Research on the Moderating Role of Niche Winners Trait on the Relationship Among Digital Transformation,Firm Growth and Performance Volatility
Based on the samples of the listed firms in Shannghai and Shenzhen Stock Exchanges from 2010 to 2020,this study investigates the impact of niche winners trait on the relationships among digital transformation,firm growth and performance volatility under the influence of different envi-ronmental factors.The results show that digital transformation promotes firm growth,but at the same time increases performance volatility.Moreover,the niche winners trait strengthens the promo-ting effect of digital transformation on firm growth,and weakens the amplifying effect of digital trans-formation on performance volatility,which reduce the risk of digital transformation.Therefore,the niche winners trait optimizes the effect of digital transformation in both positive and negative aspects.Furthermore,the stronger the environmental technology volatility and the higher the competition in-tensity,the more the two optimization effects of niche winners trait on the effect of digital transforma-tion will be strengthened.Meanwhile,the environmental capital intensity has a heterogeneous impact on the role of the niche winners trait.
digital transformationniche winnersfirm growthperformance volatilityenviron-mental factor
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