How does digital transformation predict the investment cycle in family enterprises?

IF 12.9 1区管理学 Q1 BUSINESS Technological Forecasting and Social Change Pub Date : 2024-11-26 DOI:10.1016/j.techfore.2024.123895

Jing Hao , Xingzi Ren , Huining Bi , Ji (George) Wu

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Abstract

This paper explores the impact of digital transformation on the investment efficiency of family enterprises. Using a multiperiod difference-in-differences (DID) model, the study finds that, compared with nonfamily enterprises, family enterprises experience a significant decline in investment efficiency following digital transformation. Mechanism tests indicate that increased agency costs and heightened risk-taking in family firms' post-digital transformation drive this decline. The negative effect is pronounced in firms with higher pre-transformation information quality and those with lower financial constraints. This study contributes to the literature by examining corporate digital transformation through the lens of investment cycles in family firms, thereby deepening our understanding of the economic consequences of technological cycles. Additionally, the findings offer valuable insights for family enterprises, guiding them in making informed decisions about digital transformation, developing effective adaptation strategies, and maximizing the benefits of technological advancements.

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数字化转型如何预测家族企业的投资周期？

本文探讨了数字化转型对家族企业投资效率的影响。通过使用多期差分（DID）模型，研究发现，与非家族企业相比，家族企业在数字化转型后的投资效率显著下降。机制测试表明，家族企业数字化转型后代理成本的增加和风险承担的加剧推动了投资效率的下降。这种负面影响在转型前信息质量较高和财务约束较低的企业中更为明显。本研究从家族企业投资周期的角度研究企业数字化转型，从而加深了我们对技术周期的经济后果的理解，为相关文献做出了贡献。此外，研究结果还为家族企业提供了有价值的启示，指导他们就数字化转型做出明智的决策，制定有效的适应战略，并最大限度地利用技术进步带来的好处。

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来源期刊

Technological Forecasting and Social Change Multiple-

CiteScore

21.30

自引率

10.80%

发文量

813

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