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Digital transformation and corporate cash holding in China's A-share listed companies

Identifikátory výsledku

  • Kód výsledku v IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F75081431%3A_____%2F22%3A00002513" target="_blank" >RIV/75081431:_____/22:00002513 - isvavai.cz</a>

  • Výsledek na webu

    <a href="https://www-scopus-com.ezproxy.techlib.cz/record/display.uri?eid=2-s2.0-85147207696&origin=resultslist&sort=plf-f&src=s&st1=Digital+transformation+and+corporate+cash+holding+in+China%27s+A-share+listed+companies&sid=14153e009d33d5aa26724011dc9890fa&sot=b" target="_blank" >https://www-scopus-com.ezproxy.techlib.cz/record/display.uri?eid=2-s2.0-85147207696&origin=resultslist&sort=plf-f&src=s&st1=Digital+transformation+and+corporate+cash+holding+in+China%27s+A-share+listed+companies&sid=14153e009d33d5aa26724011dc9890fa&sot=b</a>

  • DOI - Digital Object Identifier

Alternativní jazyky

  • Jazyk výsledku

    angličtina

  • Název v původním jazyce

    Digital transformation and corporate cash holding in China's A-share listed companies

  • Popis výsledku v původním jazyce

    Research background: In the digital era, digital transformation has become a strategic imperative for leadership agenda. Many firms have accelerated their pace in digital transformation to improve their performance and competitiveness. Despite increasing attention in the literature on the role of digital transformation in firms’ operations, understanding the effect of digital transformation on corporate finance remains limited. This study focuses on cash holdings, which are essential for firms to survive and thrive. Purpose of the article: The aim of this paper is to examine the critical role of digital transformation on the cash holdings of listed firms in China and provide micro evidence regarding the economic consequences of the digital economy from firm level. This study also aims to deepen our understanding of the influence of digital transformation on firms’ operation and financial policy. Additionally, this paper attempts to provide relevant guidance for implementing policies to promote digital transformation and devise corresponding cash holding strategies. Methods: The text analysis method is used to measure the degree of digital transformation of China’s A-share listed companies. The sample covers 19,337 observations from 2007–2020. A multiple regression model with firm and year fixed effect is developed to investigate the relationship between digital transformation and corporate cash holdings. In the robustness test, this paper substitutes the independent and dependent variables, and adopts instrumental variable estimation method. In the mechanism test, this paper uses the sub-sample regression method in the mechanism test. Findings &amp; value added: This study reveals that digital transformation can significantly reduce corporate cash holdings by alleviating the precautionary motive, agency motive and transaction motive of cash holdings. Further analysis shows that the negative effect of digital transformation on cash holdings is more profound in high-tech firms and non-state-owned enterprises. The methodology applied in this paper can be used in other economic research of firms. This study provides insights into the effects of digital transformation on corporate financial policy. This provides a solution for reducing firms’ cash holdings. This study also deepens the understanding of digital transformation from a corporate perspective. Copyright © Instytut Badań Gospodarczych / Institute of Economic Research (Poland).

  • Název v anglickém jazyce

    Digital transformation and corporate cash holding in China's A-share listed companies

  • Popis výsledku anglicky

    Research background: In the digital era, digital transformation has become a strategic imperative for leadership agenda. Many firms have accelerated their pace in digital transformation to improve their performance and competitiveness. Despite increasing attention in the literature on the role of digital transformation in firms’ operations, understanding the effect of digital transformation on corporate finance remains limited. This study focuses on cash holdings, which are essential for firms to survive and thrive. Purpose of the article: The aim of this paper is to examine the critical role of digital transformation on the cash holdings of listed firms in China and provide micro evidence regarding the economic consequences of the digital economy from firm level. This study also aims to deepen our understanding of the influence of digital transformation on firms’ operation and financial policy. Additionally, this paper attempts to provide relevant guidance for implementing policies to promote digital transformation and devise corresponding cash holding strategies. Methods: The text analysis method is used to measure the degree of digital transformation of China’s A-share listed companies. The sample covers 19,337 observations from 2007–2020. A multiple regression model with firm and year fixed effect is developed to investigate the relationship between digital transformation and corporate cash holdings. In the robustness test, this paper substitutes the independent and dependent variables, and adopts instrumental variable estimation method. In the mechanism test, this paper uses the sub-sample regression method in the mechanism test. Findings &amp; value added: This study reveals that digital transformation can significantly reduce corporate cash holdings by alleviating the precautionary motive, agency motive and transaction motive of cash holdings. Further analysis shows that the negative effect of digital transformation on cash holdings is more profound in high-tech firms and non-state-owned enterprises. The methodology applied in this paper can be used in other economic research of firms. This study provides insights into the effects of digital transformation on corporate financial policy. This provides a solution for reducing firms’ cash holdings. This study also deepens the understanding of digital transformation from a corporate perspective. Copyright © Instytut Badań Gospodarczych / Institute of Economic Research (Poland).

Klasifikace

  • Druh

    J<sub>SC</sub> - Článek v periodiku v databázi SCOPUS

  • CEP obor

  • OECD FORD obor

    50200 - Economics and Business

Návaznosti výsledku

  • Projekt

  • Návaznosti

    V - Vyzkumna aktivita podporovana z jinych verejnych zdroju

Ostatní

  • Rok uplatnění

    2022

  • Kód důvěrnosti údajů

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Údaje specifické pro druh výsledku

  • Název periodika

    Oeconomia Copernicana

  • ISSN

    2083-1277

  • e-ISSN

  • Svazek periodika

    13

  • Číslo periodika v rámci svazku

    4

  • Stát vydavatele periodika

    PL - Polská republika

  • Počet stran výsledku

    36

  • Strana od-do

    1081-1116

  • Kód UT WoS článku

    000907675800010

  • EID výsledku v databázi Scopus

    2-s2.0-85147207696