Industry-University-Research Cooperation and Firm Digital Innovation

With the rapid development of the digital economy, firm digital innovation has become a focal point in academic research.Nevertheless, how industry-university-research (IUR) cooperation drives firm digital innovation is rarely discussed. Employing two-way fixed effects and PSM-DID models, this study analyzes data from China's A-share listed companies from 2013 to 2023, excluding financial and real estate sectors with winsorization. This paper incorporates descriptive statistics, benchmark regression, heterogeneity assessment, mediation testing, robustness checks, moderation analysis, and endogeneity controls. Results demonstrate that IUR cooperation significantly enhances corporate digital innovation. Executive compensation incentives, capital intensity, and listing tenure exhibit significant moderating effects. These findings persist through robustness checks including lagged effects and alternative variable measurements. This research provides practical solutions for corporate digital innovation and enriches theoretical frameworks.