{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,24]],"date-time":"2026-07-24T22:44:28Z","timestamp":1784933068728,"version":"3.55.0"},"reference-count":96,"publisher":"MDPI AG","issue":"11","license":[{"start":{"date-parts":[[2025,10,23]],"date-time":"2025-10-23T00:00:00Z","timestamp":1761177600000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"crossref","award":["72073010"],"award-info":[{"award-number":["72073010"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"crossref"}]},{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"crossref","award":["71761137001"],"award-info":[{"award-number":["71761137001"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"crossref"}]},{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"crossref","award":["71521002"],"award-info":[{"award-number":["71521002"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"crossref"}]},{"name":"Science and Technology Program of Zhejiang Province, China","award":["2022C35060"],"award-info":[{"award-number":["2022C35060"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>This study examines the impact of digital transformation on the total factor productivity (TFP) of Chinese listed companies. Using a firm-level panel dataset from 2007 to 2024 and applying the Levinsohn\u2013Petrin method to estimate TFP, we find that digital transformation significantly enhances firm productivity. Both Digital Technology Application (DTA) and Underlying Technologies (UT) contribute positively to TFP, with the effect of UT being more pronounced. Heterogeneity analysis indicates that the productivity-boosting effect of digital transformation is stronger in firms with higher market value, greater industry competition, and those outside high-pollution industries (HPEs). Mechanism analysis shows that digital transformation promotes TFP through innovation, human capital optimization, cost reduction, and operational efficiency. Moreover, external macro factors such as digital infrastructure, intellectual property protection and marketization further moderate this relationship. Finally, the influence of DT on TFP shows a threshold effect related to profitability fluctuations and cash flow conditions. Our findings provide robust empirical evidence on how digital transformation reshapes firm-level productivity dynamics and highlight the key conditions under which it yields optimal economic returns.<\/jats:p>","DOI":"10.3390\/systems13110939","type":"journal-article","created":{"date-parts":[[2025,10,24]],"date-time":"2025-10-24T02:34:45Z","timestamp":1761273285000},"page":"939","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":6,"title":["Microeconomic Effects of Digital Transformation on Total Factor Productivity: Moderating Effects and Mechanisms"],"prefix":"10.3390","volume":"13","author":[{"ORCID":"https:\/\/orcid.org\/0009-0005-6711-4138","authenticated-orcid":false,"given":"Zihao","family":"Wu","sequence":"first","affiliation":[{"name":"School of Finance and Business, Shanghai Normal University, Shanghai 200234, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Yuxin","family":"Liang","sequence":"additional","affiliation":[{"name":"Business School, Beijing Normal University, Beijing 100875, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Ruibing","family":"Ji","sequence":"additional","affiliation":[{"name":"Business School, Beijing Normal University, Beijing 100875, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Shengling","family":"Zhang","sequence":"additional","affiliation":[{"name":"Business School, Beijing Normal University, Beijing 100875, China"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"1968","published-online":{"date-parts":[[2025,10,23]]},"reference":[{"key":"ref_1","unstructured":"China Academy of Information and Communications Technology (2024). Global Digital Economy White Paper (2023)."},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"307","DOI":"10.1007\/s10270-017-0596-7","article-title":"Models for the digital transformation","volume":"16","author":"Gray","year":"2017","journal-title":"Softw. Syst. Model."},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"5","DOI":"10.1177\/0008125620942136","article-title":"Managing digital transformation: Scope of transformation and modalities of value co-generation and delivery","volume":"62","author":"Cennamo","year":"2020","journal-title":"Calif. Manag. Rev."