prioritize strong environmental, social, and governance (ESG) standards have the potential to tempt and retain consumers, enhance their standing, and eventually win a greater portion of the market [59].
Furthermore, the results showed a statistically significant positive relationship between the size of a bank and its return on assets at a significance level of 1%, highlighting the benefits of operating at a larger scale in the banking sector. Big banks can take advantage of economies of scale, diversify their sources of income, access capital markets more effectively, and engage in cutting-edge technology, all of which lead to increased profitability [65]. This emphasizes the crucial significance of the size of a bank in influencing its financial performance and profitability. Large financial institutions have the ability to utilize their resources, brand awareness, and economies of scale to convince a greater number of consumers and secure a larger portion of the market [66].
The findings indicate a substantial and beneficial influence of capital adequacy on return on assets at a statistically significant level of 5%. This highlights the crucial role of maintaining robust capital levels in the financial services industry [2]. Increased capital adequacy improves financial stability, boosts investor confidence, ensures regulatory compliance, and improves lending capacity, among other things which lead to better performance. Increased capital adequacy improves lending capacity, competitiveness, strategic expansion opportunities, and customer trust, all of which help to gain a greater market share [6].
Moreover, the fact that liquidity and cost efficiency have been shown to have a statistically significant negative influence on return on assets highlights the need of maintaining a balanced asset management strategy and maintaining cost control in the banking industry. While it is vital to maintain liquidity in order to effectively manage risk, having an excessive amount of liquidity might restrict profitability [64]. Furthermore, excessive operational expenditures have the potential to reduce earnings. For the purpose of increasing their return on assets (ROA) and achieving sustainable financial performance, banks need to optimize their asset allocation and streamline their operations [67]. Banks are required to achieve a careful balance between maintaining liquidity, managing costs, and pursuing expansion prospects. This delicate balance is highlighted by the detrimental impact that liquidity and cost efficiency have on market share [63]. Despite the fact that liquidity and cost efficiency are necessary for achieving financial stability and profitability, tactics that are too conservative or cost-cutting measures that are excessively aggressive may limit the increase in market share [68].
The presence of positive coefficients of the macroeconomic variables indicates that there is a direct relationship between increases in GDP growth and inflation, and gains in return on assets and market share. The results exhibit statistical significance at the 5% level, indicating a high probability that these associations are not a consequence of random chance [70]. The significance of maintaining macroeconomic stability and implementing good risk management in boosting financial institution profitability is shown by such favorable influence. Financial institutions that strategically utilize economic growth and inflationary settings by employing cautious lending policies, customer-centric strategies, and creative solutions are in a favorable position to attain long-term profitability and dominance in the market [71].

Robustness of Results

In order to assess the impact of different model specifications on the accuracy of our results, we utilized an alternative econometric model. At first, we performed our investigation using a Tobit regression model. To improve the reliability of our results, we utilized a maximum likelihood estimator (MLE) as a supplementary method of estimate to address any potential problems related to endogeneity.
The table above, Table 7, displays the results of the maximum likelihood estimation (MLE). This estimation technique strengthens the observed link between the digital marketing presence index and banks’ performance, thus verifying the accuracy of our prior findings.
The MLE results confirmed the positive and significant relationship between the DMPI and bank profitability, indicating that a robust digital marketing presence is essential for improving financial performance in the MENA banking sector. Furthermore, the models confirmed the beneficial influence of ESG ratings, underscoring the significance of sustainable practices in promoting profitability. Greater firm size regularly had a favorable impact on profitability, suggesting that economies of scale and the availability of resources contribute to improved financial results. The consistent outcomes obtained through several analytical methods highlight the dependability of the findings, offering compelling proof that digital marketing, ESG commitment, capital adequacy, and company size play crucial roles in driving bank profitability in the MENA area.

5. Practical Implications

The consequences of our findings have practical relevance for policymakers, investors, and banks. Firstly, for banks, financial institutions must react to such understanding by creating customized digital marketing products and services which specifically address the demands and concerns of their consumers. Banks might have a vital role in fostering innovation and sustainable growth by utilizing digital technology to evaluate creditworthiness, decrease information imbalances, and provide more accessible and inexpensive goods. Our study emphasizes the significance of employing digital marketing as it may effectively entice and motivate returning clients, resulting in heightened deposits and lending activities, thereby enhancing asset utilization and efficiency. An influential online presence amplifies brand awareness and credibility, stimulating increased customer interaction with the bank’s offerings and solutions. Digital marketing offers a more economical alternative to traditional marketing, enabling banks to reach a broader audience at a reduced cost, hence enhancing their return on assets. Digital marketing initiatives frequently incorporate data analytics, which empower banks to make well-informed choices that maximize asset utilization and improve profitability. Secondly, for investors, integrating digital marketing and ESG initiatives into financial institutions investments improves portfolio diversification and increases risk-adjusted returns, while also promoting long-term value development. By incorporating sustainable business practices and digital innovation, financial institutions can promote innovation-driven growth, enhance operational efficiency, and gain a competitive advantage in the ever-changing financial industry. Finally, policymakers may employ the findings of our investigation to develop and enforce specific legislation and regulations that encourage digital marketing and facilitate sustainable reporting. The research results emphasize the importance of policymakers giving priority to the advancement of digital marketing in order to enhance financial inclusion.
Although the practical consequences of incorporating digital marketing and ESG principles into banking operations are evident, it is important to acknowledge several hurdles and constraints. An important obstacle is the hefty initial expenditure needed to create a strong digital marketing infrastructure, which can be particularly expensive for banks. In addition, the swiftly changing digital environment necessitates ongoing updates and flexibility, which might put pressure on current IT and marketing teams. Another obstacle is the incorporation of ESG principles, which could require a complete restructuring of current business models and processes, resulting in temporary interruptions and possible opposition from stakeholders. Furthermore, assessing the efficacy of these endeavors can be complex, as the influence of digital marketing and ESG on profitability may not be immediately evident and could fluctuate across various locations and market circumstances. Regulatory compliance in digital marketing and ESG reporting adds an additional level of complexity for banks operating in the MENA area, as they must crisscross different norms and expectations. These problems emphasize the necessity of strategic planning and allocation of resources to effectively utilize the advantages of digital marketing and ESG practices.

