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Substance over symbol: The disciplinary influence of Industry–University–Research Cooperation in digital transformation

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  • Yin, Chao
  • Wang, Anbang
  • Ma, Junqiao

Abstract

Many firms faced with intense pressure to appear digitally savvy resort to symbolic digital transformation—a form of strategic decoupling that prioritizes digital rhetoric over substantive innovation. This study challenges the perspective that such symbolic management is inevitable, proposing that Industry–University–Research Cooperation (IURC) can serve as a powerful governance mechanism to realign firms’ “talk” with their “walk”. Analyzing 42,730 firm–year observations from Chinese A-shares (2010–2023), we find that stronger IURC ties significantly curb firms’ propensity for symbolic digitalization, fostering genuine digital progress instead. We unpack this effect by demonstrating that while co-patenting and co-publications function as disciplinary channels, the impact of co-patenting is markedly stronger as it directly embeds tangible, applied knowledge into firms’ operational core. However, the effectiveness of IURC is conditional. Its power is amplified in regions with robust digital infrastructure and for firms with long-term managerial horizons, but is significantly attenuated by intense market competition or short-term executive incentives that heighten the appeal of symbolic conformity. Our study contributes by repositioning IURC from a mere innovation engine to a critical external governance mechanism.

Suggested Citation

  • Yin, Chao & Wang, Anbang & Ma, Junqiao, 2025. "Substance over symbol: The disciplinary influence of Industry–University–Research Cooperation in digital transformation," Finance Research Letters, Elsevier, vol. 85(PC).
    • Handle: RePEc:eee:finlet:v:85:y:2025:i:pc:s154461232501298x
    DOI: 10.1016/j.frl.2025.108040
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    References listed on IDEAS

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