Marketing managers generally have to make marketing decisions under financial constraints (i.e., the firm’s inability to generate cash flow for investments and marketing), with limited assurance of the outcomes. Little investigation has been made into the effect of financial constraints on marketing intensity and the subsequent effect on firm value and performance, particularly when it is a volatile environment (e.g., Latin America) that creates the financial constraints. Using a conceptual framework grounded in agency theory, the authors develop a model and test it using a panel data set from the United States and five Latin American countries. The results indicate that financial constraints have a negative effect on marketing intensity and ultimately negatively affect firm value and performance. Furthermore, this study confirms the effect of three moderators—market sensitivity, country governance quality, and country economic development distance—on the relationship between financial constraint and marketing intensity and helps explain differences across the United States and Latin America.

市场营销经理通常必须在财务约束（即公司无力为投资和市场营销产生现金流）的情况下做出市场决策，而对结果的保证有限。对于财务约束对营销强度的影响以及随后对公司价值和业绩的影响，很少进行调查，尤其是在动荡的环境（例如拉丁美洲）造成财务约束的情况下。使用基于代理理论的概念框架，作者开发了一个模型，并使用来自美国和五个拉丁美洲国家的面板数据集对其进行了测试。结果表明，财务约束对营销强度具有负面影响，并最终对公司价值和绩效产生负面影响。此外，