The Impact of Digital Transformation on the Sustainable Growth of Specialized, Refined, Differentiated, and Innovative Enterprises: Based on the Perspective of Dynamic Capability Theory
Abstract
:1. Introduction
2. Theoretical Framework and Research Hypotheses
2.1. Theoretical Framework
2.2. Research Hypotheses
2.2.1. Digital Transformation and Sustainable Growth of SRDI Enterprises
2.2.2. Digital Transformation and Dynamic Capability
2.2.3. Dynamic Capability and Sustainable Growth of SRDI Enterprises
2.2.4. The Mediating Role of Dynamic Capability
3. Methodology
3.1. Sample and Data
3.2. Variable Definition
3.2.1. Dependent Variable
3.2.2. Independent Variable
3.2.3. Mediating Variables
- (1)
- Coordination and integration capability (CIC). Drawing on Zhang et al. [39], this study used the total asset turnover to measure the coordination and integration capability of enterprises.
- (2)
- Learning and absorption capability (LAC). This study drew on the study of Tsai [97] and used the ratio of the R&D expenditure to the operating revenue to measure the learning and absorption capability of enterprises.
- (3)
- Innovation and change capability (IRC). Drawing on Yang et al. [70], this study adopted the standardized sum of two indicators, namely, R&D investment intensity and the ratio of technical staff to total employees, to measure the innovation and change capability of enterprises.
3.2.4. Control Variables
3.3. Model Setting
4. Regression Results
4.1. Descriptive Statistics and Correlation Analysis
4.2. Regression Analysis
4.3. Robustness Tests and Endogeneity Treatment
4.4. Heterogeneity Analysis
4.4.1. Heterogeneity Analysis Based on Enterprise Size
4.4.2. Heterogeneity Analysis Based on Enterprise Ownership
4.4.3. Heterogeneity Analysis Based on Enterprise Industry Type
5. Research Conclusions and Insights
5.1. Research Conclusions
5.2. Theoretical Significance
5.3. Practical Significance
5.4. Research Limitations and Future Prospects
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Symbol | Variable | Measurement |
---|---|---|
Growth | Sustainable growth of SRDI enterprises | Tobin’s Q, market value of the enterprise/replacement cost of the asset |
Digit | Digital transformation | Frequency of digital transformation words in the annual report add 1 to take natural logarithms |
CIC | Coordination and integration capability | Total asset turnover |
LAC | Learning and absorption capability | R&D expenditure/operating revenue |
IRC | Innovation and change capability | Standardized sum of R&D investment intensity and ratio of technical staff to total employees. |
Age | Age of enterprise | Logarithmizeds enterprise years of establishment |
Equity | Concentration of equity | Shareholding ratio of the largest shareholder |
Capital | Capital structure | Gearing ratio |
Compete | Degree of market competition | Enterprise gross operating profit margin |
Profit | Enterprise profitability | Enterprise return on net assets |
Variables | N | Mean | S.D. | Min | Max |
---|---|---|---|---|---|
Growth | 1525 | 2.567 | 1.938 | 0.761 | 23.465 |
Digit | 1525 | 4.836 | 0.995 | 0.000 | 7.236 |