6. Limitations and Directions of Future Research

Although this study has made valuable contributions, it is important to note that there are certain limits that can be explored in future research. Initially, our investigation specifically targets banks that are publicly listed in the MENA region. This may restrict the applicability of our findings to different situations or settings. Further investigations could expand our research by analyzing the influence of digital marketing on the effectiveness of financial institutions in various nations. Furthermore, despite our diligent inclusion of an extensive range of control variables and the implementation of rigorous tests to mitigate any endogeneity issues, it is possible that our model fails to account for additional factors that may impact banks. Future research should investigate supplementary variables, such as corporate governance, to gain a better comprehension of the complicated connections between digital marketing and the success of banks. Furthermore, our study utilizes secondary data sources and uses quantitative analysis to investigate the influence of digital marketing on the performance of banks. Future study could enhance our findings by performing qualitative studies, such as interviews, to acquire a more profound understanding of the mechanisms and processes by which digital marketing impacts the performance of banks in the MENA area.
Based on the previous discussion, one unresolved research question is as follows: What is the impact of various digital marketing methods on the profitability and market share of banks in different countries in the MENA region? This study has confirmed that digital marketing has a beneficial effect on bank performance. However, it remains uncertain how particular methods, such as social media engagement, search engine optimization, or content marketing, contribute to these results. Examining these changes could provide a deeper and more detailed understanding of successful digital marketing strategies for banks.

7. Conclusions

Digital marketing has become a crucial factor in driving profitability and market share for financial institutions that operate throughout the Middle East and North Africa (MENA) region. The present research used empirical methods to examine the complex linkage between digital marketing efforts and the financial success of banks from 2010 to 2023. Tobit regression analysis was employed to investigate this dynamic interaction. The study examined the impact of digital strategies on economic results in a diverse and rapidly changing market landscape, taking into account sustainable practices (ESG), bank-specific characteristics (capital adequacy, bank size, liquidity, and cost efficiency), and macroeconomic variables (GDP and inflation). The findings of this investigation deliver important insights into this relationship.
The outcomes of this research highlight the substantial positive influence of digital marketing on the success indicators of financial institutions in the MENA region. Thorough statistical analysis revealed that financial institutions who utilized efficient digital marketing techniques observed increased profitability, extended their market presence, and enhanced customer involvement. This statement reinforces the crucial importance of digital transformation in improving operational effectiveness, client satisfaction, and comprehensive profitability. Furthermore, the incorporation of sustainable practices (ESG) became a vital aspect that affects the relationship between digital marketing and performance. Banks that adhered to ESG principles exhibited superior risk management capabilities and regulatory compliance, while also bolstering their brand reputation and earning the trust of stakeholders. This study emphasized that taking into account environmental, social, and governance (ESG) factors enhances the beneficial outcomes of digital marketing initiatives, enabling banks to achieve long-term growth and gain a competitive edge in the banking industry of the Middle East and North Africa (MENA) region.
The financial institution’s performance is influenced by specific indicators such as capital adequacy, bank size, liquidity, and cost efficiency, which play a vital role in influencing the effect of digital marketing. Financial institutions who had strong capital reserves, higher amounts of assets, effective management of liquidity, and efficient cost structures were in a better position to take advantage of digital investments. This allowed them to turn their digital activities into actual financial results. In addition, this study placed these findings in the larger macroeconomic framework of the MENA region. The effectiveness of digital marketing campaigns was impacted by fluctuations in GDP growth and inflation rates, highlighting the significance of economic stability and market conditions in maximizing digital performance measures. Banks that operate in situations with high inflation and strong GDP growth are likely to experience more significant advantages from their digital marketing efforts.

Author Contributions

Conceptualization, R.G. and B.A.K.; methodology, R.G. and B.A.K.; software, R.G. and B.A.K.; validation, R.G. and B.A.K.; formal analysis, R.G. and B.A.K.; investigation, R.G. and B.A.K.; resources, R.G. and B.A.K.; data curation, R.G. and B.A.K.; writing—original draft preparation, R.G. and B.A.K.; writing—review and editing, R.G. and B.A.K.; visualization, R.G. and B.A.K.; supervision, R.G. and B.A.K.; project administration, R.G. and B.A.K. All authors have read and agreed to the published version of the manuscript.

Funding

This research received no external funding.

Institutional Review Board Statement

Not applicable.

Informed Consent Statement

Not applicable.

Data Availability Statement

Data available on request due to privacy/ethical restrictions. The data that support the findings of this study are available on request from the corresponding author, B.A.K. The data are not publicly available due to membership requirement with Refinitiv Eikon Platform (LSEG).

Conflicts of Interest

The authors declare no conflicts of interest.

