Business Cycle and Corporate Digital Transformation:From the Perspective of Peer Effect and Hot-hand Effect
Under the background of the complex and changeable external environment,it is significant to investigate whether business cycle has effect on corporate digital transformation.The research findings show that corporate digital transformation presents the counter-cyclical character-istics.Further,findings show that corporate digital transformation has both of regional and industry peer effect,and both of the regional and industry peer effect have positive effect on counter-cyclical characteristic of digital transformation;there is also a hot-hand effect on managers'expectations for the future economy,but with the influence of managers'expectation,the corporate digital transfor-mation still presents the significant counter-cyclical characteristics.The heterogeneity tests show that the counter-cyclical characteristics of digital transformation is more substantial in the enterprises in high-level marketization regions,in low-competition industry and with high-level media attention.This paper examines the enterprises'decision-making of digital transformation from the perspective of macroeconomic fluctuations,and further based on the peer effect and the hot-hand effect explores the moderating effect of the relationship between business cycle and digital transformation,which theoretically enriches the research on the influencing factors of corporate digitalization,and realisti-cally provides the empirical evidences for enterprises making decisions of digital transformation.
Business cycleDigital transformationPeer effectHot-hand effect
NETL
NSTL
万方数据
维普
