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Summary
The article discusses the digital transformation of firms, its measurement, factors influencing it, and its economic consequences. A systematic review of 1399 papers from 2011 to 2024 is conducted using bibliometric and content analysis methods.
Highlights
- Digital transformation is a complex and systematic process that encompasses the application of digital technologies and the integration with organization, management, and business.
- The measurement of digital transformation is a key issue, with existing literature employing text analysis to measure it.
- Internal and external factors, such as CEO background, government support, and venture capital, influence digital transformation.
- Digital transformation has a significant impact on corporate financing, investment, and firm value.
- The relationship between digital transformation and labor investment efficiency is an emerging research area.
- The impact of digital transformation on green innovation and environmental performance is a growing concern.
- The role of intellectual property protection in digital transformation is a significant research agenda.
Key Insights
- The measurement of digital transformation is a crucial aspect of understanding its impact on firms, and existing methods have limitations. A more precise framework is needed to capture the full range of digital transformation actions undertaken by firms.
- Internal factors, such as CEO background and equity capital, play a significant role in influencing digital transformation. However, the impact of infrastructure development on accelerating digital transformation is an emerging research area.
- Digital transformation has a significant impact on corporate financing, investment, and firm value. However, the relationship between digital transformation and labor investment efficiency is an emerging research area that requires further investigation.
- The impact of digital transformation on green innovation and environmental performance is a growing concern. Firms must balance financial and green performance during digital transformation, and the role of digital technologies in achieving cleaner development is an emerging research area.
- The role of intellectual property protection in digital transformation is a significant research agenda. Firms must protect their data assets and intellectual property to ensure sustainable development.
- The relationship between digital transformation and capital structure is an emerging research area. Firms must establish an optimal capital financing structure due to frictions such as bankruptcy costs, agency costs, and information asymmetry.
- Digital transformation requires relentless data capital investment, which is often constrained by a dilemma that imposes a stark trade-off between investment cost and returns. Firms must navigate this dilemma to achieve sustainable development.
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Citation
Zhang, P., & Wang, Y. (2024). Digital transformation: A systematic review and bibliometric analysis from the corporate finance perspective (Version 1). arXiv. https://doi.org/10.48550/ARXIV.2412.19817