References

  1. Sumo, R.; Van der Valk, W.; Duysters, G. How Incomplete Contracts Foster Innovation in Inter-Organizational Relationships: Incomplete contracting and innovation in IORs. Eur. Manag. Rev. 2016, 13, 179–192. [Google Scholar] [CrossRef]
  2. Piabari, N.; Horsfall, H.O.; Uwhubetine, O.G.; Okpalap, N.L. Digital Marketing and Performance of Banks in Port Harcourt. Br. J. Mark. Stud. 2022, 10, 1–10. [Google Scholar] [CrossRef]
  3. Block, Z.; Shapira, Z. The Evolution of Performance Measurement in the Global Context: Opportunities and Challenges. J. Organ. Behav. 2017, 38, 95–116. [Google Scholar] [CrossRef]
  4. Tiago, M.T.P.M.B.; Veríssimo, J.M.C. Digital marketing and social media: Why bother? Bus. Horiz. 2014, 57, 703–708. [Google Scholar] [CrossRef]
  5. Blowfield, M.; Dolan, C.S. Business as a development agent: Evidence of possibility and improbability. Third World Q. 2014, 35, 22–42. [Google Scholar] [CrossRef]
  6. Verma, A. The Impact of Digital Marketing Adoption on Firm Performance: A Case Study of Small and Medium Enterprises in India. Int. J. Strateg. Mark. Pract. 2024, 6, 1–11. [Google Scholar] [CrossRef]
  7. Sharma, H.; Andhalkar, A.; Ajao, O.; Ogunleye, B. Analysing the Influence of Macroeconomic Factors on Credit Risk in the UK Banking Sector. Analytics 2024, 3, 63–83. [Google Scholar] [CrossRef]
  8. Kanaan, K.; Abuhjeeleh, M.; Darabseh, F.; Taha, O.; Aljawarneh, N.M. How digital marketing and innovative performance contribute to hotel restaurant revenue growth: The mediating role of knowledge sharing. Cogent Soc. Sci. 2023, 9, 2209985. [Google Scholar] [CrossRef]
  9. Gengler, C.E.; Thomas, J.R. Consumer understanding and advertising strategy: Analysis and strategic translation of laddering data. J. Advert. Res. 1995, 35, 19–34. [Google Scholar]
  10. Fadare, S.O.; Asaolu, T.O.; Ezeaku, H.C. Financial Performance Evaluation of Dangote Cement Industry (2013–2017). Asian J. Econ. Bus. Account. 2019, 10, 1–10. [Google Scholar]
  11. Yuliani, S.; Ma’arif, M.S. Strategy and Performance of Indofood CBP Sukses Makmur Tbk. Rev. Integr. Bus. Econ. Res. 2018, 7, 255–265. [Google Scholar]
  12. Peng, J.; Qin, Q.; Tang, T. The Influence of Marketing Innovations on Firm Performance under Different Market Environments: Evidence from China. Sustainability 2021, 13, 10049. [Google Scholar] [CrossRef]
  13. Wernerfelt, B. A resource-based view of the firm. Strateg. Manag. J. 1984, 5, 171–180. [Google Scholar] [CrossRef]
  14. Barney, J.B. Firm resources and sustained competitive advantage. J. Manag. 1991, 17, 99–120. [Google Scholar] [CrossRef]
  15. Rogers, E.M. Diffusion of Innovations; Free Press: New York, NY, USA; p. 1962.
  16. Rogers, D.L. The Digital Transformation Playbook: Rethink Your Business for the Digital Age; Columbia University Press: New York, NY, USA, 2016. [Google Scholar]
  17. Rogers, E.M. Diffusion of Innovations, 5th ed.; Free Press: New York, NY, USA, 2003. [Google Scholar]
  18. Rangaswamy, A.; Gupta, S. Innovation adoption and diffusion in the digital environment: Some research opportunities. In New Product Diffusion Models; Springer: New York, NY, USA, 2000; pp. 75–96. [Google Scholar]
  19. Kozlenkova, I.; Samaha, S.; Palmatier, R.W. Resource-Based Theory in Marketing. J. Acad. Mark. Sci. 2014, 42, 1–21. [Google Scholar] [CrossRef]
  20. Al Mansoori, A.; Ali, S.; Pasha, S.A.; Alghizzawi, M.; Elareshi, M.; Ziani, A.; Alsridi, H. Technology Enhanced Learning through Learning Management System and Virtual Reality Googles: A Critical Review. In From Industry 4.0 to Industry 5.0: Mapping the Transitions; Hamdan, A., Harraf, A., Buallay, A., Arora, P., Alsabatin, H., Eds.; Springer Nature: Cham, Switzerland, 2023; p. 557. [Google Scholar] [CrossRef]
  21. Al-Gasawneh, J.; Al-Wadi, M.; Al-Wadi, B.; Alown, B.; Nuseirat, N. The interaction effect of comprehensiveness between social media and online purchasing intention in Jordanian pharmacies. Int. J. Interact. Mob. Technol. 2020, 14, 208–221. [Google Scholar] [CrossRef]
  22. Smyth, S.M. The Facebook conundrum: Is it time to usher in a new era of regulation for big tech? Int. J. Cyber Criminol. 2019, 13, 578–595. [Google Scholar] [CrossRef]
  23. Aljabari, M.; Joudeh, J.; Aljumah, A.; Al-Gasawneh, J.; Daoud, M. The Impact of Website Quality on Online Purchase Intention: The Mediating Effect of e-WOM, Jordan Context. Int. J. Prof. Bus. Rev. 2023, 8, e02143. [Google Scholar] [CrossRef]
  24. Zaki, M. Digital transformation: Harnessing digital technologies for the next generation of services. J. Serv. Mark. 2019, 33, 429–435. [Google Scholar] [CrossRef]