CIC | 1525 | 0.531 | 0.315 | 0.069 | 3.562 |
LAC | 1525 | 8.283 | 7.831 | 0.740 | 107.510 |
IRC | 1525 | 0.222 | 0.133 | 0.016 | 0.928 |
Age | 1525 | 2.984 | 0.258 | 1.946 | 3.738 |
Equity | 1525 | 0.626 | 0.138 | 0.226 | 1.000 |
Capital | 1525 | 0.282 | 0.155 | 0.019 | 0.784 |
Compete | 1525 | 0.388 | 0.170 | −0.077 | 0.964 |
Profit | 1525 | 0.082 | 0.092 | −1.185 | 0.637 |
Variables | Growth | Digit | CIC | LAC | IRC | Age | Equity | Capital | Compete | Profit |
---|---|---|---|---|---|---|---|---|---|---|
Growth | 1.000 | |||||||||
Digit | 0.112 *** | 1.000 | ||||||||
CIC | 0.148 *** | 0.121 ** | 1.000 | |||||||
LAC | 0.217 *** | 0.213 *** | 0.138 *** | 1.000 | ||||||
IRC | 0.120 *** | 0.206 *** | 0.164 *** | 0.683 *** | 1.000 | |||||
Age | −0.029 *** | −0.185 *** | 0.040 | −0.234 *** | −0.206 *** | 1.000 | ||||
Equity | −0.215 *** | −0.059 ** | 0.267 *** | −0.088 *** | −0.094 *** | −0.145 *** | 1.000 | |||
Capital | −0.225 *** | 0.181 *** | 0.280 *** | −0.238 *** | −0.079 *** | −0.013 | −0.149 *** | 1.000 | ||
Compete | 0.320 *** | 0.026 | −0.294 *** | 0.481 *** | 0.226 *** | −0.124 *** | 0.054 ** | −0.481 *** | 1.000 | |
Profit | 0.161 *** | −0.035 | 0.481 *** | −0.219 *** | −0.139 *** | −0.013 | 0.338 *** | −0.107 *** | 0.310 *** | 1.000 |
Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) |
---|---|---|---|---|---|---|---|---|---|---|
Growth | CIC | LAC | IRC | Growth | Growth | Growth | Growth | Growth | Growth | |
L. Digit | 0.049 *** (0.012) | 0.018 ** (0.008) | 0.044 *** (0.010) | 0.025 *** (0.009) | 0.047 *** (0.012) | 0.041 *** (0.012) | 0.047 *** (0.012) | |||
CIC | 0.066 ** (0.052) | 0.094 ** (0.047) | ||||||||
LAC | 0.128 *** (0.038) | 0.090 ** (0.042) | ||||||||
IRC | 0.068 * (0.036) | 0.032 (0.040) | ||||||||
Age | −0.008 *** (0.076) | 0.085 (0.068) | −0.477 *** (0.092) | −0.435 *** (0.096) | −0.282 *** (0.098) | 0.055 (0.062) | 0.026 (0.061) | −0.016 (0.077) | 0.028 (0.076) | 0.004 (0.076) |
Equity | −0.006 *** (0.001) | 0.003 ** (0.001) | −0.004 ** (0.001) | 0.001 (0.001) | 0.002 (0.002) | −0.009 *** (0.001) | −0.009 *** (0.001) | −0.006 *** (0.001) | −0.006 *** (0.001) | −0.006 *** (0.001) |
Capital | −0.115 *** (0.031) | 0.130 *** (0.037) | −0.057 (0.038) | −0.023 (0.028) | −0.292 *** (0.039) | −0.081 *** (0.028) | −0.078 *** (0.027) | −0.128 *** (0.032) | −0.108 *** (0.031) | −0.114 *** (0.031) |
Compete | 0.650 *** (0.135) | −0.907 *** (0.156) | 1.496 *** (0.180) | 0.250 ** (0.124) | 0.078 ** (0.034) | 0.320 ** (0.144) | 0.499 *** (0.128) | 0.740 *** (0.141) | 0.498 *** (0.159) | 0.631 *** (0.137) |
Profit | 1.043 *** (0.185) | 2.749 *** (0.244) | −2.250 *** (0.256) | −0.340 ** (0.141) | 1.572 *** (0.447) | 1.278 *** (0.220) | 0.990 *** (0.197) | 0.774 *** (0.218) | 1.289 *** (0.224) | 1.070 *** (0.191) |
Industry | Control | Control | Control | Control | Control | Control | Control | Control | Control | Control |
Year | Control | Control | Control | Control | Control | Control | Control | Control | Control | Control |
Constant | −0.013 (0.020) | −0.046 *** (0.018) | 0.056 ** (0.024) | 0.014 (0.027) | −0.056 ** (0.023) | −0.055 *** (0.018) | −0.052 *** (0.018) | −0.009 (0.020) | −0.015 (0.020) | −0.013 (0.020) |
