IDEAS home Printed from https://ideas.repec.org/a/plo/pone00/0313615.html
   My bibliography  Save this article

Research on the mechanism by which digital transformation peer effects influence innovation performance in emerging industries: A case study of China’s photovoltaic industry

Author

Listed:
  • Aiqin Zhang
  • Xiaoqiang Guo
  • Wenjie Zhang
  • Zhangliang Liu

Abstract

The exploration of digital transformation peer effects on the innovation performance of emerging industries is crucial for analyzing the underlying mechanisms of digital transformation, optimizing resource allocation among peer enterprises, and enhancing industrial competitiveness. This study empirically examines the influence of digital transformation peer effects on the innovation performance of the photovoltaic industry, using data from 150 photovoltaic companies listed in Shanghai and Shenzhen between 2011 and 2022. The study found that: (1) The digital transformation of the photovoltaic industry is influenced by regional and industry-specific peer effects. Regional peer effects in digital transformation have a positive impact on the innovation performance of the photovoltaic industry, while industry-specific peer effects exert a negative impact on innovation performance. Moreover, these effects exhibit dynamic persistence; (2) Further analysis of the transmission mechanism reveals that the digital transformation peer effect positively influences the innovation performance of the photovoltaic industry, primarily through the mediating role of enhanced absorptive capacity. Additionally, the level of marketization and executive tenure significantly moderate this relationship; (3) The study further investigates the photovoltaic industry within the context of subsidy policy implementation, firm types, and strategic pacing. The results indicate that the digital transformation peer effect on innovation performance is most pronounced for technology-intensive firms adopting an analytical strategy after the withdrawal of photovoltaic subsidies. For labor-intensive firms employing a defensive strategy, the peer effect is more significant before the withdrawal of subsidies. In contrast, the negative impact of industry-specific digital transformation peer effects on innovation performance is more evident in photovoltaic companies that pursue an offensive strategy; (4) The heterogeneity analysis reveals that the digital transformation peer effect on innovation performance is more significant for small-scale photovoltaic enterprises with state-owned property rights. In contrast, the peer effect negatively impacts innovation performance in large-scale photovoltaic enterprises. These findings provide theoretical insights and practical guidance for governments and enterprises in formulating digital transformation strategies for emerging industries.

Suggested Citation

  • Aiqin Zhang & Xiaoqiang Guo & Wenjie Zhang & Zhangliang Liu, 2025. "Research on the mechanism by which digital transformation peer effects influence innovation performance in emerging industries: A case study of China’s photovoltaic industry," PLOS ONE, Public Library of Science, vol. 20(1), pages 1-26, January.
    • Handle: RePEc:plo:pone00:0313615
    DOI: 10.1371/journal.pone.0313615
    as

    Download full text from publisher

    File URL: https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0313615
    Download Restriction: no
    File URL: https://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0313615&type=printable
    Download Restriction: no
    File URL: https://libkey.io/10.1371/journal.pone.0313615?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
    ---><---

