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

IF 7.2 1区 经济学 Q1 BUSINESS, FINANCE
José-Miguel Gaspar , Sumingyue Wang , Liang Xu
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引用次数: 0

摘要

在过去几十年里,企业一直在将数字技术融入其运营中,这一过程被称为数字化。然而,理解数字化与公司业绩之间的联系仍具有挑战性。我们基于对业务描述和季度收益电话会议的文本分析,提出了一种新的公司层面的数字化强度测量方法。为了克服内生性,我们使用了两个准自然实验:COVID-19 大流行和受美国自然灾害影响的供应商冲击。冲击前数字化强度较高的非技术企业在冲击期间会经历较高的异常回报、较高的盈利能力和较高的收入增长。供应链是数字化有助于显著减轻这些冲击影响,从而增强企业复原力的领域之一。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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.

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来源期刊
Journal of Corporate Finance
Journal of Corporate Finance BUSINESS, FINANCE-
CiteScore
11.80
自引率
3.30%
发文量
0
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.
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