Digital transformation and corporate innovation with herd effects

This paper empirically examines the impact of digital transformation on the herd behavior in corporate innovation based on the A-share listed companies in the Chinese capital market. The empirical results show that digital transformation significantly enhances the herd behavior in corporate innovation. Further analysis of heterogeneity reveals that the promoting effect of digital transformation on corporate innovation herd behavior is more pronounced in non-stateowned enterprises and in companies with high levels of competition. This study provides empirical evidence and theoretical references for promoting corporate digital transformation and aiding in high-quality economic development.