Digital transformation and corporate labor investment efficiency

被引：17
|
作者：
Wang, Sai [1 ]
Wen, Wen [1 ,3 ]
Niu, Yuhao [1 ,3 ]
Li, Xin [2 ]
机构：
[1] Beijing Foreign Studies Univ, Int Business Sch, Beijing, Peoples R China
[2] Southwestern Univ Finance & Econ, Sch Accounting, Chengdu, Peoples R China
[3] Beijing Foreign Studies Univ, Int Business Sch, 19 North Xisanhuan Rd, Beijing, Peoples R China
来源：
EMERGING MARKETS REVIEW | 2024年 / 59卷
基金：
中国国家自然科学基金;
关键词：
Digital transformation; Labor investment efficiency; Agency problem; Financial constraints; Corporate governance; FINANCIAL CONSTRAINTS; INTERNAL CONTROL; EARNINGS; QUALITY; ECONOMIES; INVESTORS; SHORTAGE; WORKERS; COST;
D O I：
10.1016/j.ememar.2024.101109
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates whether and how digital transformation affects corporate labor investment efficiency. Based on a sample of Chinese listed firms from 2008 to 2020, this paper finds that digital transformation increases corporate labor investment efficiency. Our results still hold after using a series of robustness checks. Mechanism tests show that reducing agency problems and mitigating financing restrictions are potential channels through which digital transformation improves corporate labor investment efficiency. Further analyses reveal that digital transformation reduces both overinvestment and underinvestment in labor. Distinguishing different digital technologies, we find that artificial intelligence, big data, cloud computing technology, as well as digital technology applications improve corporate labor investment efficiency, while the impact of blockchain technology is insignificant. In addition, digital transformation's positive effect on corporate labor investment efficiency is more pronounced for firms in non-laborintensive industries, private firms, and those with more highly skilled labor. Overall, this study deepens our understanding of digital transformation's governance role in improving corporate labor investment efficiency.
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页数：23
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