Hand in hand or left behind: The dual impact of leading firms’ digital technologies on industry digital transformation

IF 3.8 3区经济学 Q1 BUSINESS, FINANCE North American Journal of Economics and Finance Pub Date : 2024-10-31 DOI:10.1016/j.najef.2024.102305

Chuanhui Liu , Zhongyuan Sheng , Xuetong Hu , Chunxiao Tian

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Abstract

This study, utilizing Chinese listed companies from 2007 to 2022, reveals that enterprises can improve their digital transformation strategies by learning from the digital technologies of industry-leading companies. By free-riding on technology adoption, enterprises can reduce their R&D investments in implementing digital transformation projects, as existing digital technologies can be copied and improved for their own use. Furthermore, we find that firms with stronger research capabilities are more efficient at learning from leading firms’ digital technologies. Better digital technologies not only optimize a firm’s strategic plan for digital transformation but also enhance the actual implementation of such projects. This enhancement is achieved by easing financing constraints and diversifying the upstream chain. Our findings are robust to alternative variable measures and endogeneity tests. Overall, we highlight the technological spillovers of digital technology innovations by leading firms, facilitating a deeper digital transformation of other firms through various governance channels.

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携手还是落后？领先企业的数字技术对行业数字化转型的双重影响

本研究以 2007 年至 2022 年的中国上市公司为研究对象，揭示了企业可以通过学习行业领先企业的数字化技术来改进其数字化转型战略。通过 "搭便车 "采用技术，企业可以减少在实施数字化转型项目时的研发投入，因为现有的数字化技术可以被复制和改进，为企业所用。此外，我们还发现，研究能力更强的企业在学习领先企业的数字技术方面效率更高。更好的数字化技术不仅能优化企业的数字化转型战略计划，还能增强这些项目的实际实施效果。这种提升是通过缓解融资限制和使上游产业链多样化来实现的。我们的研究结果对替代变量测量和内生性检验都是稳健的。总之，我们强调了领先企业数字技术创新的技术溢出效应，通过各种治理渠道促进了其他企业更深入的数字化转型。

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

North American Journal of Economics and Finance Multiple-

CiteScore

7.30

自引率

8.30%

发文量

168

期刊介绍： The focus of the North-American Journal of Economics and Finance is on the economics of integration of goods, services, financial markets, at both regional and global levels with the role of economic policy in that process playing an important role. Both theoretical and empirical papers are welcome. Empirical and policy-related papers that rely on data and the experiences of countries outside North America are also welcome. Papers should offer concrete lessons about the ongoing process of globalization, or policy implications about how governments, domestic or international institutions, can improve the coordination of their activities. Empirical analysis should be capable of replication. Authors of accepted papers will be encouraged to supply data and computer programs.