{"title":"Does Digital Transformation Alleviate Stock Price Delays: Evidence from China*","authors":"Panpan Feng, Jiangwu Pang, Seongil Jeon","doi":"10.1111/ajfs.12489","DOIUrl":null,"url":null,"abstract":"<p>This study uses data from Chinese A-share listed firms from 2009 to 2021 to explore how enterprise digital transformation affects stock price delays. We find that implementing enterprise digital transformation significantly alleviates stock price delays. The mechanism analysis shows that enterprise digital transformation significantly alleviates stock price delays in enterprises with high information transparency and robust internal control. Heterogeneity analysis indicates that digital transformation's alleviating effect on stock price delays is stronger for non-SOEs and enterprises with high industry competition. This study provides valuable insights into alleviating stock price delays, thus enhancing capital market pricing efficiency.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"53 5","pages":"532-554"},"PeriodicalIF":1.8000,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajfs.12489","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asia-Pacific Journal of Financial Studies","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/ajfs.12489","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
This study uses data from Chinese A-share listed firms from 2009 to 2021 to explore how enterprise digital transformation affects stock price delays. We find that implementing enterprise digital transformation significantly alleviates stock price delays. The mechanism analysis shows that enterprise digital transformation significantly alleviates stock price delays in enterprises with high information transparency and robust internal control. Heterogeneity analysis indicates that digital transformation's alleviating effect on stock price delays is stronger for non-SOEs and enterprises with high industry competition. This study provides valuable insights into alleviating stock price delays, thus enhancing capital market pricing efficiency.
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