N | 1162 | 1162 | 1162 | 1162 | 1525 | 1525 | 1525 | 1162 | 1162 | 1162 |
Adj.R2 | 0.2342 | 0.5235 | 0.5158 | 0.1324 | 0.1109 | 0.3071 | 0.2846 | 0.2429 | 0.2698 | 0.2421 |
Variables | (1) | (2) | (3) | (4) |
---|---|---|---|---|
Growth-Rev | Growth | Growth | Growth | |
L. Digit | 0.078 ** (0.034) | |||
L. Digit-tech | 0.036 *** (0.014) | |||
L. Digit-app | 0.051 *** (0.012) | |||
L. Digit-excl2020 | 0.047 *** (0.013) | |||
Control Variables | Control | Control | Control | Control |
Industry | Control | Control | Control | Control |
Year | Control | Control | Control | Control |
Constant | −0.009 (0.041) | −0.007 (0.020) | −0.014 (0.020) | −0.019 (0.020) |
N | 1162 | 1162 | 1162 | 867 |
Adj.R2 | 0.1206 | 0.2478 | 0.2343 | 0.2409 |
Variables | (1) | (2) |
---|---|---|
L. Digit | Growth | |
Inter × Tele1984 | 0.212 *** (0.017) | |
L. Digit | 0.012 ** (0.006) | |
Control Variables | Control | Control |
Industry | Control | Control |
Year | Control | Control |
Constant | −2.853 *** (0.220) | −0.149 ** (0.075) |
N | 1162 | 1162 |
Adj.R2 | 0.3996 | 0.2381 |
Variables | (1) | (2) |
---|---|---|
Below Average Size | Above Average Size | |
Growth | Growth | |
L. Digit | 0.059 *** (0.017) | 0.048 *** (0.020) |
Control Variables | Control | Control |
Industry | Control | Control |
Year | Control | Control |
Constant | 0.010 (0.025) | −0.021 (0.030) |
N | 528 | 501 |
Adj.R2 | 0.3713 | 0.1611 |
Variables | (1) | (2) |
---|---|---|
State Owned | Non-State Owned | |
Growth | Growth | |
L. Digit | 0.048 (0.046) | 0.055 *** (0.012) |
Control Variables | Control | Control |
Industry | Control | Control |
Year | Control | Control |
Constant | −0.052 (0.098) | −0.009 (0.020) |
N | 94 | 1056 |
Adj.R2 | 0.2424 | 0.2343 |
Variables | (1) | (2) |
---|---|---|
Manufacturing Industry | Non-Manufacturing Industry | |
Growth | Growth | |
L. Digit | 0.047 *** (0.012) | 0.111 (0.070) |
Control Variables | Control | Control |
Industry | Control | Control |
Year | Control | Control |
Constant | −0.013 (0.021) | −0.028 (0.062) |
N | 1074 | 81 |
Adj.R2 | 0.2389 | 0.2236 |
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© 2024 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/).
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Sun, Z.; Hu, D.; Lou, X. The Impact of Digital Transformation on the Sustainable Growth of Specialized, Refined, Differentiated, and Innovative Enterprises: Based on the Perspective of Dynamic Capability Theory. Sustainability 2024, 16, 7823. https://doi.org/10.3390/su16177823
Sun Z, Hu D, Lou X. The Impact of Digital Transformation on the Sustainable Growth of Specialized, Refined, Differentiated, and Innovative Enterprises: Based on the Perspective of Dynamic Capability Theory. Sustainability. 2024; 16(17):7823. https://doi.org/10.3390/su16177823
Chicago/Turabian StyleSun, Zhongyuan, Di Hu, and Xuming Lou. 2024. "The Impact of Digital Transformation on the Sustainable Growth of Specialized, Refined, Differentiated, and Innovative Enterprises: Based on the Perspective of Dynamic Capability Theory" Sustainability 16, no. 17: 7823. https://doi.org/10.3390/su16177823