Digital Transformation Cohort Effects and Dual Innovation in Manufacturing Firms——Based on a Comparison Between the Projected Returns and Performance with the Level of Servitsation
The innovation-driven effect of digital transformation has gradually become a breakthrough point for the high-quality development of manufacturing enterprises,and the mutual learning and imitation of digital transformation among cohort enterprises has an important impact on enter-prise dual innovation.Taking Chinese A-share listed companies in Shanghai and Shenzhen from 2017 to 2022 as research samples,we explore the existence and causes of digital transformation industry and regional cohort effect,investigate the effect and mechanism of digital transformation cohort effect on dual innovation of manufacturing enterprises,examine the moderating effect of market competition intensity and environmental uncertainty level on the relationship between digital transformation cohort effect and dual innovation of manufacturing enterprises,and test the effect of digital transformation cohort effect and dual innovation of manufacturing enterprises under different The study examines the moderating effect of market com-petition intensity and environmental uncertainty level on the relationship between digital transformation cohort effect and dual innovation of manufac-turing enterprises,and tests the heterogeneity of the impact of digital transformation cohort effect on dual innovation of enterprises under different technological attributes,property rights and life cycle characteristics.The study finds that there are significant industry cohort effects and regional cohort effects of digital transformation in manufacturing enterprises,and both of them significantly promote dual innovation in manufacturing enter-prises through different paths,and this conclusion still holds after the robustness test and endogeneity test.Among them,the digital transformation industry cohort effect can significantly reduce the performance expectation gap of enterprises,and the digital transformation regional cohort effect helps to improve the level of enterprise servitising.It is further found that market competition intensity and environmental uncertainty level have an inverted U-shaped moderating effect and a positive moderating effect in the relationship between digital transformation industry cohort effect,re-gional cohort effect and dual innovation of manufacturing enterprises,respectively.Further heterogeneity tests show that the effect of digital transfor-mation cohort effect on dual innovation is more significant for non-state-owned enterprises,and the promotion effect of digital transformation co-hort effect on dual innovation is significantly stronger for non-state-owned enterprises and mature-phase enterprises than for state-owned enter-prises,and growth-phase and decline-phase enterprises.The findings of the study help to understand the strategic value of digital transformation,clarify the differences in the paths of digital transformation cohort effects on dual innovation in manufacturing enterprises,and provide theoretical ba-sis and practical reference for exerting the multiplier effect of digital transformation cohort effects,promoting the high-quality development of man-ufacturing enterprises,and constructing an innovative country.
Digital transformationDual innovationPerformance expectation gapService levelCohort effect
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