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<p>We examine how customer relationship management (CRM) and capital structure management (CSM) jointly shape performance in a crisis economy through the lens of the knowledge economy. Using panel data on 150 Russian consumer-facing firms for 2017–2020, the models include eCRM activation (website traffic), financial strength, R&amp;D intensity, and their interaction. eCRM relates positively to ROA, financial strength relates positively to ROA, and their interaction is positive, consistent with a system where eCRM generates customer knowledge and CSM preserves the slack that funds digital transformation and innovation. Robustness checks with alternative specifications confirm these patterns, and we read CRM and CSM as complementary knowledge assets that convert information and financial capacity into performance in crisis settings.</p>

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The Joint Effect of Customer Relationship Management and Capital Structure Management on Company’s Performance

  • 期刊论文

  • 发表日期：

    2026年2月18日

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  • Lubov Spitsina,
  • Darko B. Vukovic,
  • Vladislav Spitsin,
  • Ekaterina Gribanova

摘要

We examine how customer relationship management (CRM) and capital structure management (CSM) jointly shape performance in a crisis economy through the lens of the knowledge economy. Using panel data on 150 Russian consumer-facing firms for 2017–2020, the models include eCRM activation (website traffic), financial strength, R&D intensity, and their interaction. eCRM relates positively to ROA, financial strength relates positively to ROA, and their interaction is positive, consistent with a system where eCRM generates customer knowledge and CSM preserves the slack that funds digital transformation and innovation. Robustness checks with alternative specifications confirm these patterns, and we read CRM and CSM as complementary knowledge assets that convert information and financial capacity into performance in crisis settings.