This study tests the impact of enterprise digital transformation on the information environment. The results show that while analyst coverage increase significantly and the accuracy of public information improves after enterprises implement digital transformation, there is no significant change in the accuracy of private information. The main influence channels are information disclosure quality and stock price information content. Further analysis shows that this relationship is affected by cyber‐attacks, market competition, and social media. This study enriches the analytical paradigm of the influencing factors of analysts' prediction behaviour and provides evidence for exploring digital transformation in the emerging capital market.
PurposeTax risk refers to the uncertainty of future corporate taxation. Tax reform is a key issue in major current tax system adjustments that seriously affect a firm's tax risk. In response to changes in the economic environment, many countries are actively executing tax reform. Long-term reforms implemented for a smooth transition may instead increase corporate risk. This study examines the relationship among tax risk, tax reform and investment timing.Design/methodology/approachSelecting the Shanghai Stock Exchange and Shenzhen Stock Exchange A-share listed companies' panel data from 2008 to 2017, the paper used survival analysis and the propensity score matching-difference in difference models.FindingsThe results show that a higher corporate tax risk results in more deferred investments, which are further examined using the latest Chinese value-added tax reform as a natural experiment.Originality/valueThe conclusion serves as an important reference for governments to balance reform time and to support enterprises in effectively identifying and managing tax risk under tax reform.
Purpose
The rising uncertainties in the macroeconomic environment exacerbate the challenges firms face in the export market. This study aims to explore which strategy is suitable for export enterprises to develop sustainably under COVID-19.
Design/methodology/approach
Based on the sample data of China’s A-stock listed manufacturing firms from 2010 to 2020, this study applies a survival analysis method to explore the impact of strategic flexibility on export firm survival. Furthermore, this study uses the difference-in-difference model to test the relationship between strategic flexibility and firms’ profits in the context of the pandemic.
Findings
The results show that strategic flexibility can increase firms’ survival time, improving dynamic production and innovation capabilities, which is favorable for their sustainable development. Meanwhile, after the spread of COVID-19, firms with strategic flexibility have higher profits than those without. This influence mechanism mainly involves exploring new markets that can improve the company revenue and the coordination capabilities of the supply chain; this reduces corporate costs.
Originality/value
This study expands relevant research on the factors affecting the survival of export enterprises and supplements research on the economic consequences of firms’ strategic flexibility; this also enriches the dynamic capability theory. Additionally, it provides important implications for firms to enhance strategic flexibility and recommends government implementation of policies that encourage the domestic sales of commodities originally produced for exports under COVID-19.
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