  25. Badi, S.; Wang, L.; Pryke, S. Relationship marketing in Guanxi networks: A social network analysis study of Chinese construction small and medium-sized enterprises. Ind. Mark. Manag. 2016, 60, 204–218. [Google Scholar] [CrossRef]
  26. Macarthy, A. 500 Social Media Marketing Tips: Essential Advice, Hints and Strategy for Business: Facebook, Twitter, Pinterest, Google+, YouTube, Instagram, LinkedIn, and More, Kindle Edition. 2024. Available online: http://dspace.vnbrims.org:13000/xmlui/bitstream/handle/123456789/4769/500%20social%20media%20marketing%20tips%20essential%20advice,%20hints%20and%20strategy%20for%20business%20Facebook,%20Twitter,%20Pinterest,%20Google+,%20YouTube,%20Instagram,%20Linkedin,%20and%20more!.pdf?sequence=1 (accessed on 8 July 2024).
  27. Mehdi, B.; Kalim, A. Role of Social Media Presence for Thriving in and Improvement of Brand Awareness in the Fashion Industry of Sweden. J. Retail. Consum. Serv. 2023, 6, 1–10. [Google Scholar]
  28. Fraccastoro, S.; Gabrielsoon, M.; Pullins, E.B. The Integrated Use of Social Media, Digital, and Traditional Communication Tools in The B2B Sales Process of International SMEs. Int. Bus. Rev. 2021, 30, 101776. [Google Scholar] [CrossRef]
  29. Habes, M.; Alghizzawi, M.; Salloum, S.A.; Mhamdi, C. Effects of Facebook Personal News Sharing on Building Social Capital in Jordanian Universities. Recent Adv. Intell. Syst. Smart Appl. 2021, 295, 653–670. [Google Scholar] [CrossRef]
  30. Habes, M.; Alghizzawi, M.; Elareshi, M.; Ziani, A.; Qudah, M.; Al Hammadi, M.M. E-Marketing and Customers’ Bank Loyalty Enhancement: Jordanians’ Perspectives. In The Implementation of Smart Technologies for Business Success and Sustainability; Springer: Cham, Switzerland, 2023; p. 37. [Google Scholar]
  31. Belew, S. The Art of Social Selling: Finding and Engaging Customers on Twitter, Facebook, LinkedIn, and other Social Networks; Amacom: New York, NY, USA, 2014. [Google Scholar]
  32. Evangelista, P.; Esposito, E.; Lauro, V.; Raffa, M. The Adoption of Knowledge Management Systems in Small Firms. J. Knowl. Manag. 2010, 8, 33–42. [Google Scholar]
  33. Chafey, D.; Ellis-Chadwick, F. Digital Marketing; Pearson: London, UK, 2019. [Google Scholar]
  34. Jadhav, G.; Gaikwad, S.; Bapat, D. A systematic literature review: Digital marketing and its impact on SMEs. J. Indian Bus. Res. 2023, 15, 76–91. [Google Scholar] [CrossRef]
  35. Rahi, S.; Alghizzawi, M.; Ngah, A.H. Factors influence user’s intention to continue use of e-banking during COVID-19 pandemic: The nexus between self-determination and expectation confirmation model. EuroMed. J. Bus. 2022, 18, 380–396. [Google Scholar] [CrossRef]
  36. Frost, R.; Fox, A.K.; Strauss, J. E-Marketing, 8th ed.; Routledge: Oxfordshire, UK, 2018. [Google Scholar] [CrossRef]
  37. Awa, H.O.; Agarwal, J.; Okpunyi, C.O. Social media marketing adoption and SME performance: The Nigerian perspective. J. Small Bus. Enterp. Dev. 2017, 24, 687–704. [Google Scholar]
  38. Karimi, S.; Naghibi, H.S. Social media marketing (SMM) strategies for small to medium enterprises (SMEs). Int. J. Inf. Bus. Manag. 2015, 7, 86. [Google Scholar]
  39. Lee, J.; Lee, M.; Jin, Y. The impact of digital marketing on firm performance: A case of SMEs in South Korea. J. Glob. Sch. Mark. Sci. 2017, 27, 299–315. [Google Scholar]
  40. Tuten, T.; Winsatt, A.M. Advancing our understanding of the theory and practice of social media marketing: Introduction to the special issue. J. Mark. Theory Pract. 2018, 26, 1–3. [Google Scholar] [CrossRef]
  41. Yu, J.; Pauleen, D.J.; Taskin, N.; Jafarzadeh, H. Building social media-based knowledge ecosystems for enhancing business resilience through mass collaboration. Int. J. Organ. Anal. 2022, 30, 1063–1084. [Google Scholar] [CrossRef]
  42. Bala, M.; Verma, D. A critical review of digital marketing. Int. J. Manag. IT Eng. 2018, 8, 321–339. [Google Scholar]
  43. Cioppi, M.; Curina, I.; Forlani, F.; Pencarelli, T. Online presence, visibility and reputation: A systematic literature review in management studies. J. Res. Interact. Mark. 2019, 13, 547–577. [Google Scholar] [CrossRef]
  44. Wegner, R.; Silva, D.; Veiga, C.; Estivalete, V.; Rossato, V.; Malheiros, M.B. Performance analysis of social media platforms: Evidence of digital marketing. J. Mark. Anal. 2023, 1, 1–2. [Google Scholar]
  45. Hess, T.; Matt, C.; Benlian, A.; Wiesböck, F. Options for Formulating a Digital Transformation Strategy. MIS Q. Exec. 2016, 15, 123–139. [Google Scholar]
  46. Kim, A.J.; Ko, E. Do Social Media Marketing Activities Enhance Customer Equity? An Empirical Study of Luxury Fashion Brand. J. Bus. Res. 2012, 65, 1480–1486. [Google Scholar] [CrossRef]
