Information-Enabled Marketing Efficiency and Financial Performance in Centralized Finance (CeFi)—An International Study

This study examines the statistical associations between commercialization-related cost structures and financial outcomes on revenue growth, profitability, and scale within a centralized financial system. We estimate four OLS models (M1–M4) using aggregated annual data from 2020 to 2025 and enhance our analysis with a fuzzy cognitive map (FCM) scenario assessment. The findings demonstrate that revenue growth correlates positively with both SG&A growth and commercialization efficiency (revenue per unit of SG&A); however, SG&A intensity exhibits a negative relationship with net margins. Logarithmic estimations indicate a robust co-scaling between operational expenses and revenues, implying growth driven by capacity rather than operating leverage. Lagged analysis also reveals an intertemporal trade-off, wherein phases of accelerated SG&A expansion are succeeded by diminished subsequent growth. The findings underscore the necessity of differentiating between commercialization intensity and efficiency, and advise against viewing SG&A growth as a consistent alignment of financial performance.