},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"128","DOI":"10.1068\/a40111","article-title":"Challenging tradition: Unlocking new paths to regional industrial upgrading","volume":"41","author":"Lowe","year":"2009","journal-title":"Environ. Plan. A"},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"326","DOI":"10.1016\/j.lrp.2018.12.001","article-title":"Building dynamic capabilities for digital transformation: An ongoing process of strategic renewal","volume":"52","author":"Warner","year":"2019","journal-title":"Long Range Plan."},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"209","DOI":"10.1108\/IJLM-08-2019-0229","article-title":"Digital transformation at logistics service providers: Barriers, success factors and leading practices","volume":"31","author":"Cichosz","year":"2020","journal-title":"Int. J. Logist. Manag."},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"339","DOI":"10.1007\/s12599-015-0401-5","article-title":"Digital transformation strategies","volume":"57","author":"Matt","year":"2015","journal-title":"Bus. Inf. Syst. Eng."},{"key":"ref_8","doi-asserted-by":"crossref","first-page":"102280","DOI":"10.1016\/j.pacfin.2024.102280","article-title":"Digital transformation and labor upgrading","volume":"83","author":"Li","year":"2024","journal-title":"Pac. Basin Financ. J."},{"key":"ref_9","doi-asserted-by":"crossref","first-page":"1530","DOI":"10.1126\/science.aap8062","article-title":"What can machine learning do? Workforce implications","volume":"358","author":"Brynjolfsson","year":"2017","journal-title":"Science"},{"key":"ref_10","doi-asserted-by":"crossref","first-page":"410","DOI":"10.1016\/j.jbusres.2022.07.006","article-title":"The impact of digitalisation on corporate governance in Australia","volume":"152","author":"Riaz","year":"2022","journal-title":"J. Bus. Res."},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"101934","DOI":"10.1016\/j.intfin.2023.101934","article-title":"Role of financial inclusion and digital transformation on bank credit risk","volume":"91","author":"Yang","year":"2024","journal-title":"J. Int. Financ. Mark. Inst. Money"},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"138805","DOI":"10.1016\/j.jclepro.2023.138805","article-title":"Digital transformation, corporate social responsibility and green technology innovation-based on empirical evidence of listed companies in China","volume":"424","author":"Zheng","year":"2023","journal-title":"J. Clean. Prod."},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"1489","DOI":"10.1007\/s11846-023-00665-6","article-title":"A matter of motivation: The impact of enterprise digital transformation on green innovation","volume":"18","author":"He","year":"2024","journal-title":"Rev. Manag. Sci."},{"key":"ref_14","first-page":"106","article-title":"Can Firm\u2019s Digitalization Promote the Total Factor Productivity in Firms?","volume":"12","author":"Zhou","year":"2023","journal-title":"Stat. Res."},{"key":"ref_15","first-page":"118","article-title":"Digital Transformation, Resilience of Industrial Chain and Supply Chain, and Enterprise Productivity","volume":"05","author":"Tao","year":"2023","journal-title":"China Ind. Econ."},{"key":"ref_16","doi-asserted-by":"crossref","first-page":"113868","DOI":"10.1016\/j.jbusres.2023.113868","article-title":"Does digital transformation improve the firm\u2019s performance? From the perspective of digitalization paradox and managerial myopia","volume":"163","author":"Guo","year":"2023","journal-title":"J. Bus. Res."},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"4547","DOI":"10.1002\/bse.3718","article-title":"Digital transformation, ESG practice, and total factor productivity","volume":"33","author":"Ding","year":"2024","journal-title":"Bus. Strategy Environ."},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"2753","DOI":"10.1108\/EJIM-11-2022-0610","article-title":"How digital transformation helps enterprises achieve high-quality development? Empirical evidence from Chinese listed companies","volume":"27","author":"Wu","year":"2023","journal-title":"Eur. J. Innov. Manag."},{"key":"ref_19","first-page":"114","article-title":"How Does Digital Transformation Affect the Total Factor Productivity of Enterprises?","volume":"7","author":"Zhao","year":"2021","journal-title":"Financ. Trade Econ."