  47. Leguina, R.J.; Rumín, C.Á.; Rumín, C.R. Digital marketing attribution: Understanding the user path. Electronics 2020, 9, 1822. [Google Scholar] [CrossRef]
  48. Saberian, F.; Amirshahi, M.; Ebrahimi, M.; Nazemi, A. Linking digital platforms’ service dimensions to customers’ purchase. Bottom Line 2020, 33, 315–335. [Google Scholar] [CrossRef]
  49. Kotler, P.; Keller, K.L. Marketing Management, 14th ed.; Pearson Education: London, UK, 2012. [Google Scholar]
  50. Siddiqui, M.S.; Siddiqui, U.A.; Khan, M.A.; Alkandi, I.G.; Saxena, A.K.; Siddiqui, J.H. Creating electronic word of mouth credibility through social networking sites and determining its impact on brand image and online purchase intentions in India. J. Theor. Appl. Electron. Commer. Res. 2021, 16, 1008–1024. [Google Scholar] [CrossRef]
  51. Alamäki, A.; Korpela, P. Digital transformation and value-based selling activities: Seller and buyer perspectives. Balt. J. Manag. 2021, 16, 298–317. [Google Scholar] [CrossRef]
  52. Unni, M.V. Does Digital and Social Media Marketing Play a Major Role in Consumer Behaviour? Int. J. Res. Eng. Sci. Manag. 2020, 3, 272–278. [Google Scholar]
  53. Rofiatun, N.F. The Impact of Market Share and Banking Sector Indicators to The Profitability of Islamic Commercial Banks in Indonesia. J. Islam. Lariba 2016, 2, 31–42. [Google Scholar]
  54. Benzid, Y.; Chermat, I. Market Concentration Metrics and Their Impact on Banking Competitiveness: A Comprehensive Analysis. J. Stud. Econ. Manag. 2023, 6, 371–387. [Google Scholar]
  55. Alshaiba, S.; Abu Khalaf, B. The impact of board gender diversity on the Gulf Cooperation Council’s reporting on sustainable development goals. Corp. Board Role Duties Compos. 2024, 20, 33–41. [Google Scholar] [CrossRef]
  56. Abu Khalaf, B.; Awad, A.B.; Ellis, S. The Impact of Non-Interest Income on Commercial Bank Profitability in the Middle East and North Africa (MENA) Region. J. Risk Financ. Manag. 2024, 17, 103. [Google Scholar] [CrossRef]
  57. Kilgour, M.; Sasser, S.L.; Larke, R. The social media transformation process: Curating content into strategy. Corp. Commun. Int. J. 2015, 20, 326–343. [Google Scholar] [CrossRef]
  58. Chaffey, D. 15 Applications of Artificial Intelligence in Marketing, Smart Insights. 2019. Available online: https://www.davechaffey.com/uncategorized/infographic-15-marketing-applications-of-artificial-intelligence/ (accessed on 8 July 2024).
  59. Michael, J.; Awad, A.B.; Khalaf, B.A. “Exploring ESG and bank performance in the Gulf Cooperation Council (GCC) region” [Special issue]. Corp. Law Gov. Rev. 2023, 5, 192–200. [Google Scholar] [CrossRef]
  60. Liu, J.; Xie, J. The Effect of ESG Performance on Bank Liquidity Risk. Sustainability 2024, 16, 4927. [Google Scholar] [CrossRef]
  61. Al-Tarawneh, A.; Abu Khalaf, B.; Al Assaf, G. Noninterest Income and Financial Performance at Jordanian Banks. Int. J. Financ. Res. 2017, 8, 166–171. [Google Scholar] [CrossRef]
  62. Awad, A.; Gharios, R.; Abu Khalaf, B.; Seissian, L. Board Characteristics and Bank Performance: Empirical Evidence from the MENA Region. Risks 2024, 12, 81. [Google Scholar] [CrossRef]
  63. Cucinelli, D. The Determinants of Bank Liquidity Risk within the Context of Euro Area. Interdiscip. J. Res. Bus. 2013, 2, 51–64. [Google Scholar]
  64. Radovanov, B.; Milenkovic, N.; Kalaš, B.; Marcikic, A. Do the Same Determinants Affect Banks’ Profitability and Liquidity? Evidence from West Balkan Countries Using a Panel Data Regression Analysis. Mathematics 2023, 11, 4072. [Google Scholar] [CrossRef]
  65. Ktit, M.; Khalaf, B.A. Corporate governance, corporate social responsibility, and dividends in Europe. Corp. Ownersh. Control. 2024, 21, 39–46. [Google Scholar] [CrossRef]
  66. Ahmed, O.; Khalaf, B.A.; Awad, A.B. “Impact of Corporate Social Responsibility and Corporate Governance on the Performance of Nonfinancial Companies” {Special Issue}. Corp. Gov. Organ. Behav. Rev. 2023, 7, 370–379. [Google Scholar] [CrossRef]
  67. Dsouza, S.; Rabbani, M.R.; Hawaldar, I.T.; Jain, A.K. Impact of Bank Efficiency on the Profitability of the Banks in India: An Empirical Analysis Using Panel Data Approach. Int. J. Financ. Stud. 2022, 10, 93. [Google Scholar] [CrossRef]
  68. Mohanty, B.K.; Krishnankutty, R. Determinants of Profitability in Indian Banks in the Changing Scenario. Int. J. Econ. Financ. Issues 2018, 8, 235–240. [Google Scholar]
  69. Abu Khalaf, B.; Awad, A.B. Exploring the Bearing of Liquidity Risk in the Middle East and North Africa (MENA) Banks. Cogent Econ. Financ. 2024, 12, 2330840. [Google Scholar] [CrossRef]
