What question did this study set out to answer?

The study aims to investigate how digital transformation influences the market value of manufacturing firms in China.

Is It Strategy or Technology That Drives Value? Exploring the Impact of Digital Transformation on Manufacturing Firms

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Examines how digital transformation boosts market value in manufacturing firms, suggesting key strategic roles.

The study aims to investigate how digital transformation influences the market value of manufacturing firms in China.
Analyzed data from 23,440 firm-year observations between 2012 and 2024.
Applied Dynamic Capabilities Theory (DCT) to explore mechanisms of performance improvement.
Assessed the mediating role of human capital, technological innovation, and operational efficiency.
Examined the moderating effects of ESG performance and industry competition.
Digital transformation positively influences market value, measured by Tobin's Q.
Human capital, technological innovation, and operational efficiency mediate the relationship.
Stronger ESG ratings amplify the benefits of digital transformation.
Higher industry concentration enhances the impact of digital transformation.
State-owned and larger firms benefit more due to institutional advantages.

Jiang et al. (2026) studied this question.

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