This paper empirically examines the impact of institutional investor group hugging on enterprise digital transformation using a sample of Chinese A-share listed companies from 2010 to 2021. The results show that institutional investor group hugging has a significant promotion effect on enterprise digital transformation, and governance effect, resource effect and risk tolerance effect are the main mechanisms of institutional investors group hugging to promote corporate digital transformation. Further research finds that the group hugging behavior can promote enterprise digital transformation only when institutional investors are stable; when the industry in which the enterprise operates is more competitive, the promotion effect of institutional investor group hugging on digital transformation is more obvious. The findings of this paper not only enrich the research related to institutional investors, but also provide an important reference for further promoting the digital transformation of enterprises and realizing economic high-quality development.
关键词
机构投资者抱团/企业数字化转型/经济高质量发展
Key words
institutional investor group hugging/enterprise digital transformation/economic high quality development
维普
万方数据