Shareholder Relationship Networks, Information Advantages, and Corporate Digital Transformation

Abstract

This paper investigates the impact of shareholder relationship networks on corporate digital transformation from the perspective of shareholder relationship networks (SRNs) using data from Chinese A-share listed companies in recent years. The results show that the shareholder relationship network has a positive effect on digital transformation through the mechanism of “information advantage”, and this “information advantage” is more obvious in stable institutional investors. Meanwhile, this positive effect is weakened in state-owned enterprises (SOEs) due to the policy burden rather than the “resource curse” of SOEs, and compensation incentives can promote this positive effect in SOEs. The paper also finds that economic policy uncertainty and the degree of marketization affect the realization of the value of shareholder networks and that this effect is more pronounced in non-high-tech firms and the eastern region.

Keywords

Network centrality;Board of directors; Enterprise Digital Transformation; Corporate Governance；Information Advantage

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