  70. Theiri, S.; Hadoussa, S. Digitization effects on banks’ financial performance: The case of an African country. Compet. Rev. Int. Bus. J. 2023, 34, 144–162. [Google Scholar] [CrossRef]
  71. Chun, S.; Ardaaragchaa, N. Analysis of Factors Affecting the Loan Growth of Banks with a Focus on Non-Performing Loans. J. Risk Financ. Manag. 2024, 17, 203. [Google Scholar] [CrossRef]
  72. Chand, S.A.; Kumar, R.R.; Stauvermann, P.J.; Shahbaz, M. Determinants of Bank Profitability—Do Institutions, Globalization, and Global Uncertainty Matter for Banks in Island Economies? The Case of Fiji. J. Risk Financ. Manag. 2024, 17, 218. [Google Scholar] [CrossRef]
  73. Khalaf, B.A. The impact of board diversity on the performance of banks [Special issue]. Corp. Gov. Organ. Behav. Rev. 2022, 6, 275–283. [Google Scholar] [CrossRef]
  74. Abu Khalaf, B.; Awad, A.B.; Omnia, A.; Gharios, R.T. The Role of FinTech in Determining the Performance of Banks: The Case of Middle East & North Africa (MENA) Region. Int. J. Membr. Sci. Technol. 2023, 10, 1525–1535. [Google Scholar] [CrossRef]
  75. Ismail, A.R. The Influence of Perceived Social Media Marketing Activities on Brand Loyalty: The Mediation Effect of Brand and Value Consciousness. Asia Pac. J. Mark. Logist. 2017, 29, 129–144. [Google Scholar] [CrossRef]
  76. Degryse, H.; De Jonghe, O.; Jakovljević, S.; Mulier, K.; Schepens, G. Identifying credit supply shocks with bank-firm data: Methods and applications. J. Financ. Intermediation 2019, 40, 100813. [Google Scholar] [CrossRef]
  77. Masrianto, A.; Hartoyo, H.; Hubeis, A.V.S.; Hasanah, N. Digital Marketing Utilization Index for Evaluating and Improving Company Digital Marketing Capability. J. Open Innov. Technol. Mark. Complex. 2022, 8, 153. [Google Scholar] [CrossRef]
  78. Yaseen, H.; Al-Adwan, A.; Al-Madadha, A. Digital marketing adoption among smes in Jordan: A mixed-method approach. J. Theor. Appl. Inf. Technol. 2019, 97, 1401–1412. [Google Scholar]
  79. Gibson, C. The Most Effective Digital Marketing Strategies & Approaches: A Review of Literature. Int. J. Sci. Res. Publ. 2018, 8, 12–16. [Google Scholar]
  80. Vial, G. Understanding Digital Transformation: A Review and a Research Agenda. J. Strateg. Inf. Syst. 2019, 28, 118–144. [Google Scholar] [CrossRef]
  81. Trainor, K. Relating Social Media Technologies to Performance: A Capabilities-Based Perspective. J. Pers. Sell. Sales Manag. 2012, 32, 317–331. [Google Scholar] [CrossRef]
  82. de Vries, L.K.; Gensler, S.; Leeflang, P.S.H. Popularity of Brand Posts on Brand Fan Pages: An Investigation of the Effects of Social Media Marketing. J. Interact. Mark. 2012, 26, 83–91. [Google Scholar] [CrossRef]
  83. Aldouri, S.N.M. Internet of things application in digital marketing to improve the efficacy of a company. Econ. Ann. XXI 2023, 204, 15–20. [Google Scholar] [CrossRef]
  84. Li, T.T.; Wang, K.; Sueyoshi, T.; Wang, D.D. ESG: Research Progress and Future Prospects. Sustainability 2021, 13, 11663. [Google Scholar] [CrossRef]
  85. Fan, Z.; Lai, X.; Guo, C. ESG Disclosure and Investment-Financing Maturity Mismatch: Evidence from China. Res. Int. Bus. Financ. 2024, 70, 102312. [Google Scholar] [CrossRef]
  86. Zhang, D. Does Green Finance Really Inhibit Extreme Hypocritical ESG Risk? A Green Washing Perspective Exploration. Energy Econ. 2023, 121, 106688. [Google Scholar] [CrossRef]
  87. Chen, S.; Song, Y.; Gao, P. Environmental, Social, and Governance (ESG) Performance and Financial Outcomes: Analyzing the Impact of ESG on Financial Performance. J. Environ. Manag. 2023, 345, 118829. [Google Scholar] [CrossRef] [PubMed]
  88. Awad, A.B.; Khalaf, B.A.; Afzal, A. The Power of Board Size and Gender Diversity on the Value of Companies Listed on Emerging Markets. Corp. Law Gov. Rev. 2023, 5, 128–139. [Google Scholar] [CrossRef]
  89. Chen, Y.K.; Shen, C.H.; Kao, L.; Yeh, C.Y. Bank liquidity risk and performance. Rev. Pac. Basin Financ. Mark. Policies 2018, 21, 1850007. [Google Scholar] [CrossRef]
  90. Rahman, M.M.; Chowdhury, A.A.; Mouri, D.E.Y. Relationship between Risk-taking, Capital Regulation and Bank Performance: Empirical Evidence from Bangladesh. Eurasian J. Bus. Econ. 2018, 11, 29–57. [Google Scholar] [CrossRef]
  91. Ozili, P. K Determinants of Bank Profitability and Basel Capital Regulation: Empirical Evidence from Nigeria. Res. J. Financ. Account. 2015, 6, 124–131. [Google Scholar] [CrossRef]
  92. Majumder, M.T.H.; Li, X. Bank risk and performance in an emerging market setting: The case of Bangladesh. J. Econ. Financ. Adm. Sci. 2018, 23, 199–229. [Google Scholar] [CrossRef]
