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The goal of this work is to evaluate how digital transformation disclosure in corporate news and press releases affects stock prices. We examine American and Chinese companies from the energy and industry sectors for two periods: pre-COVID-19 and during the COVID-19 pandemic.

To estimate the effects of disclosure of information related to digital transformation, we applied the bag-of-words (BOW) method. As the benchmark dictionary, we used Kindermann et al. (2021), with the addition of original dictionaries created via Latent Dirichlet allocation (LDA) analysis. We also employed panel regression analysis and random forest.

For USA energy sector, all aspects of digital transformation were insignificant in pre-COVID-19 period, while sustainability topics became significant during the pandemic. As for the Chinese energy sector, digital strategy implementation was significant in pre-pandemic period, while digital technologies adoption and business model innovation became relevant in COVID-19 period. The results show the greater significance of digital transformation aspects for industrials sectors compared to the energy sector. The result of random forest analysis proves the efficiency of the authors’ dictionary which could be applied in practice. The developed methodology can be considered relevant.

The research contributes to the existing literature in theoretical, empirical and methodological ways. It applies signaling and information asymmetry theories to the financial markets, digital transformation being used as an instrument. The methodological contribution of this article can be described in several ways. Firstly, our data collection process differs from that in previous papers, as the data are gathered “from investor’s point of view”, i.e. we use all public information published by the company. Secondly, in addition to the use of existing dictionaries based on Kindermann et al. (2021), with our own modifications, we apply the original methodology based on LDA analysis. The empirical contribution of this research is the following. Unlike past works, we do not focus on particular technologies (Hong et al., 2023) connected with digital transformation, but try to cover all multi-dimensional aspects of the transformational process and aim to discover the most significant one.

This study aims to explore whether top management team (TMT) faultlines affect corporate digitalization and what the impact mechanism is, thus effectively promoting the digital transformation of enterprises from the perspective of optimizing TMT structure.

This study sampled companies that were listed in China between 2011 and 2020. Using the two-way fixed effect model, it empirically tests the impact of TMT faultlines on the digital transformation of enterprises.

TMT task-related faultline significantly positively impacts enterprise digital transformation, while the bio-demographic faultline has a significant negative effect. The regulatory role played by Chief Executive Officer (CEO) power intensity in the relationship between the bio-demographic faultline and digital transformation is a negative one. The above relationship is strongly influenced by industry technical sophistication, corporate location and listing board.

The research has promoted the development of the upper echelons theory in the context of digitalization. Moreover, it enlightens the research of digital transformation’s influencing factors and mechanisms. However, no suitable mediating variable was found.

This research has significant implications for managers to optimize the internal structure of the TMT according to different enterprises’ business strategies in order to establish an efficient management team.

This study provides a new theoretical framework for TMT’s role in enterprise digital transformation. Further, it makes a beneficial exploration of the boundary and situational conditions of their relationship.

Climate change-induced weather changes are severe and frequent, making it difficult to predict apparel sales. The primary goal of this study was to assess consumers' responses to winter apparel searches when external stimuli, such as weather, calendars and promotions arise and to develop a decision-making tool that allows apparel retailers to establish sales strategies according to external stimuli.

The theoretical framework of this study was the effect of external stimuli, such as calendar, promotion and weather, on seasonal apparel search in a consumer's decision-making process. Using weather observation data and Google Trends over the past 12 years, from 2008 to 2020, consumers' responses to external stimuli were analyzed using a classification and regression tree to gain consumer insights into the decision process. The relative importance of the factors in the model was determined, a tree model was developed and the model was tested.

Winter apparel searches increased when the average, maximum and minimum temperatures, windchill, and the previous day's windchill decreased. The month of the year varies depending on weather factors, and promotional sales events do not increase search activities for seasonal apparel. However, sales events during the higher-than-normal temperature season triggered search activity for seasonal apparel.

Consumer responses to external stimuli were analyzed through classification and regression trees to discover consumer insights into the decision-making process to improve stock management because climate change-induced weather changes are unpredictable.

The purpose of this study is to explore the antecedents of digital technology adoption by firms, specifically the role of strategic leader social ties such as board networks and executive academic connections in promoting digital transformation. Moreover, the authors also aim to examine the moderating effect of exploratory innovation strategy on the relationship between board networks, academic connections and digital transformation.

This study uses the panel data of Chinese A-share listed companies from 2010 to 2019. Through text analysis of data such as company annual report, media interaction, asset annotation and International Patent Classification, the authors measure degrees of digital transformation from four dimensions: management attention, media discussion, digital input and digital output. Further, this study employs social network analysis and instrumental variable method to examine the causal relationship between strategic leader social ties and digital transformation.

The study finds that an expansive board network can significantly promote the digital transformation process of companies, in which academic connection of senior executives plays a positive synergistic role with board network. Additionally, firms with exploratory innovation strategies are more likely to utilize board networks to accelerate their digital transformation process.

One limitation of this study is the use of Chinese A-share listed companies as the sample, which may limit the generalizability of the findings to other contexts. Additionally, the study focuses only on two types of strategic leader social ties and does not consider other potential antecedents of digital transformation.

This research provides insights for governments to promote digital economy and industrial upgrading. Policymakers can facilitate industrial digital transformation by creating a supportive policy environment that encourages university–industry collaboration. By fostering academic entrepreneurship and cross-border knowledge transfer, governments can create a thriving ecosystem for digital innovation, thereby enhancing industrial competitiveness and economic growth.

This study helps to improve social welfare. By reducing production costs and enhancing customer experience, digital transformation increases economic surplus for both consumers and manufacturers, enabling society as a whole to benefit from the digital dividend. By promoting collaboration across borders and embracing a digital-friendly culture, businesses and governments can achieve long-term success in the digital age and contribute to building more prosperous and sustainable societies.

This research makes several contributions to the literature on digital transformation and leadership. Firstly, this paper empirically examines the role of board network and executive academic connection in promoting the adoption of digital technology, filling the research gap of leadership antecedents of digital transformation. Secondly, the authors put forward a relatively comprehensive measure for digital transformation, which could help to advance the literature on digital transformation and provide a more nuanced perspective on this topic. Finally, the paper enriches the theoretical understanding of board network and executive academic connection from the perspective of social capital theory and organizational learning theory.

The study explores the potential barriers to data science (DS) implementation in organizations and identifies the key barriers. The identified barriers were explored for their interconnectedness and characteristics. This study aims to help organizations formulate apt DS strategies by providing a close-to-reality DS implementation framework of barriers, in conjunction with extant literature and practitioners' viewpoints.

The authors synthesized 100 distinct barriers through systematic literature review (SLR) under the individual, organizational and governmental taxonomies. In discussions with 48 industry experts through semi-structured interviews, 14 key barriers were identified. The selected barriers were explored for their pair-wise relationships using interpretive structural modeling (ISM) and fuzzy Matriced’ Impacts Croise's Multiplication Appliquée a UN Classement (MICMAC) analyses in formulating the hierarchical framework.

The lack of awareness and data-related challenges are identified as the most prominent barriers, followed by non-alignment with organizational strategy, lack of competency with vendors and premature governmental arrangements, and classified as independent variables. The non-commitment of top-management team (TMT), significant investment costs, lack of swiftness in change management and a low tolerance for complexity and initial failures are recognized as the linkage variables. Employee reluctance, mid-level managerial resistance, a dearth of adequate skills and knowledge and working in silos depend on the rest of the identified barriers. The perceived threat to society is classified as the autonomous variable.

The study augments theoretical understanding from the literature with the practical viewpoints of industry experts in enhancing the knowledge of the DS ecosystem. The research offers organizations a generic framework to combat hindrances to DS initiatives strategically.

The purpose of this paper is to clarify the conceptual confusion in the extant literature about organizational agility and explore its role in different relationships in the context of digital transformation.

An integrative review of the relevant literature on agility was conducted. The literature on organizational agility and other variables in recent quantitative research was also examined to explore its role in different relationships.

Organizational agility is the ability to quickly respond and proactively embrace unanticipated changes in dynamic environments through effective resource reconfiguration and rapid decision-making. The role of organizational agility in achieving digital transformation has not been addressed from a holistic conceptual perspective. This paper addresses that gap and proposes that organizational agility is the underlying mechanism for an organization to fully use and engage its workforce, operation and network in the process of digital transformation.

This research is an integrative review of the existing literature on the concept of agility and its relationships. The next phase of research needed for theory building will be the operationalization of constructs.

Organizations should strive to strategically develop both the reactivity and proactivity sides of organizational agility in achieving digital transformation that involves fundamental changes at different levels of the organization.

This paper explores the role of organizational agility in digital transformation through an integrative review of the relevant literature.