},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"478","DOI":"10.1007\/s13132-024-01972-3","article-title":"Research on Digital Transformation Driving the High-Quality Development of Cultural and Tourism Enterprises\u2014Evidence Based on Listed Cultural and Tourism Companies","volume":"16","author":"Tang","year":"2024","journal-title":"J. Knowl. Econ."},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"808","DOI":"10.1016\/j.eap.2024.09.023","article-title":"Digital transformation and corporate green total factor productivity: Based on double\/debiased machine learning robustness estimation","volume":"84","author":"Wei","year":"2024","journal-title":"Econ. Anal. Policy"},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"154","DOI":"10.1080\/09640568.2023.2239493","article-title":"Enterprise digital transformation, biased technological progress and carbon total factor productivity","volume":"68","author":"Feng","year":"2023","journal-title":"J. Environ. Plan. Manag."},{"key":"ref_23","doi-asserted-by":"crossref","first-page":"401","DOI":"10.1007\/s40821-024-00265-8","article-title":"Multifactor productivity growth enhancers across industries and countries: Firm-level evidence","volume":"14","author":"Nakatani","year":"2024","journal-title":"Eurasian Bus. Rev."},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"107","DOI":"10.1016\/j.jdeveco.2016.09.004","article-title":"China as number one? Evidence from China\u2019s most recent patenting surge","volume":"124","author":"Hu","year":"2017","journal-title":"J. Dev. Econ."},{"key":"ref_25","first-page":"235","article-title":"Innovation capability: A systematic review and research agenda","volume":"11","author":"Iddris","year":"2016","journal-title":"Interdiscip. J. Inf. Knowl. Manag."},{"key":"ref_26","doi-asserted-by":"crossref","first-page":"122474","DOI":"10.1016\/j.techfore.2023.122474","article-title":"Impact of digitalization on technological innovations in small and medium-sized enterprises (SMEs)","volume":"191","author":"Radicic","year":"2023","journal-title":"Technol. Forecast. Soc. Change"},{"key":"ref_27","first-page":"34","article-title":"The era of open innovation","volume":"127","author":"Chesbrough","year":"2006","journal-title":"Manag. Innov. Change"},{"key":"ref_28","doi-asserted-by":"crossref","first-page":"123428","DOI":"10.1016\/j.techfore.2024.123428","article-title":"How does the digital transformation drive digital technology innovation of enterprises? Evidence from enterprise\u2019s digital patents","volume":"204","author":"Fang","year":"2024","journal-title":"Technol. Forecast. Soc. Change"},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"583","DOI":"10.1016\/j.jbusres.2018.11.013","article-title":"To be or not to be digital, that is the question: Firm innovation and performance","volume":"101","author":"Ferreira","year":"2019","journal-title":"J. Bus. Res."},{"key":"ref_30","unstructured":"Brynjolfsson, E., and McAfee, A. (2014). The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies, WW Norton & Company."},{"key":"ref_31","doi-asserted-by":"crossref","first-page":"1279","DOI":"10.1162\/003355303322552801","article-title":"The skill content of recent technological change: An empirical exploration","volume":"118","author":"Autor","year":"2003","journal-title":"Q. J. Econ."},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"104326","DOI":"10.1016\/j.resourpol.2023.104326","article-title":"Digital transformation and metal enterprise value: Evidence from China","volume":"87","author":"Zhang","year":"2023","journal-title":"Resour. Policy"},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"1181","DOI":"10.1016\/S1574-0684(05)01018-X","article-title":"General purpose technologies","volume":"Volume 1","author":"Jovanovic","year":"2005","journal-title":"Handbook of Economic Growth"},{"key":"ref_34","doi-asserted-by":"crossref","first-page":"121460","DOI":"10.1016\/j.jenvman.2024.121460","article-title":"Digital transformation and environmental, social, and governance greenwashing: Evidence from China","volume":"365","author":"Li","year":"2024","journal-title":"J. Environ. Manag."},{"key":"ref_35","doi-asserted-by":"crossref","first-page":"3","DOI":"10.1016\/0304-3932(88)90168-7","article-title":"On the mechanics of economic development","volume":"22","author":"Lucas","year":"1988","journal-title":"J. Monet. Econ."},{"key":"ref_36","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1057\/s41599-024-02990-x","article-title":"Time-varying interrelations between digitalization and human capital in Vietnam","volume":"11","author":"Huyen","year":"2024","journal-title":"Humanit. Soc. Sci. Commun."