  Analyzing the financial benefit of marketing is still a critical topic for
both practitioners and researchers. Companies consider marketing costs as a
type of investment and expect this investment to be returned to the company in
the form of profit. On the other hand, companies adopt different innovative
strategies to increase their value. Therefore, this study aims to test the
impact of marketing investment on firm value and systematic risk. To do so,
data related to four Arabic emerging markets during the period 2010-2019 are
considered, and firm share price and beta share are considered to measure firm
value and systematic risk, respectively. Since a firm's ownership concentration
is a determinant factor in firm value and systematic risk, this variable is
considered a moderated variable in the relationship between marketing
investment and firm value and systematic risk. The findings of the study, using
panel data regression, indicate that increasing investment in marketing has a
positive effect on the firm value valuation model. It is also found that the
ownership concentration variable has a reinforcing role in the relationship
between marketing investment and firm value. It is also disclosed that it
moderates the systematic risk aligned with the monitoring impact of controlling
shareholders. This study provides a logical combination of governance-marketing
dimensions to interpret performance indicators in the capital market.