  93. Zaharum, Z.; Latif, R.A.; Isa, M.A.M.; Hanafi, M.H. The Influence of Liquidity Management on Banks’ Profitability. Int. J. Acad. Res. Bus. Soc. Sci. 2022, 12, 820–829. [Google Scholar] [CrossRef] [PubMed]
  94. Senan, N.A.M.; Anagreh, S.; Al-Dalaien, B.O.A.; Almugari, F.; Khaled, A.S.; Al-Homaidi, E.A. Working capital management and banks’ performance: Evidence from India. J. Asian Financ. Econ. Bus. 2021, 8, 747–758. [Google Scholar]
  95. Dzapasi, F.D. The impact of Liquidity Management on Bank Financial Performance in a subdued economic environment: A case of the Zimbabwean Banking Industry. PM World J. 2020, IX, 1–20. [Google Scholar]
  96. Mulbah, K.T.; Kurbonov, S.; Nasriddinov, B. The Effect of Bank Size, Net Interest Margin, and Capital Adequacy Ratio on Commercial Banks’ Return on Assets: Empirical Evidence from Tanzania. Eur. Sci. Inst. 2024, 474–493. [Google Scholar] [CrossRef]
  97. Tan, Y.; Floros, C.; Anchor, J.R. The Profitability of Chinese Banks: Impacts of Risk, Competition and Efficiency. Rev. Account. Financ. 2017, 16, 86–105. [Google Scholar] [CrossRef]
  98. Khalaf, B.A. An empirical investigation of the impact of firm characteristics on the smoothness of dividend. Corp. Gov. Organ. Behav. Rev. 2022, 6, 122–133. [Google Scholar] [CrossRef]
  99. Brastama, R.F.; Yadnya, I.P. The effect of capital adequacy ratio and non performing loan on banking stock prices with profitability as intervening variable. Am. J. Humanit. Soc. Sci. Res. 2020, 4, 43–49. [Google Scholar]
  100. Jolevski, L. Non-performing loans and profitability indicators: The case of the Republic of Macedenia. J. Contemp. Econ. Bus. Issues 2017, 4, 5–20. [Google Scholar]
  101. Sharma, S. Marketing in the Digital Age—Adapting to Changing Consumer Behavior. Int. J. Manag. Bus. Intell. 2024, 2, 1–14. [Google Scholar] [CrossRef]
  102. Carvalho, P. Revitalizing Business Tourism in the European Union: Strategies for Growth. Adm. Sci. 2023, 13, 180. [Google Scholar] [CrossRef]
  103. Blatter, M.; Fuster, A. Scale Effects on Efficiency and Profitability in the Swiss Banking Sector. Swiss J. Econ. Stat. 2022, 158, 12. [Google Scholar] [CrossRef] [PubMed]
  104. Alam, A.W.; Farjana, A.; Houston, R. State-level economic policy uncertainty (EPU) and firm financial stability: Is there any political insurance? Econ. Lett. 2023, 225, 111027. [Google Scholar] [CrossRef]
  105. Gazi, M.A.I.; Nahid, M.N.; Harymawan, I.; Masud, A.; Dhar, B.K. Impact of COVID-19 on Financial Performance and Profitability of Banking Sector in Special Reference to Private Commercial Banks: Empirical Evidence from Bangladesh. Sustainability 2022, 14, 6260. [Google Scholar] [CrossRef]
  106. Eccles, R.G.; Klimenko, S. The Investor Revolution: Shareholders Are Getting Serious About Sustainability. Harv. Bus. Rev. 2019, 97, 106–116. [Google Scholar]
  107. Nicolo, G.; Sannino, G.; Iorio, S.D. Gender diversity and online intellectual capital disclosure: Evidence from Italian-listed firms. J. Public Aff. 2022, 22, e2706. [Google Scholar] [CrossRef]
  108. Zhao, C.; Guo, Y.; Yuan, J.; Wu, M.; Li, D.; Zhou, Y.; Kang, J. ESG and Corporate Financial Performance: Empirical Evidence from China’s Listed Power Generation Companies. Sustainability 2018, 10, 2607. [Google Scholar] [CrossRef]
  109. Menicucci, E.; Paolucci, G. ESG dimensions and bank performance: An empirical investigation in Italy. Corporate Governance. Int. J. Bus. Soc. 2022, 23, 563–586. [Google Scholar] [CrossRef]
  110. Bansal, P.; Kim, A.; Wood, M.O. Hidden in Plain Sight: The Importance of Scale in Organizations’ Attention to Issues. Acad. Manag. Rev. 2017, 43, 217–241. [Google Scholar] [CrossRef]
  111. Pricopoaia, O.; Susanu, I. The Impact of Using Social Media Platforms in Business Promotion. In Proceedings of the International Management Conference, Bucharest, Romania, 3–4 November 2022. [Google Scholar] [CrossRef]
  112. Alghizzawi, M.; Alzghoul, A.; Alhanatleh, H.; Omeish, F.; Abdrabbo, T.; Ezmigna, I. Short Video Marketing and Consumer Engagement: Mediating Effect of Social Sharing. Int. J. Data Netw. Sci. 2024, 8, 1379–1386. [Google Scholar] [CrossRef]
  113. He, F.; Ding, C.; Yue, W.; Liu, G. ESG performance and corporate risk-taking: Evidence from China. Int. Rev. Financ. Anal. 2023, 87, 102550. [Google Scholar] [CrossRef]
Table 1. Expected impact of digital marketing on performance based on relevant theories.
Table 1. Expected impact of digital marketing on performance based on relevant theories.
Variable Expected Impact TheoryReferences
Digital Marketing Index PositiveResource-Based View Theory and Innovation Diffusion Theory[6,18,19]
Table 2. Sampling procedure.
