Can Digitalization Improve Enterprise Agency Behavior?An Empirical Study Based on A-share Listed Companies in China
In modern corporate governance,the agency problem caused by the separation of ownership and management rights has attracted much attention.Based on the data of Chinese A-share listed com-panies from 2005 to 2021,this study empirically examines the impact of enterprise digital transforma-tion on agency behavior by using a fixed effects model.The results show that there is a significant in-verted U-shaped relationship between enterprise digital transformation and agency behavior.In the in-itial stage of digital transformation,enterprise agency behavior intensifies.However,as the degree of digitalization increases and the mature application of information technology makes enterprise informa-tion more transparent,agency behavior is effectively restrained.The study also finds that government digital attention significantly strengthens the restraining effect of enterprise digital transformation on agency behavior and accelerates the recovery of the adverse effects of enterprise digital transformation.In addition,the inverted U-shaped relationship is more obvious in small enterprises and regions with a high level of marketization.This study enriches the relevant research on agency behavior,reveals the internal connection between enterprise digital transformation and agency behavior,provides useful in-sights for enterprises to optimize agency behavior,and provides an empirical basis for the government to formulate digital-related policies.
enterprise digital transformationagency behaviorinformation asymmetry theorygov-ernment digital attention
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