Peer Effects of Digital Transformation and Enterprise Resilience: Evidence from Chinese Manufacturing Firms

Digital transformation (DT) enables manufacturing enterprises to navigate volatile and uncertain market environments, thereby achieving sustainable development. Considering the inherent uncertainty of DT and the influence of peer enterprises, this study examines peer effects of DT on enterprise resilience (ER) from the perspective of peer influence, drawing on the institutional theory, enterprise resilience durability theory and strategic ecology. Using data from Chinese manufacturing enterprises listed on the Shanghai and Shenzhen A-share markets from 2013 to 2022, the study investigates the mechanisms and heterogeneity of DT peer effects within interlocking directorate networks (IDNs). The results show that: (1) DT exhibits significant industrial and regional peer effects; (2) industrial peer effects enhance innovation capability (IC), thereby strengthening ER, whereas regional peer effects improve resource allocation (RA) to bolster ER; and (3) industrial peer effects are more pronounced for enterprises in non-central positions within IDNs and highly competitive industries, while regional peer effects are stronger for enterprises in central positions and located in central cities. These findings highlight the differentiated pathways through which peer-driven digitalization shapes resilience and demonstrate its importance not only for firm-level resilience but also for long-term sustainable competitiveness in manufacturing ecosystems.