A Study of Peer Effects in the Digital Transformation of Listed Companies in Tourism and Related Service Enterprises
In the context of an increasingly digitalized landscape,digital transformation has emerged as a pivotal strategic decision for numerous tourism enterprises aiming to enhance their business efficacy and secure a sustainable competitive edge.However,this trend raises a critical inquiry,namely,is it indicative of a deliberate learning and adaptation process underpinned by rational deliberation,or is it merely indicative of irrational conformity?Furthermore,the mechanisms and trajectories underlying this phenomenon remain to be elucidated,and it is imperative to assess whether the widespread adoption of digital transformation strategies is beneficial for the growth and development of tourism enterprises.Clarity on these issues is yet to be achieved in the literature.To address these issues,we use a sample of listed companies in tourism and related service enterprises for the period 2007-2021,and empirically examine the existence of a digital transformation peer effect,the influencing factors,and the behavior patterns in the formation of the peer effect.Our findings reveal,first,that there is an obvious industry peer effect in the digital transformation of listed companies in tourism and related service enterprises;that is,when making digital transformation decisions,enterprises are influenced by the digital transformation of other enterprises in their industry peer groups.Second,we find that imitation of information acquisition and competition are part of the industry peer effect,and that high levels of uncertainty and competition in the enterprises'environments enhance the digital transformation peer effect.Third,our research reveals that the peer effect of digital transformation follows the laws of logical imitation and imitation from within to without.This is indicated by the fact that enterprises are more likely to be influenced by the digital transformation of enterprises with similar performance or the same type of property rights.Fourth,we find that the logical digital transformation peer effect can significantly improve the short-term performance and long-term value of tourism and related service enterprises.In summary,in this study,we delve into the collective behavioral patterns underpinning the strategy of digital transformation across various enterprises through this exploration,we provide micro-level insights into the factors that are instrumental in enhancing the digitalization efforts of China's tourism and related service enterprises that can facilitate a more effective digital transformation process,and contribute to the development of an increasingly sophisticated,high-quality tourism industry.The findings of this study not only broaden the theoretical understanding of digital transformation strategies in the tourism sector but also provide practical guidance for industry practitioners aiming to navigate the complexities of digital integration and innovation.
tourism and related services industrydigital transformationpeer effectsinformation-based imitationrivalry-based imitation
万方数据
维普
