IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v73y2025ics1544612324016751.html
   My bibliography  Save this article

Corporate digitalization and innovation: The role of female executives

Author

Listed:
  • Zhou, Tingfang
  • Zhao, Jie

Abstract

The rapid advancement of digitalization in the past decade has brought tremendous changes to enterprises. In this article, utilizing a sample of A-share listed firms on the Shanghai Stock Exchange and Shenzhen Stock Exchange over the period of 2011 to 2021, we attempt to discover the implications of corporate digitalization for innovation performance. We provide reliable evidence that digitalization enhances corporate innovation performance. Moreover, we find this positive relationship is more pronounced when the firm has a larger ratio of female executives. In sum, this study advances the studies on digitalization and innovation, and generates valuable practical implications.

Suggested Citation

  • Zhou, Tingfang & Zhao, Jie, 2025. "Corporate digitalization and innovation: The role of female executives," Finance Research Letters, Elsevier, vol. 73(C).
    • Handle: RePEc:eee:finlet:v:73:y:2025:i:c:s1544612324016751
    DOI: 10.1016/j.frl.2024.106646
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612324016751
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2024.106646?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Pengpeng Yue & Aslihan Gizem Korkmaz & Zhichao Yin & Haigang Zhou, 2022. "The rise of digital finance: Financial inclusion or debt trap," Papers 2201.09221, arXiv.org.
    2. Ribeiro-Navarrete, Samuel & Botella-Carrubi, Dolores & Palacios-Marqués, Daniel & Orero-Blat, Maria, 2021. "The effect of digitalization on business performance: An applied study of KIBS," Journal of Business Research, Elsevier, vol. 126(C), pages 319-326.
    3. Lorenzo Ardito, 2023. "The influence of firm digitalization on sustainable innovation performance and the moderating role of corporate sustainability practices: An empirical investigation," Business Strategy and the Environment, Wiley Blackwell, vol. 32(8), pages 5252-5272, December.
    4. Chen, Zhongfei & Jiang, Kangqi, 2024. "Digitalization and corporate investment efficiency: Evidence from China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
    5. Doan, Trang & Iskandar-Datta, Mai, 2020. "Are female top executives more risk-averse or more ethical? Evidence from corporate cash holdings policy," Journal of Empirical Finance, Elsevier, vol. 55(C), pages 161-176.
    6. Liu, Chelsea, 2018. "Are women greener? Corporate gender diversity and environmental violations," Journal of Corporate Finance, Elsevier, vol. 52(C), pages 118-142.
    7. Yue, Pengpeng & Korkmaz, Aslihan Gizem & Yin, Zhichao & Zhou, Haigang, 2022. "The rise of digital finance: Financial inclusion or debt trap?," Finance Research Letters, Elsevier, vol. 47(PA).
    8. Zhou, Linjiang & Shi, Xiaochuan & Bao, Yaxiong & Gao, Lihua & Ma, Chao, 2023. "Explainable artificial intelligence for digital finance and consumption upgrading," Finance Research Letters, Elsevier, vol. 58(PC).
    9. Fernandez-Vidal, Jorge & Gonzalez, Reyes & Gasco, Jose & Llopis, Juan, 2022. "Digitalization and corporate transformation: The case of European oil & gas firms," Technological Forecasting and Social Change, Elsevier, vol. 174(C).
    10. Mohammed Sawkat Hossain & Maleka Sultana, 2024. "Digitalization of corporate finance and firm performance: global evidence and analysis," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 16(4), pages 501-539, April.
    11. Wang, Li & Huang, Yiting & Hong, Zhiwu, 2024. "Digitalization as a double-edged sword: A deep learning analysis of risk management in Chinese banks," International Review of Financial Analysis, Elsevier, vol. 94(C).
    12. Li, Yu & Zhu, Yi & Tan, Weijie & Qi, Tiange & Huang, Yongjian, 2024. "Female executive and energy consumption intensity: The role of green innovation," Finance Research Letters, Elsevier, vol. 64(C).
    13. Zhang, Wenqiu & Zhao, Junli & Li, Hao & Chen, Shuilin, 2024. "Does digital transformation empower green innovation? Evidence from listed companies in heavily polluting industries in China," Finance Research Letters, Elsevier, vol. 66(C).
    14. Zhang, Dongyang & Bai, Dingchuan & Wang, Cao & He, Yurun, 2024. "Distribution dynamics and quantile dynamic convergence of the digital economy: Prefecture-level evidence in China," International Review of Financial Analysis, Elsevier, vol. 95(PA).
    15. Khalid, Fahad & Sun, Xinhui & Akram, Rabia & Srivastava, Mohit, 2024. "Digital finance and corporate environmental violations," Finance Research Letters, Elsevier, vol. 66(C).
    16. Wen, Huwei & Zhong, Qiming & Lee, Chien-Chiang, 2022. "Digitalization, competition strategy and corporate innovation: Evidence from Chinese manufacturing listed companies," International Review of Financial Analysis, Elsevier, vol. 82(C).
