The Impact of Digital Transformation on Firm Performance - An Empirical Study Based on Business Administration Perspective
oraz
19 mar 2025
O artykule
Data publikacji: 19 mar 2025
Otrzymano: 01 lis 2024
Przyjęty: 03 lut 2025
DOI: https://doi.org/10.2478/amns-2025-0518
Słowa kluczowe
© 2025 Ying Wang et al., published by Sciendo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Descriptive statistics of major variables
| Count | Mean | SD | Min | P50 | Max | |
|---|---|---|---|---|---|---|
| Tobin Q | 3640 | 2.084 | 1.207 | 0.849 | 1.592 | 7.468 |
| DIG | 3640 | 1.172 | 1.326 | 0.000 | 0.674 | 4.852 |
| ATO | 3640 | 1.328 | 1.697 | 0.605 | 1.103 | 8.172 |
| Admin | 3640 | 1.533 | 1.574 | 1.009 | 1.326 | 4.938 |
| SALE | 3640 | 20.839 | 1.472 | 18.236 | 20.453 | 25.694 |
| ASSEET | 3640 | 22.319 | 1.306 | 18.942 | 22.047 | 26.589 |
| DAR | 3640 | 0.173 | 0.048 | 0.039 | 0.103 | 0.584 |
| OC | 3640 | 35.271 | 14.973 | 8.692 | 32.148 | 73.956 |
| LIQ | 3640 | 0.248 | 0.409 | 0.013 | 0.007 | 1.264 |
| AGE | 3640 | 8.429 | 0.537 | 5.342 | 8.376 | 13.974 |
Industry and regional heterogeneity analysis
| Variable | Industry properties | Regional difference | |||
|---|---|---|---|---|---|
| (1)High-tech industry | (2)Non-high-tech industry | (1)Eastern region | (2)Central region | (3)Western region | |
| Tobin Q | Tobin Q | Tobin Q | Tobin Q | Tobin Q | |
| DIG | 0.072*** (3.568) | 0.013 (0.971) | 0.079*** (4.726) | -0.003 (-0.006) | 0.037 (1.623) |
| Constant | 8.893*** (21.079) | 7.632*** (13.247) | 8.703*** (26.621) | 8.413*** (10.962) | 6.049*** (4.915) |
| Observed value | 1673 | 1967 | 1458 | 1782 | 400 |
| R2 | 0.326 | 0.283 | 0.317 | 0.309 | 0.281 |
| Control variable | Yes | Yes | Yes | Yes | Yes |
| Enterprise fixed effect | Yes | Yes | Yes | Yes | Yes |
| Year fixed effect | Yes | Yes | Yes | Yes | Yes |
Intermediate effect test
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| Tobin Q | ATO | Admin | Tobin Q | |
| DIG | 0.293*** (4.138) | 0.072*** (5.164) | 0.174*** (15.489) | 0.374*** (2.973) |
| ATO | 0.268*** (21.432) | |||
| Admin | 0.279*** (20.228) | |||
| SALE | 5.271*** (4.362) | 4.832*** (3.087) | 4.326*** (3.124) | 8.793*** (5.842) |
| ASSEET | 0.674** (0.628) | 0.725*** (0.612) | 1.836*** (1.438) | 3.257*** (2.871) |
| DAR | 0.932* (1.407) | 0.998*** (1.402) | 1.356*** (2.749) | 3.443*** (3.092) |
| OC | 0.278*** (0.924) | 0.352*** (2.389) | 0.694*** (3.256) | 1.834*** (3.598) |
| LIQ | 0.087* (0.448) | 0.573*** (1.347) | 0.718*** (1.352) | 1.826*** (2.079) |
| AGE | -0.362*** (-1.376) | -2.371*** (-1.974) | -1.794*** (-2.082) | -1.326*** (-2.274) |
| Constant | 2.479*** (0.594) | -0.348*** (-33.271) | 12.874*** (43.263) | 0.482*** (32.935) |
| R2 | 0.398 | 0.352 | 0.397 | 0.413 |
| Observed value | 3640 | 3640 | 3640 | 3640 |
| Enterprise fixed effect | Yes | Yes | Yes | Yes |
| Year fixed effect | Yes | Yes | Yes | Yes |
Digital transformation category
| Serial number | Lexical theme | Serial number | Lexical theme |
|---|---|---|---|
| Cluster 1 | Internet technology | Cluster 7 | Mobile payment |
| Cluster 2 | Communication technology | Cluster 8 | Intelligent decision-making and management |
| Cluster 3 | Data analysis and processing | Cluster 9 | Information control system |
| Cluster 4 | Cloud computing | Cluster 10 | Digital network |
| Cluster 5 | Artificial intelligence | Cluster 11 | Block chain technology |
| Cluster 6 | Virtual reality | Cluster 12 | Bio-identification |
Robustness test
| Variable | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| ROE | Tobin Q | Tobin Q | SIG | Tobin Q | |
| DIG | 0.039*** (2.68) | 0.273*** (4.12) | 0.548** (2.043) | ||
| DIG-t | 0.091*** (2.479) | ||||
| IV | 0.019*** (4.962) | ||||
| Constant | 0.956** (2.29) | 2.548 (0.573) | 1.582*** (10.095) | 8.309*** (42.876) | -2.038 (-0.742) |
| Observed value | 3640 | 3640 | 3640 | 3640 | 3640 |
| R2 | 0.973 | 0.284 | 0.048 | 0.217 | 0.262 |
| Control variable | Yes | Yes | Yes | Yes | Yes |
| Enterprise fixed effect | Yes | Yes | Yes | Yes | Yes |
| Year fixed effect | Yes | Yes | Yes | Yes | Yes |
Heterogeneity analysis of economic policy uncertainty
| Variable | The uncertainty of economic policy | |
|---|---|---|
| (1) High uncertainty | (2) Low uncertainty | |
| Tobin Q | Tobin Q | |
| DIG | 0.039* (1.942) | 0.271*** (5.684) |
| Constant | 8.132*** (17.423) | 9.628*** (25.371) |
| Observed value | 1739 | 1901 |
| R2 | 0.217 | 0.384 |
| Control variable | Yes | Yes |
| Enterprise fixed effect | Yes | Yes |
| Year fixed effect | Yes | Yes |
Benchmark regression results
| Variable | (1) | (2) |
|---|---|---|
| Tobin Q | Tobin Q | |
| DIG | 0.172** (1.936) | 0.293*** (4.138) |
| SALE | 5.271*** (4.362) | |
| ASSEET | 0.674** (0.628) | |
| DAR | 0.932* (1.407) | |
| OC | 0.278*** (0.924) | |
| LIQ | 0.087* (0.448) | |
| AGE | -0.362*** (-1.376) | |
| Constant | 1.473*** (4.832) | 2.479*** (0.594) |
| Observed value | 3640 | 3640 |
| R2 | 0.047 | 0.398 |
| Enterprise fixed effect | Yes | Yes |
| Year fixed effect | Yes | Yes |