Product personalization focus in the pharmaceutical industry and shareholder wealth: The roles of marketing capability and financial leverage

•Personalization focus has an inverted U-shaped relationship with stock returns.•Personalization focus has a U-shaped relationship with idiosyncratic risk.•Marketing capability enhances returns for firms with low or high personalization.•Marketing capability reduces risk for firms with low or high personalization.•Financial leverage reduces returns for firms with low or high personalization.•Financial leverage enhances risk for firms with low or high personalization.