Digital transformation and corporate risk taking: Evidence from China

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal Pub Date : 2024-07-19 DOI:10.1016/j.gfj.2024.101012

Hui Wu, Yu Wang

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引用次数: 0

Abstract

Companies' risk preference and risk performance, which reflect their inclination to seek higher returns, significantly influence their decisions and behaviors. The current development of digital transformation is an effective strategy to improve enterprises' competitiveness. Studies have earlier examined the functions of digitalization, such as improving business operations and efficiency. Using data from 2847 listed companies in China from 2011 to 2019, this study examines the extent of digital transformation in enterprises and its impact on their risk performance behavior. The results show that digital transformation significantly improves enterprises' risk performance. Mechanism testing shows that optimized corporate governance processes and increased investment in research and innovation act as positive intermediaries through which digitalization affects the level of corporate risk performance. These findings contribute to our understanding of the role of enterprises' digital transformation behavior and recommend relevant policies to facilitate a more effective path for enterprise development and reform.

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数字化转型与企业风险承担：来自中国的证据

企业的风险偏好和风险表现，反映了企业追求更高收益的倾向，对企业的决策和行为产生重要影响。当前，数字化转型的发展是提高企业竞争力的有效战略。此前已有研究探讨了数字化的功能，如改善企业运营、提高效率等。本研究利用 2011 年至 2019 年中国 2847 家上市公司的数据，考察了企业数字化转型的程度及其对企业风险绩效行为的影响。结果表明，数字化转型能显著提高企业的风险绩效。机制检验表明，优化公司治理流程和增加科研创新投入是数字化影响企业风险绩效水平的积极中介。这些发现有助于我们理解企业数字化转型行为的作用，并提出相关政策建议，为企业发展和改革提供更有效的路径。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Global Finance Journal BUSINESS, FINANCE-

CiteScore

7.30

自引率

13.50%

发文量

106

审稿时长

53 days

期刊介绍： Global Finance Journal provides a forum for the exchange of ideas and techniques among academicians and practitioners and, thereby, advances applied research in global financial management. Global Finance Journal publishes original, creative, scholarly research that integrates theory and practice and addresses a readership in both business and academia. Articles reflecting pragmatic research are sought in areas such as financial management, investment, banking and financial services, accounting, and taxation. Global Finance Journal welcomes contributions from scholars in both the business and academic community and encourages collaborative research from this broad base worldwide.