    17. Tian, Guangning & Li, Bo & Cheng, Yue, 2022. "Does digital transformation matter for corporate risk-taking?," Finance Research Letters, Elsevier, vol. 49(C).
    18. Hyun Ah Kim & Seok Woo Jeong & Tony Kang & Dongyoung Lee, 2017. "Does the Presence of Female Executives Curb Earnings Management? Evidence from Korea," Australian Accounting Review, CPA Australia, vol. 27(4), pages 494-506, December.
    19. Hao, Jing & Peng, Mengzu & He, Wenjia, 2023. "Digital finance development and bank liquidity creation," International Review of Financial Analysis, Elsevier, vol. 90(C).
    20. Ziang Zou & Yuqing Wu & Qi Zhu & Shenggang Yang, 2018. "Do Female Executives Prioritize Corporate Social Responsibility?," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 54(13), pages 2965-2981, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Cui, Kai & Yang, Wen, 2025. "The digital economy and the resilience of enterprise exports: Supply chain stability as a mediator," Finance Research Letters, Elsevier, vol. 73(C).
    2. Li, Xiaoqi & Zhu, Siyi, 2025. "How digital transformation can affect corporate technology innovation: The role of income gap," Finance Research Letters, Elsevier, vol. 75(C).
    3. Liu, Yuanyuan & Liu, Qianqian & Wei, Yanqiu, 2025. "Digital finance, internal control, and audit quality," Finance Research Letters, Elsevier, vol. 76(C).
    4. Li, Haibo & Xiao, Biyun, 2025. "Strengthening provincial export resilience through the digital economy: Analysis of impacts, global value chain integration, and regional disparities in China," Finance Research Letters, Elsevier, vol. 76(C).
    5. Ren, Yu & Liu, Xiongfei & Zhu, Yi, 2025. "Can the development of digital finance and information transparency improve enterprise investment efficiency?," Finance Research Letters, Elsevier, vol. 73(C).
    6. Li, Yunxian & Li, Fen, 2025. "Digital economy, the income gap, and regional crime rates in China," Finance Research Letters, Elsevier, vol. 75(C).
    7. Zhang, Qixin & Xiang, Zhiqiang & Xiang, Zhiguo, 2025. "New media supervision, digital transformation, and corporate green investment," Finance Research Letters, Elsevier, vol. 76(C).
    8. Li, Fan, 2025. "Pledge of controlling shareholder's equity, digital transformation, and green innovation," Finance Research Letters, Elsevier, vol. 76(C).
    9. Tang, Chaoli & Dong, Shuyun & Zhou, Rui, 2025. "The impact of digitalization on corporate resilience," International Review of Economics & Finance, Elsevier, vol. 97(C).
    10. Xu, Zhiyi & Yang, Jindi, 2025. "Impact of digital finance on rural industry revitalization," International Review of Economics & Finance, Elsevier, vol. 97(C).
    11. Liang, Guibao & Xia, Qiao & Zhang, Lijie, 2025. "Nonlinear influence of digital finance on green economic efficiency," International Review of Financial Analysis, Elsevier, vol. 101(C).
    12. Gao, Jie & Jin, Xingye & Li, Tao & Nguyen, Thithuha, 2025. "The effect of digital technology adoption on managerial myopia: An empirical discovery based on machine Learning," International Review of Economics & Finance, Elsevier, vol. 98(C).
    13. Zhu, Lijun, 2025. "The influence of digital transformation on Chinese firms' outward foreign direct investment," Finance Research Letters, Elsevier, vol. 72(C).
    14. Tang, Xinhui & Du, Shujun & Deng, Wenwen, 2025. "Business innovation in digital startups: A case study of an AI startup," International Review of Economics & Finance, Elsevier, vol. 98(C).
    15. Xing, Manjiang & Gong, Chi & Moon, Gyu-Hyen & Ge, Xiaohong, 2025. "Digital economy, dual innovation capability and enterprise labor productivity," International Review of Financial Analysis, Elsevier, vol. 101(C).
    16. Van, Huong Vu & Kim, Cuong Ly, 2025. "Does increased digital transformation decrease corporate cash holdings? The moderating role of business environment quality," Finance Research Letters, Elsevier, vol. 75(C).
    17. Wei, Feiqiong & Xie, Baiwei & Chen, Mingyan, 2025. "Digital financial inclusion, e-commerce development and entrepreneurial activity," International Review of Financial Analysis, Elsevier, vol. 97(C).
    18. Han, Zhihui & Wang, Zhitao, 2025. "Digitalization and supply chain finance risk: Evidence from listed firms in the construction industry," Finance Research Letters, Elsevier, vol. 74(C).
    19. Li, Pengcheng & Guo, Xiaochuan & Wang, Fengzheng & Zhang, Qifeng, 2025. "Digital transformation and corporate innovation boundaries: Role of supply chain concentration and transparency," International Review of Financial Analysis, Elsevier, vol. 98(C).
    20. Xia, Weifeng & Ruan, Zhiyu & Ma, Shenglin & Zhao, Jin & Yan, Jiale, 2025. "Can the digital economy enhance carbon emission efficiency? Evidence from 269 cities in China," International Review of Economics & Finance, Elsevier, vol. 97(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:73:y:2025:i:c:s1544612324016751. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.