},{"key":"ref_37","doi-asserted-by":"crossref","first-page":"3","DOI":"10.1257\/jep.29.3.3","article-title":"Why are there still so many jobs? The history and future of workplace automation","volume":"29","author":"Autor","year":"2015","journal-title":"J. Econ. Perspect."},{"key":"ref_38","doi-asserted-by":"crossref","first-page":"305","DOI":"10.1016\/0304-405X(76)90026-X","article-title":"Theory of the firm: Managerial behavior, agency costs and ownership structure","volume":"3","author":"Jensen","year":"1976","journal-title":"J. Financ. Econ."},{"key":"ref_39","first-page":"1","article-title":"The nine elements of digital transformation","volume":"55","author":"Westerman","year":"2014","journal-title":"MIT Sloan Manag. Rev."},{"key":"ref_40","doi-asserted-by":"crossref","first-page":"4202","DOI":"10.1080\/09537325.2023.2250010","article-title":"Unveiling the time-lag effects of digital transformation on financing constraints in Chinese listed enterprises: A study of automation and network technology","volume":"36","author":"Du","year":"2024","journal-title":"Technol. Anal. Strateg. Manag."},{"key":"ref_41","doi-asserted-by":"crossref","first-page":"102999","DOI":"10.1016\/j.technovation.2024.102999","article-title":"Leveraging corporate digitalization for green technology innovation: The mediating role of resource endowments","volume":"133","author":"Shao","year":"2024","journal-title":"Technovation"},{"key":"ref_42","doi-asserted-by":"crossref","first-page":"14103","DOI":"10.1007\/s13132-023-01569-2","article-title":"Digital Transformation and Over-Investment: Exploring the Role of Rational Decision-Making and Resource Surplus in the Knowledge Economy","volume":"15","author":"Zhai","year":"2023","journal-title":"J. Knowl. Econ."},{"key":"ref_43","doi-asserted-by":"crossref","first-page":"1847","DOI":"10.1108\/IJBM-03-2023-0156","article-title":"Digitalization and bank profitability: Evidence from an emerging country","volume":"41","author":"Nguyen","year":"2023","journal-title":"Int. J. Bank Mark."},{"key":"ref_44","doi-asserted-by":"crossref","first-page":"1367","DOI":"10.1016\/j.respol.2017.01.015","article-title":"Profiting from innovation in the digital economy: Enabling technologies, standards, and licensing models in the wireless world","volume":"47","author":"Teece","year":"2018","journal-title":"Res. Policy"},{"key":"ref_45","doi-asserted-by":"crossref","first-page":"105822","DOI":"10.1016\/j.frl.2024.105822","article-title":"Does digitalization improve supply chain efficiency?","volume":"67","author":"Yu","year":"2024","journal-title":"Financ. Res. Lett."},{"key":"ref_46","doi-asserted-by":"crossref","first-page":"856","DOI":"10.1007\/s10961-024-10075-9","article-title":"Digitalization and firms\u2019 innovation efficiency: Do corporate social responsibility and irresponsibility matter?","volume":"50","author":"Zhong","year":"2024","journal-title":"J. Technol. Transf."},{"key":"ref_47","doi-asserted-by":"crossref","first-page":"3709","DOI":"10.1080\/00036846.2024.2337817","article-title":"The impact of digitalization on the efficiency of innovation factor allocation: From the perspective of factor flow","volume":"57","author":"Chen","year":"2024","journal-title":"Appl. Econ."},{"key":"ref_48","doi-asserted-by":"crossref","first-page":"102713","DOI":"10.1016\/j.irfa.2023.102713","article-title":"Enterprise digital transformation, breadth of ownership and stock price volatility","volume":"89","author":"Liu","year":"2023","journal-title":"Int. Rev. Financ. Anal."},{"key":"ref_49","doi-asserted-by":"crossref","first-page":"23","DOI":"10.1257\/jep.14.4.23","article-title":"Beyond computation: Information technology, organizational transformation and business performance","volume":"14","author":"Brynjolfsson","year":"2000","journal-title":"J. Econ. Perspect."},{"key":"ref_50","first-page":"97","article-title":"Digital Technology Innovation and The High-quality Development of Chinese Enterprises: Evidence from Enterprise\u2019s Digital Patents","volume":"58","author":"Huang","year":"2023","journal-title":"Econ. Res. J."},{"key":"ref_51","doi-asserted-by":"crossref","first-page":"49","DOI":"10.1145\/280324.280332","article-title":"Beyond the productivity paradox","volume":"41","author":"Brynjolfsson","year":"1998","journal-title":"Commun. ACM"},{"key":"ref_52","first-page":"130","article-title":"Enterprise Digital Transformation and Capital Market Performance: Empirical Evidence from Stock Liquidity","volume":"37","author":"Wu","year":"2021","journal-title":"J. Manag. World"},{"key":"ref_53","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1057\/s41599-023-01839-z","article-title":"Digital infrastructure construction drives green economic transformation: Evidence from Chinese cities","volume":"10","author":"Ma","year":"2023","journal-title":"Humanit. Soc. Sci. Commun."},{"key":"ref_54","doi-asserted-by":"crossref","first-page":"4072","DOI":"10.1002\/mde.4236","article-title":"The impact of new digital infrastructure construction on substantive green innovation","volume":"45","author":"Han","year":"2024","journal-title":"Manag. Decis. Econ."},{"key":"ref_55","doi-asserted-by":"crossref","first-page":"103560","DOI":"10.1016\/j.iref.2024.103560","article-title":"New-type infrastructure and urban economic resilience: Evidence from China","volume":"96","author":"Wen","year":"2024","journal-title":"Int. Rev. Econ. Financ."},{"key":"ref_56","doi-asserted-by":"crossref","first-page":"1341","DOI":"10.1007\/s11156-020-00876-y","article-title":"Government control and the value of cash: Evidence from listed firms in China","volume":"55","author":"Yu","year":"2020","journal-title":"Rev. Quant. Financ. Account."},{"key":"ref_57","doi-asserted-by":"crossref","first-page":"225","DOI":"10.1016\/j.respol.2007.11.005","article-title":"Under what conditions do firms benefit from the research efforts of other organizations?","volume":"37","author":"Kafouros","year":"2008","journal-title":"Res. Policy"},{"key":"ref_58","first-page":"143","article-title":"The Impact of City-level Intellectual Property Protection on Foreign Capital Entry into Chinese Enterprises","volume":"40","author":"Shen","year":"2019","journal-title":"Financ. Trade Econ."},{"key":"ref_59","doi-asserted-by":"crossref","first-page":"104340","DOI":"10.1016\/j.frl.2023.104340","article-title":"How does intellectual property protection contribute to the digital transformation of enterprises?","volume":"58","author":"Wen","year":"2023","journal-title":"Financ. Res. Lett."},{"key":"ref_60","doi-asserted-by":"crossref","first-page":"106706","DOI":"10.1016\/j.eneco.2023.106706","article-title":"Exploring the effects of manufacturing servitization on enterprise energy conservation and emissions reduction moderated by digital transformation","volume":"122","author":"Wang","year":"2023","journal-title":"Energy Econ."},{"key":"ref_61","doi-asserted-by":"crossref","first-page":"83","DOI":"10.1162\/003355399555954","article-title":"Why do some countries produce so much more output per worker than others?","volume":"114","author":"Hall","year":"1999","journal-title":"Q. J. Econ."},{"key":"ref_62","doi-asserted-by":"crossref","first-page":"351","DOI":"10.1177\/14761270241228674","article-title":"Transaction cost economics in the digital economy: A research agenda","volume":"23","author":"Nagle","year":"2025","journal-title":"Strateg. Organ."},{"key":"ref_63","unstructured":"Wang, X., Fan, G., and Li, A. (2025). China Provincial Marketization Index Report (2024), China Economic Publishing House."},{"key":"ref_64","doi-asserted-by":"crossref","first-page":"107513","DOI":"10.1016\/j.eneco.2024.107513","article-title":"The \u201cDouble-Edged Sword\u201d effect of air quality information disclosure policy\u2014Empirical evidence based on the digital transformation of Chinese listed companies","volume":"133","author":"Xiao","year":"2024","journal-title":"Energy Econ."},{"key":"ref_65","doi-asserted-by":"crossref","first-page":"102520","DOI":"10.1016\/j.techsoc.2024.102520","article-title":"Enterprise pollution reduction through digital transformation? Evidence from Chinese manufacturing enterprises","volume":"77","author":"Zhao","year":"2024","journal-title":"Technol. Soc."},{"key":"ref_66","doi-asserted-by":"crossref","first-page":"141184","DOI":"10.1016\/j.jclepro.2024.141184","article-title":"The impact of digital transformation on international carbon competitiveness: Empirical evidence from manufacturing decomposition","volume":"443","author":"Jin","year":"2024","journal-title":"J. Clean. Prod."