    References listed on IDEAS

    as
    1. Mark T. Leary & Michael R. Roberts, 2014. "Do Peer Firms Affect Corporate Financial Policy?," Journal of Finance, American Finance Association, vol. 69(1), pages 139-178, February.
    2. Ren, Xiaohang & Zeng, Gudian & Sun, Xianming, 2023. "The peer effect of digital transformation and corporate environmental performance: Empirical evidence from listed companies in China," Economic Modelling, Elsevier, vol. 128(C).
    3. Filippo Belloc & Eleonora Laurenza & M. Alessandra Rossi, 2016. "Corporate governance effects on innovation when both agency costs and asset specificity matter," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 25(6), pages 977-999.
    4. Theresa K. Lant, 1992. "Aspiration Level Adaptation: An Empirical Exploration," Management Science, INFORMS, vol. 38(5), pages 623-644, May.
    5. Ekaterina Turkina & Boris Oreshkin & Raja Kali, 2019. "Regional innovation clusters and firm innovation performance: an interactionist approach," Regional Studies, Taylor & Francis Journals, vol. 53(8), pages 1193-1206, August.
    6. Cai, Hechang & Wang, Zilong & Ji, Yi & Xu, Liuyang, 2024. "Digitalization and innovation: How does the digital economy drive technology transfer in China?," Economic Modelling, Elsevier, vol. 136(C).
    7. Rafael Sancho-Zamora & Felipe Hernández-Perlines & Isidro Peña-García & Santiago Gutiérrez-Broncano, 2022. "The Impact of Absorptive Capacity on Innovation: The Mediating Role of Organizational Learning," IJERPH, MDPI, vol. 19(2), pages 1-15, January.
    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. Ge Zhang & Lianmei Zhu, 2025. "The Peer Effects of Green Management Innovation in China’s Listed Companies," Sustainability, MDPI, vol. 17(7), pages 1-28, March.
    2. Shu, Ying & Zhuang, Xiaobin & Xu, Guanghua & Zhang, Shanfei & Ying, Rui, 2024. "Peer effects, environmental regulation and environmental financial integration—Empirical evidence from listed companies in heavily polluting industries," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 1446-1458.
    3. Patrick J. Callery, 2024. "Strategic motivations for corporate social responsibility: profitability or legitimacy?," Journal of Business Economics, Springer, vol. 94(6), pages 947-974, August.
    4. Dongqing Han & Dayong Zhang & Peng Yue & Zhengxu Cao, 2024. "Toward Sustainable Development: Can Digital Transformation of Industrial Enterprise Drive Carbon Reduction?," Sustainability, MDPI, vol. 16(23), pages 1-18, November.
    5. Ulrike Malmendier & Vincenzo Pezone & Hui Zheng, 2023. "Managerial Duties and Managerial Biases," Management Science, INFORMS, vol. 69(6), pages 3174-3201, June.
    6. Wei He & Qian Wang, 2020. "The peer effect of corporate financial decisions around split share structure reform in China," Review of Financial Economics, John Wiley & Sons, vol. 38(3), pages 474-493, July.
    7. Yu, Qing & Hui, Eddie Chi-Man & Shen, Jianfu, 2024. "The real impacts of third-party certification on green bond issuances: Evidence from the Chinese green bond market," Journal of Corporate Finance, Elsevier, vol. 89(C).
    8. Ferrell, Allen & Liang, Hao & Renneboog, Luc, 2016. "Socially responsible firms," Journal of Financial Economics, Elsevier, vol. 122(3), pages 585-606.
    9. Wang, Peiwen & Chen, Minghua & Wu, Ji & Yan, Yuanyun, 2023. "Do peer effects matter in bank risk? Some cross-country evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).
    10. Oliva, Rogelio, 2003. "Model calibration as a testing strategy for system dynamics models," European Journal of Operational Research, Elsevier, vol. 151(3), pages 552-568, December.
    11. Estévez-Mendoza, Carlos & Montoro-Sánchez, Ángeles, 2024. "Exploring the relationship between innovation and corporate governance," Technological Forecasting and Social Change, Elsevier, vol. 209(C).
    12. Paul Tanyi & David B. Smith & Xiaoyan Cheng, 2021. "Does firm payout policy affect shareholders’ dissatisfaction with directors?," Review of Quantitative Finance and Accounting, Springer, vol. 57(1), pages 279-320, July.
    13. Rubio-Andrés, Mercedes & Ramos-González, Mª del Mar & Sastre-Castillo, Miguel Ángel & Gutiérrez-Broncano, Santiago, 2023. "Stakeholder pressure and innovation capacity of SMEs in the COVID-19 pandemic: Mediating and multigroup analysis," Technological Forecasting and Social Change, Elsevier, vol. 190(C).
    14. Jiali Liu & Xinran Xie & Yu Duan & Liang Tang, 2023. "Peer effects and the mechanisms in corporate capital structure: evidence from Chinese listed firms," Oeconomia Copernicana, Institute of Economic Research, vol. 14(1), pages 295-326, March.
    15. Beniamino Pisicoli, 2022. "Banking diversity, financial complexity and resilience to financial shocks: evidence from Italian provinces," International Review of Applied Economics, Taylor & Francis Journals, vol. 36(3), pages 338-402, May.
    16. Zhang, Zuomin & Wu, Yingjue & Wang, Honglei, 2024. "Corporate financial fragility, R&D investment, and corporate green innovation: Evidence from China," Finance Research Letters, Elsevier, vol. 62(PB).
    17. Montserrat Manzaneque & Alfonso A. Rojo-Ramírez & Julio Diéguez-Soto & Maria J. Martínez-Romero, 2020. "How negative aspiration performance gaps affect innovation efficiency," Small Business Economics, Springer, vol. 54(1), pages 209-233, January.
    18. Zhu, Qi & Jin, Sisi & Huang, Yuxuan & Yan, Cheng, 2022. "Oil price uncertainty and stock price informativeness: Evidence from listed U.S. companies," Energy Economics, Elsevier, vol. 113(C).
    19. Hope, Ole-Kristian & Su, Xijiang, 2021. "Peer-level analyst transitions," Journal of Corporate Finance, Elsevier, vol. 70(C).
    20. Francis, Bill & Hasan, Iftekhar & Mani, Sureshbabu & Ye, Pengfei, 2016. "Relative peer quality and firm performance," Journal of Financial Economics, Elsevier, vol. 122(1), pages 196-219.

    More about this item

    Statistics

    Access and download statistics

    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:plo:pone00:0313615. 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: plosone (email available below). General contact details of provider: https://journals.plos.org/plosone/ .

    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.