Research on the Impact of Digital Investment on the Volatility of Business Performance
Digitalization is an iconic feature of economic and social development in the new era and is vital for the high-quality development of enterprises.Digital investment affects the level of digitization,which,in turn,affects business performance.This study employs a sample of listed companies from 2010 to 2021 to examine the impact of digital investment on the volatility of operating performance.The study finds that the greater a company's scale of digital,the less volatile its operating performance and the greater its stability.The mechanism test shows that digital investment can lessen performance volatility by increasing R&D investment,improving production efficiency,and optimizing internal control.The heterogeneity analysis shows that the impact of digital investment on performance volatility is more obvious when the sample enterprises have a high strategic difference and are in mature industries and manufacturing.This article enriches the research on the economic consequences of digital investment and provides listed companies a point of reference for their efforts to increase their level of digitization and reduce the volatility of their performance.
digital investmentperformance volatilityR&D investmentproductivity efficiencyinternal control
万方数据
维普
