Changes in stock price synchronicity driven by digital transformation: The role of media attention and accounting conservatism

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-03-24 DOI:10.1016/j.frl.2025.107284

Zhengzheng Huang, Yanwei Hao

引用次数: 0

Abstract

This study analyzes a sample of A-share listed companies in China from 2010 to 2022. The results indicate that digital transformation effectively reduces the excessive level of stock price synchronicity, and this conclusion has been robustly tested through various sensitivity checks. The mediation analysis further confirms that digital transformation mitigates stock price synchronicity by increasing media attention. Moreover, as corporate accounting conservatism improves, the inhibitory effect of digital transformation is significantly strengthened. Finally, heterogeneity analysis reveals that the impact of digital transformation is more pronounced in large-scale firms and those in highly competitive industries.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance