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Digital transformation and innovation-driven development have become an international consensus. The purpose of this paper is to examine the effects of relationships, mechanisms and economic consequences between digital transformation and enterprise innovation quality in order to provide a benchmark for developing countries to implement digital transformation strategies and innovation-driven strategies and provide a major support for economic recovery in the post-coronavirus disease 2019 (COVID-19) era.

Using microdata from A-share listed enterprises in Shanghai and Shenzhen from 2010 to 2021, this study examines the relationship between digital transformation and enterprise innovation quality and further reveals the internal logic and economic consequences of digital transformation to improve enterprise innovation quality through the mediating effect and moderating effect models.

The results demonstrate that digital transformation is beneficial for improving enterprise innovation quality. The heterogeneity test demonstrates that digital transformation has a larger effect on improving enterprise innovation quality in non-state-owned enterprises and eastern enterprises in China. The mechanism test demonstrates that digital transformation can improve enterprise innovation quality by improving internal control quality and analyst attention. Furthermore, with the increase in enterprise innovation inputs, digital transformation plays a significantly stronger role in improving enterprise innovation quality. The extended analysis demonstrates that digital transformation can significantly improve enterprise financial performance by improving innovation quality.

First, the construction of the core explanatory variable digital transformation index in this study is based on the Python data analysis software, which calculates the frequency of digital transformation in the text of the business situation analysis portion of the annual report of the listed companies and then obtains the degree of digital transformation of the company in this year. There may be some deviation from the degree of digital transformation in the actual production and operation of enterprises. Second, in addition to internal control quality and analyst attention, are there other mediating mechanisms for the impact of digital transformation on the quality of enterprise innovation? Third, whether the moderating effect of innovation input on digital transformation and innovation quality is related to human capital factors of the research and development (R&D) team, such as the technical background of R&D personnel, etc.

This study enriches the relevant theories of digital transformation and broadens the research boundaries of digital transformation and enterprise innovation. This study's result provides an empirical basis for enterprises to improve enterprise innovation quality and financial performance from the perspective of digital transformation at the micro level and points out specific practical directions, combining theory with practice.

The main purpose of this paper is to explore the impact of digital transformation on enterprises' performance considering financing constraints in the capital market to explore whether digital transformation improves enterprises' performance through the financing constraints channel.

This study, using a panel data set of 14,669 observations of 2,858 non-financial enterprises that issued A shares on the Shanghai and Shenzhen stock exchanges from 2013 to 2019, theoretically and empirically tests the impact and mechanism of digital transformation on enterprise performance.

Digital transformation has a significant positive effect on enterprise performance; this conclusion remains the same after the robustness test and endogeneity problems are dealt with. Financing constraints play a mediation role between digital transformation and enterprise innovation. The effect of digital transformation on enterprise performance varies significantly by size, ownership and industry.

The theoretical contributions of this study not only enrich the literature on the economic benefits and mechanism of digital transformation but also expand the literature on the factors that influence enterprise performance. The practical contribution of this study is the reference that it provides for implementing decisions about enterprise digital transformation and formulating differentiated policies for government digital transformation.

This study aims to examine the impact of China's “Manufacturing and Internet Integration Development Pilot Demonstration Project” (MIP) policy on the digital transformation (DT) and labor structure optimization (LSU) of manufacturing enterprises, reveal the relationship between DT and LSU at the micro level and investigate the mechanism between them.

This study employs MIP as a quasi-natural experiment and develops a time-varying difference-in-difference (DID) model based on a sample of 2,445 Chinese A-share listed manufacturing enterprises in the Shanghai and Shenzhen markets from 2013 to 2021.

The implementation of MIP significantly increases DT by 0.4366 and optimizes LSU by 0.0507. By enhancing the two mediated variables of organizational learning inputs (SI) and employees' personal digital cognition (PDC), DT can optimize the LSU of pilot enterprises by 0.035 and 0.034, according to the results of the mechanism analysis. The study also reveals that the impact of MIP on LSU is highly heterogeneous. With effects of 0.0691 and 0.0632, the optimization effect is more pronounced in state-owned firms and firms with low ownership concentration, respectively.

This study demonstrates the dual effects of the MIP pilot on DT and LSU. In addition, this study pioneers research on the significance of optimizing the labor structure through SI and PDC on the basis of DT, which provides an empirical foundation for the Chinese Government to expand the scope of MIP pilots and revise policy content, as well as for manufacturing enterprises to upgrade the labor structure.

This study aims to investigate the impact of climate risk disclosure by listed companies on the entry of green investors. It seeks to understand how proactive climate risk disclosure can attract green investment and the underlying mechanisms that facilitate this process.

Textual analysis is employed to assess the extent of climate risk disclosure in annual reports. The research constructs indicators for green investor entry and applies regression analysis to examine the relationship between climate risk disclosure and green investment, considering various mediating variables such as positive online news coverage, ESG scores, and corporate reputation.

Green investors are more likely to invest in companies with higher levels of climate risk disclosure. This relationship is robust across different types of firms, with non-state-owned, non-high-tech, large-scale firms, and those in the Eastern region showing a stronger attraction to green investors. Climate risk disclosure promotes green investment through the “signal transmission” mechanism, enhancing corporate reputation and ESG performance.

This paper extends the traditional theory of external incentives for corporate green development to include autonomous incentives through active climate risk disclosure. It provides new insights into the theory of corporate sustainable development and offers practical recommendations for enhancing corporate green development pathways. The study’s comprehensive approach and use of extensive data contribute valuable knowledge to the field of green investment and corporate sustainability.

The purpose of this study is to examine the impact of cross-ownership on corporate digital innovation and their specific mechanisms. Cross-ownership, who hold equity in two or more companies simultaneously, have two different types of governance effects in the capital market: governance synergistic effects and competitive collusion effects.

This paper uses a panel model, selecting A-share company data from 2011 to 2021 in China. In total, 23,853 valid data were obtained, which came from the CSMAR database and Wind database. For some missing data, they were manually supplemented by consulting the company's annual report and Sina Finance. Data processing was conducted using EXCEL and Stata16.0 software.

The results show that cross-ownership promote corporate digital innovation by leveraging governance synergies. Further grouping tests show that the synergistic effects of cross-ownership are significant in non-state-owned, high-tech, weakly competitive and higher analyst attention enterprises. Mechanism testing shows that cross-ownership can empower corporate digital innovation in three ways: reducing information asymmetry, alleviating financing constraints and improving corporate governance.

The conclusion of this paper provides new empirical evidence for a comprehensive understanding of the role of cross-ownership in corporate development, enriches the economic consequences research of chain institutional investors in China and broadens the research perspective of corporate digital innovation. It also provides important references for the digital transformation of enterprises and the healthy development of the capital market.

The purpose of this paper is to investigate the relationship between tax avoidance and earnings persistence in the light of a developing economy, with the main focus on China.

In the analysis, the author conducts a survey on the tax avoidance situation of Chinese listed companies from 2012 to 2020. Then, a multivariate regression analysis is performed in order to analyse the relationship between corporate tax avoidance and earnings persistence.

The findings of the present study show that tax avoidance has a significant positive effect on earnings persistence. However, when the degree of tax avoidance is high, the “risk effect” of tax avoidance exceeds the “value effect”, and tax avoidance will reduce the persistence of earnings. This conclusion is even more prominent when the company is non-state-owned. Further research shows the increase of institutional investors’ shareholding ratio can improve “value effect” of tax avoidance, lessen “risk effect” of tax avoidance, and positively affect the relationship between tax avoidance and earnings persistence.

This study provides evidence for investors to understand the dual effect of tax avoidance on earnings persistence. The results may have implications for regulatory bodies. They can provide a better understanding of the corporate governance role of institutional investors in curbing opportunistic tax avoidance.

This study enriches the research on tax avoidance effects by analysing the impact of tax avoidance on earnings persistence. This study also compensates for the shortcomings of analysing earnings persistence mainly from the perspective of tax differences in the past, and promotes the study of the corporate governance effects of institutional investors under different levels of tax avoidance.

This study mainly explores how ESG performance (ESG stands for Environment, Social, and Governance) affects corporate downside risk through innovation input and innovation output, thereby promoting sustainable development of enterprises.

Using Chinese A-share listed companies from 2014 to 2022 as research samples, a stepwise regression method is used to empirically test the impact of ESG performance on corporate innovation and downside risk by constructing multiple multivariate primary regression models.

ESG performance is beneficial for obtaining external resources and alleviating principal-agent problems. It can promote enterprises to increase innovation input and improve innovation output, thereby enhancing their core competitiveness, and suppressing their downside risk. This inhibitory effect is more significant in non-state-owned enterprises, non-high-tech enterprises, and enterprises where the chairman and the general manager are not combined in one. Further additional analysis has found that equity concentration weakens the inhibitory effect of ESG performance on corporate downside risk, equity balance strengthens the inhibitory effect of ESG performance on corporate downside risk, indicating that a mutually restrictive equity structure is conducive to promoting enterprises to actively fulfill ESG responsibility, thereby improving corporate innovation level and resolving their downside risk.

Enterprise managers, policy makers, and other practitioners can clearly see the benefits of implementing ESG measures, further strengthen their confidence in sustainable development, actively apply ESG concepts to the entire production and operation process of enterprises, increase attention and implementation of ESG elements, and promote the healthy and vigorous development of enterprises and macroeconomics.

The research conclusions reveal the inherent mechanism by which ESG performance empowers enterprises to improve their innovation level and reverse their performance decline, effectively expanding the theoretical achievements of ESG performance in enterprise innovation and risk management.

This study investigates two internationalization strategies, foreign direct investment (FDI) expansion and export expansion, and their effects on the innovation performance of Chinese multinational enterprises (MNEs). Additionally, it explores the moderating roles of both formal and informal political connections in the relationship between these internationalization strategies and innovation performance.

The hypotheses were tested using the Poisson panel model and data on 2,106 observations from 645 Chinese-listed firms between 2010 and 2017.

FDI expansion significantly enhances the innovation performance of Chinese MNEs compared to export expansion. Moreover, formal and informal political connections are found to have distinct moderating effects: formal political connections amplify the positive effect of FDI expansion on firm innovation, whereas informal political connections tend to weaken it.

This study contributes to the discourse on innovation and political connections, especially in the context of EMNEs. It enriches the theoretical understanding of internationalization strategies and innovation performance in EMEs, contrasting with the technology-utilization motives observed in MNEs from developed economies.

This study explores whether the peer effects of internationalization exist within the subdivision industry of enterprises in the engineering field and assesses the imitation paths for the peer engineering enterprises within the industry when implementing internationalization strategies under the peer effects.

This study collected secondary and objective data on 38 Chinese engineering enterprises from the Engineering News-Record's list of the top 250 international contractors between 2013 and 2021. It employed a regression analysis to test the research hypotheses.

The findings reveal that in the process of internationalization: (1) peer effects exist within the subdivision industry of internationalization of engineering enterprises; (2) engineering enterprises within the same industry and region imitate each other; (3) non-state-owned engineering enterprises imitate state-owned engineering enterprises within the same industry; and (4) in the industry follower–leader imitation process, industry followers imitate leaders according to enterprise size and return on assets.

The results contribute to a better understanding of how peer effects influence engineering enterprises' internationalization process. This study also proposes imitation paths based on the law of imitation to provide recommendations for engineering enterprises' better development in the international market.

The purpose of this study is to explore the continuity and stability of the impact of accounting information quality on cash holdings, and the moderating effect of this relationship on state ownerships and local appointments.

Based on China's companies from 2011 to 2019, the authors divided cross-section and panel samples, adopted a linear and classification model and performed grouping regression.

The authors find that: first, the quality of corporate accounting information can significantly improve the level of cash holding, giving play to the strategic value effect of cash holding. But that boost is based on economies being able to solve agency problems. Second, the reduction of earnings management and the improvement of accounting information quality of NSOEs improve the level of cash holdings, while SOEs are on the contrary. Third, local appointments can play to the emotional strengths of their hometowns and play a synergistic role in this relationship, but the supervision effect of remote appointments is not obvious.

Through endogeneity and other tests, the conclusion is robust. Based on the agency and information asymmetry theory, the authors considered China's institutional and cultural factors, optimized accounting information's measurement and expanded the research boundary of the accounting field. The authors believe that applicable scenarios should be fully considered in the concluding relationship between accounting information quality and cash holdings. Enterprises should give full play to the advantages of cash holdings in strategic decision-making and financial efficiency, improve the quality of accounting information and also consider state ownerships and the differences in directors' emotions to reduce internal agency costs.