{"title":"数字化与非技术企业的绩效:来自 COVID-19 和自然灾害冲击的证据","authors":"José-Miguel Gaspar , Sumingyue Wang , Liang Xu","doi":"10.1016/j.jcorpfin.2024.102670","DOIUrl":null,"url":null,"abstract":"<div><p>Over the last decades, firms have been incorporating digital technologies into their operations, a process known as digitalization. Nevertheless, understanding the link between digitalization and firm performance remains challenging. We propose a new firm-level measure of digital intensity based on textual analysis of business descriptions and quarterly earnings calls. To overcome endogeneity, we use two quasi-natural experiments: the COVID-19 pandemic and shocks involving suppliers affected by U.S. natural disasters. Non-technological firms with higher pre-shock digital intensity experience higher abnormal returns, higher profitability, and higher revenue growth during the shocks. The supply chain is one of the areas through which digitalization contributes to significantly mitigate the effects of these shocks, thereby enhancing firm resilience.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"89 ","pages":"Article 102670"},"PeriodicalIF":7.2000,"publicationDate":"2024-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0929119924001329/pdfft?md5=978a1ccc5e3110ea8ae14609a1cf9d9d&pid=1-s2.0-S0929119924001329-main.pdf","citationCount":"0","resultStr":"{\"title\":\"Digitalization and the performance of non-technological firms: Evidence from the COVID-19 and natural disaster shocks\",\"authors\":\"José-Miguel Gaspar , Sumingyue Wang , Liang Xu\",\"doi\":\"10.1016/j.jcorpfin.2024.102670\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Over the last decades, firms have been incorporating digital technologies into their operations, a process known as digitalization. Nevertheless, understanding the link between digitalization and firm performance remains challenging. We propose a new firm-level measure of digital intensity based on textual analysis of business descriptions and quarterly earnings calls. To overcome endogeneity, we use two quasi-natural experiments: the COVID-19 pandemic and shocks involving suppliers affected by U.S. natural disasters. Non-technological firms with higher pre-shock digital intensity experience higher abnormal returns, higher profitability, and higher revenue growth during the shocks. The supply chain is one of the areas through which digitalization contributes to significantly mitigate the effects of these shocks, thereby enhancing firm resilience.</p></div>\",\"PeriodicalId\":15525,\"journal\":{\"name\":\"Journal of Corporate Finance\",\"volume\":\"89 \",\"pages\":\"Article 102670\"},\"PeriodicalIF\":7.2000,\"publicationDate\":\"2024-09-12\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S0929119924001329/pdfft?md5=978a1ccc5e3110ea8ae14609a1cf9d9d&pid=1-s2.0-S0929119924001329-main.pdf\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Corporate Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0929119924001329\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Corporate Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0929119924001329","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Digitalization and the performance of non-technological firms: Evidence from the COVID-19 and natural disaster shocks
Over the last decades, firms have been incorporating digital technologies into their operations, a process known as digitalization. Nevertheless, understanding the link between digitalization and firm performance remains challenging. We propose a new firm-level measure of digital intensity based on textual analysis of business descriptions and quarterly earnings calls. To overcome endogeneity, we use two quasi-natural experiments: the COVID-19 pandemic and shocks involving suppliers affected by U.S. natural disasters. Non-technological firms with higher pre-shock digital intensity experience higher abnormal returns, higher profitability, and higher revenue growth during the shocks. The supply chain is one of the areas through which digitalization contributes to significantly mitigate the effects of these shocks, thereby enhancing firm resilience.
期刊介绍:
The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.