Does digital transformation matter for corporate risk-taking?

被引：261
|
作者：
Tian, Guangning [1 ]
Li, Bo [2 ]
Cheng, Yue [2 ]
机构：
[1] North China Elect Power Univ, Sch Econ & Management, 2 Beinong Rd, Beijing, Peoples R China
[2] Beijing Technol & Business Univ, Sch Econ, 33 Fucheng Rd, Beijing, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2022年 / 49卷
关键词：
Digital transformation; Corporate risk -taking; Operating flexibility; Financing availability; INCENTIVES;
D O I：
10.1016/j.frl.2022.103107
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper investigates how the digital transformation of firms affects their risk-taking in China. By using a panel of Chinese listed companies from 2007 to 2020, we find that digital transformation has a significant positive effect on corporate risk-taking. Furthermore, we show that digital transformation promotes corporate risk-taking by improving firms' operating flexibility and financing availability. Besides, the effect is more pronounced for non-state-owned firms and the firms operating in developed regions. Our findings provide insights on how digital transformation shapes corporate policies and supplement the existing literature in the determinants of corporate risk-taking.
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页数：9
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