Has the Digital Transformation of Leading Firms Improved the Inno-vation Output of Peer Non-leading Firms?
Based on the data of non-leading enterprises in various industries in Shanghai and Shenzhen A-share market from 2012 to 2021,we examine the spillover effect of digital transformation of industry-leading enterprises and its enabling effect on the high-quality development of peer non-leading enterprises.The study finds that:(1)digital transformation of leading firms significantly improves the innovation output of non-leading firms in the same industry,and this effect is mainly realized through two paths,namely the"lead-driven effect"and the"resource spillover effect";(2)differences in both firm traits and industry characteristics significantly moderate the strength of digital transforma-tion spillovers from leading firms;(3)the digital transformation of leading enterprises further empowers the high-quality development of peer non-leading enterprises after enhancing the innovation output of peer non-leading enterpris-es.The conclusion provides theoretical guidance and practical insights for the implementation of the innovation-driven development strategy of China's government as well as the promotion of enterprise innovation and industry high-quality development through digital transformation.
digital transformationinnovative capacityhigh-quality developmentspillover effects
NETL
NSTL
万方数据