},{"key":"ref_67","doi-asserted-by":"crossref","first-page":"123364","DOI":"10.1016\/j.techfore.2024.123364","article-title":"The inverted U-shaped association between digital economy and corporate total factor productivity: A knowledge-based perspective","volume":"203","author":"Suo","year":"2024","journal-title":"Technol. Forecast. Soc. Change"},{"key":"ref_68","doi-asserted-by":"crossref","first-page":"2321","DOI":"10.1002\/mde.4136","article-title":"Digital transformation, external financing, and enterprise resource allocation efficiency","volume":"45","author":"Liu","year":"2024","journal-title":"Manag. Decis. Econ."},{"key":"ref_69","doi-asserted-by":"crossref","first-page":"113387","DOI":"10.1016\/j.jbusres.2022.113387","article-title":"The effect of manufacturing agent heterogeneity on enterprise innovation performance and competitive advantage in the era of digital transformation","volume":"155","author":"Gao","year":"2023","journal-title":"J. Bus. Res."},{"key":"ref_70","doi-asserted-by":"crossref","first-page":"339","DOI":"10.1080\/09537325.2023.2290161","article-title":"Can digital transformation in manufacturing enterprises mitigate financial distress?","volume":"37","author":"Zhao","year":"2023","journal-title":"Technol. Anal. Strateg. Manag."},{"key":"ref_71","first-page":"50","article-title":"The Influence of Digital Economy on Corporate Governance: Analyzed from Information Asymmetry and Irrational Behavior Perspective","volume":"12","author":"Qi","year":"2020","journal-title":"Reform"},{"key":"ref_72","doi-asserted-by":"crossref","first-page":"303","DOI":"10.1016\/j.jbusres.2021.09.061","article-title":"Digital economy: An innovation driver for total factor productivity","volume":"139","author":"Pan","year":"2022","journal-title":"J. Bus. Res."},{"key":"ref_73","doi-asserted-by":"crossref","first-page":"1630","DOI":"10.1257\/aer.104.6.1630","article-title":"US food aid and civil conflict","volume":"104","author":"Nunn","year":"2014","journal-title":"Am. Econ. Rev."},{"key":"ref_74","doi-asserted-by":"crossref","first-page":"102458","DOI":"10.1016\/j.technovation.2022.102458","article-title":"Digital innovation and performance of manufacturing firms: An affordance perspective","volume":"119","author":"Liu","year":"2023","journal-title":"Technovation"},{"key":"ref_75","doi-asserted-by":"crossref","first-page":"43","DOI":"10.3390\/systems13010043","article-title":"Digital Transformation and Innovation Performance in Small-and Medium-Sized Enterprises: A Systems Perspective on the Interplay of Digital Adoption, Digital Drive, and Digital Culture","volume":"13","author":"Wang","year":"2025","journal-title":"Systems"},{"key":"ref_76","doi-asserted-by":"crossref","first-page":"106236","DOI":"10.1016\/j.eneco.2022.106236","article-title":"How does the green credit policy affect the technological innovation of enterprises? Evidence from China","volume":"113","author":"Zhang","year":"2022","journal-title":"Energy Econ."},{"key":"ref_77","doi-asserted-by":"crossref","first-page":"101500","DOI":"10.1016\/j.chieco.2020.101500","article-title":"Policy certainty and heterogeneous firm innovation: Evidence from China","volume":"63","author":"Jiang","year":"2020","journal-title":"China Econ. Rev."},{"key":"ref_78","doi-asserted-by":"crossref","first-page":"102718","DOI":"10.1016\/j.technovation.2023.102718","article-title":"From university basic research to firm innovation: Diffusion mechanism and boundary conditions under a U-shaped relationship","volume":"123","author":"Cao","year":"2023","journal-title":"Technovation"},{"key":"ref_79","doi-asserted-by":"crossref","first-page":"122378","DOI":"10.1016\/j.techfore.2023.122378","article-title":"Can digital transformation overcome the enterprise innovation dilemma: Effect, mechanism and effective boundary","volume":"190","author":"Zhuo","year":"2023","journal-title":"Technol. Forecast. Soc. Change"},{"key":"ref_80","doi-asserted-by":"crossref","first-page":"2875","DOI":"10.1002\/mde.3569","article-title":"The digital economy, enterprise digital transformation, and enterprise innovation","volume":"43","author":"Li","year":"2022","journal-title":"Manag. Decis. Econ."},{"key":"ref_81","doi-asserted-by":"crossref","first-page":"423","DOI":"10.1080\/02681102.2023.2282269","article-title":"Digital transformation for development: A human capital key or system of oppression?","volume":"29","author":"Qureshi","year":"2023","journal-title":"Inf. Technol. Dev."