Table 2. Sampling procedure.
Sampling ProcedureDescriptionTotal PopulationSample Size
1All listed financial companies in the MENA region120-
2Data availability consideration-78
3Selection of companies with data-78
4Period covered-2010–2023
CountryPopulationFinal Sample
Bahrain85
Kuwait107
Oman74
Qatar95
Saudi Arabia118
UAE1713
Jordan159
Turkey118
Egypt137
Tunisia127
Morocco75
Total12078
Author Collection and Analysis
Table 3. Measurement of Variables.
Table 3. Measurement of Variables.
VariablesAbbreviationMeasurementData SourceReferences
Dependent Variable
Market ShareMSBank assets divided by total assets of all banks.Refinitiv Eikon [53,54]
Return on AssetsROANet income divided by total assets.Refinitiv Eikon[55,56]
Independent Variables
Digital Marketing Presence IndexDMPIA weighted score of banks digital marketing availability.Annual Reports and Banks’ Websites[57,58]
Control Variables (Sustainability Reporting)
ESGESG ScoreScore range from 0 to 100.Refinitiv Eikon[59,60]
Control Variables (Bank Characteristics)
Capital Adequacy CADThe value of total net capital sources, calculated in accordance with Basel accords or local capital risk regulations.Refinitiv Eikon[61,62]
LiquidityLiqA percentile rank that reflects only the liquidity factors of the smart ratios. Range from 0 to 100.Refinitiv Eikon[63,64]
SizeSizeNatural logarithm of total assets.Refinitiv Eikon[65,66]
Cost EfficiencyCEFFOverhead expenses as a percentage of revenues.Refinitiv Eikon[67,68]
Control Variables (Macroeconomic Variables)
GDPGDPAnnual percentage in growth rate of GDP.World Bank Data Base[69,70]
InflationINFAnnual percentage of consumer price index.World Bank Data Base[7,71]
Table 4. Descriptive statistics.
Table 4. Descriptive statistics.
StatisticsROAMSDMPIESGSizeCADLiqCEFFGDPInf
Mean0.0490.05240.96145.29619.6280.08935.2850.2510.0240.021
St. Dev.1.9271.9962.96310.9583.7140.0820.4671.9202.1082.337
Minimum0.0180.01510.935.84915.9640.04510.4960.107−0.059−0.048
Maximum0.0920.18490.82296.18228.490.12750.4600.4060.0920.087
Count1092109210921092109210921092109210921092
Author Collection and Analysis.
Table 5. Correlation matrix.
Table 5. Correlation matrix.
ROADMPIESGSIZECADLiqCEFFGDPInf
ROA1
DMPI0.049 ***1
ESG0.076 **0.026 ***1
SIZE0.134 *** 0.016 ***0.017 ***1
CAD0.0600.031 **0.003 ***0.194 ***1
Liq0.103 ***0.047 **0.179 ***0.046 ***0.162 ***1
CEFF−0.066−0.326 ***−0.2600.084 **−0.1140.052 ***1
GDP0.136 *−0.023 *−0055 **−0.063 *−0.036 ***−0.048 ***−0.056 **1
Inf0.1080.0700.1080.1450.0710.094−0.0740.0461
VIF1.6251.9522.1561.7581.6231.5891.9961.4741.540
Author Analysis: ***, **, * stands for 1 percent, 5 percent and 10 percent significancy, respectively.
Table 6. Tobit regression results.
Table 6. Tobit regression results.
ROAMS
VariablesCoefficientSigCoefficientSig
DMPI0.0620.0000.0790.000
ESG0.1790.0000.1320.000
Size0.0930.0000.0760.000
CAD0.0580.0560.0420.049
Liq−0.0310.000−0.0570.010
CEFF−0.0760.000−0.0600.000
GDP0.0320.0500.0430.042
Inf0.1160.0530.1230.039
Intercept1.4630.3361.2650.449
Log Likelihood−1965.263−1862.265
Pseudo R20.4980.524
Table 7. Maximum likelihood estimation results.
Table 7. Maximum likelihood estimation results.
ROAMS
VariablesCoefficientSigCoefficientSig
DMPI0.0710.0000.0520.000
ESG0.1240.0000.1640.000
Size0.1360.0000.1970.000
CAD0.0920.0000.0260.000
Liq−0.0470.000−0.0180.010
CEFF−0.0190.000−0.0720.000
GDP0.0270.0250.0230.010
Inf0.0830.0420.1880.026
Intercept1.7160.4691.6520.514
Log Likelihood−2652.141−2635.974
Wald Chi296.159
(0.000)		98.265
(0.000)
Disclaimer/Publisher’s Note: The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of MDPI and/or the editor(s). MDPI and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.

Share and Cite

MDPI and ACS Style

Gharios, R.; Abu Khalaf, B. Digital Marketing’s Effect on Middle East and North Africa (MENA) Banks’ Success: Unleashing the Economic Potential of the Internet. Sustainability 2024, 16, 7935. https://doi.org/10.3390/su16187935

AMA Style

Gharios R, Abu Khalaf B. Digital Marketing’s Effect on Middle East and North Africa (MENA) Banks’ Success: Unleashing the Economic Potential of the Internet. Sustainability. 2024; 16(18):7935. https://doi.org/10.3390/su16187935

Chicago/Turabian Style

Gharios, Robert, and Bashar Abu Khalaf. 2024. "Digital Marketing’s Effect on Middle East and North Africa (MENA) Banks’ Success: Unleashing the Economic Potential of the Internet" Sustainability 16, no. 18: 7935. https://doi.org/10.3390/su16187935

Note that from the first issue of 2016, this journal uses article numbers instead of page numbers. See further details here.

Article Metrics

Back to TopTop