Driving corporate innovation through digital transformation: Evidence from China

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2025-09-22 DOI:10.1016/j.iref.2025.104649

Jian Zhang , Jinsong Zhao , Chin-Hsien Yu , Chi-Chuan Lee

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Abstract

This research investigates how digital transformation (DT) shapes corporate innovation, using data from 1620 Chinese A-share listed firms over the period 2011–2020. We employ the Digital Transformation Index from the CSMAR database, which captures dimensions including strategic leadership, technology application, organizational empowerment, and digital outcomes. Findings first show that DT significantly enhances firms’ innovation output by improving internal control quality, elevating information disclosure, and optimizing human capital structures. Second, strategic leadership and organizational empowerment notably play a more pivotal role in fostering innovation than does the technology-driven approach. Third, DT exerts a more pronounced positive impact in state-owned enterprises (SOEs), manufacturing firms, and high-tech enterprises. These findings deepen our understanding of the mechanisms through which DT propels innovation and offer practical insights for managers seeking to design effective digital strategies.

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通过数字化转型推动企业创新：来自中国的证据

本文利用2011-2020年1620家中国a股上市公司的数据，研究了数字化转型如何影响企业创新。我们采用了来自CSMAR数据库的数字化转型指数，该指数涵盖了战略领导力、技术应用、组织授权和数字化成果等维度。研究发现，DT通过改善内部控制质量、提高信息披露水平和优化人力资本结构显著提高了企业的创新产出。第二，战略领导和组织授权在促进创新方面明显比技术驱动的方法发挥更关键的作用。第三，创新对国有企业、制造业企业和高新技术企业的正向影响更为显著。这些发现加深了我们对数字化创新推动机制的理解，并为寻求设计有效数字化战略的管理者提供了实用的见解。

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

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.