},{"key":"ref_82","doi-asserted-by":"crossref","unstructured":"Hulten, C.R. (2001). Total factor productivity: A short biography. New Developments in Productivity Analysis, University of Chicago Press.","DOI":"10.7208\/chicago\/9780226360645.001.0001"},{"key":"ref_83","unstructured":"Griliches, Z. (2009). Productivity, R&D, and the data constraint. The Economic Impact of Knowledge, Routledge."},{"key":"ref_84","first-page":"1393","article-title":"The economic theory of index numbers and the measurement of input, output, and productivity","volume":"50","author":"Caves","year":"1982","journal-title":"Econom. J. Econom. Soc."},{"key":"ref_85","doi-asserted-by":"crossref","first-page":"103583","DOI":"10.1016\/j.irfa.2024.103583","article-title":"The mechanism of supply chain efficiency in enterprise digital transformation and total factor productivity","volume":"96","author":"Teng","year":"2024","journal-title":"Int. Rev. Financ. Anal."},{"key":"ref_86","doi-asserted-by":"crossref","first-page":"128","DOI":"10.2307\/2393553","article-title":"Absorptive capacity: A new perspective on learning and innovation","volume":"35","author":"Cohen","year":"1990","journal-title":"Adm. Sci. Q."},{"key":"ref_87","doi-asserted-by":"crossref","first-page":"290","DOI":"10.2307\/270723","article-title":"Asymptotic confidence intervals for indirect effects in structural equation models","volume":"13","author":"Sobel","year":"1982","journal-title":"Sociol. Methodol."},{"key":"ref_88","doi-asserted-by":"crossref","first-page":"103773","DOI":"10.1016\/j.iref.2024.103773","article-title":"Can Digital Transformation of Enterprise Improve the Information Environment of the Capital Market?\u2014Evidence from Analyst\u2019s Perspective","volume":"97","author":"Li","year":"2024","journal-title":"Int. Rev. Econ. Financ."},{"key":"ref_89","doi-asserted-by":"crossref","first-page":"103104","DOI":"10.1016\/j.irfa.2024.103104","article-title":"Is enterprise digital transformation beneficial to shareholders? Insights from the cost of equity capital","volume":"92","author":"Zhang","year":"2024","journal-title":"Int. Rev. Financ. Anal."},{"key":"ref_90","doi-asserted-by":"crossref","first-page":"143","DOI":"10.2307\/1905432","article-title":"Random simultaneous equations and the theory of production","volume":"12","author":"Marschak","year":"1944","journal-title":"Econometrica"},{"key":"ref_91","first-page":"1263","article-title":"The Dynamics of Productivity in the Telecommunications Equipment Industry","volume":"64","author":"Olley","year":"1996","journal-title":"Econom. Econom. Soc."},{"key":"ref_92","doi-asserted-by":"crossref","first-page":"317","DOI":"10.1111\/1467-937X.00246","article-title":"Estimating production functions using inputs to control for unobservables","volume":"70","author":"Levinsohn","year":"2003","journal-title":"Rev. Econ. Stud."},{"key":"ref_93","doi-asserted-by":"crossref","first-page":"115","DOI":"10.1016\/S0304-4076(98)00009-8","article-title":"Initial conditions and moment restrictions in dynamic panel data models","volume":"87","author":"Blundell","year":"1998","journal-title":"J. Econom."},{"key":"ref_94","doi-asserted-by":"crossref","first-page":"2973","DOI":"10.1086\/707736","article-title":"On the identification of gross output production","volume":"128","author":"Gandhi","year":"2020","journal-title":"J. Political Econ."},{"key":"ref_95","doi-asserted-by":"crossref","first-page":"1338","DOI":"10.1093\/restud\/rdt011","article-title":"R&D and productivity: Estimating endogenous productivity","volume":"80","author":"Doraszelski","year":"2013","journal-title":"Rev. Econ. Stud."},{"key":"ref_96","doi-asserted-by":"crossref","first-page":"665","DOI":"10.1111\/iere.12172","article-title":"Production function estimation with unobserved input price dispersion","volume":"57","author":"Grieco","year":"2016","journal-title":"Int. Econ. Rev."}],"container-title":["Systems"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/2079-8954\/13\/11\/939\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,25]],"date-time":"2025-10-25T04:32:11Z","timestamp":1761366731000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/2079-8954\/13\/11\/939"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2025,10,23]]},"references-count":96,"journal-issue":{"issue":"11","published-online":{"date-parts":[[2025,11]]}},"alternative-id":["systems13110939"],"URL":"https:\/\/doi.org\/10.3390\/systems13110939","relation":{},"ISSN":["2079-8954"],"issn-type":[{"value":"2079-8954","type":"electronic"}],"subject":[],"published":{"date-parts":[[2025,10,23]]}}}