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Policy Uncertainty, Corporate Digitalization, and Firm Performance: Evidence from Listed Manufacturing Firms

In: Proceedings of the 2025 10th International Conference on Social Sciences and Economic Development (ICSSED 2025)

Author

Listed:
  • Zhuoyun Zhang

    (Wuhan University of Technology, School of Management)

Abstract

Corporate digital transformation is a critical pathway for the reform and upgrading of traditional manufacturing industries and an essential means for firms to address increasingly complex external environments. Using a sample of listed manufacturing firms from China’s Shanghai and Shenzhen A-share markets from 2015 to 2019, this study employs a two-way fixed-effects panel data model to empirically examine the impact of digitalization on firm performance and the moderating role of policy uncertainty. The findings reveal that, digitalization significantly and negatively affects firm performance. Moreover, policy uncertainty exacerbates the adverse impact of digitalization on firm performance, with this effect being significant only in non-state-owned enterprises, while no significant impact is observed in state-owned enterprises. This study provides empirical evidence to the ongoing discourse on the “digitalization paradox.”

Suggested Citation

  • Zhuoyun Zhang, 2025. "Policy Uncertainty, Corporate Digitalization, and Firm Performance: Evidence from Listed Manufacturing Firms," Advances in Economics, Business and Management Research, in: Huaping Sun & Hang Luo & Vilas Gaikar & Natālija Cudečka-Puriņa (ed.), Proceedings of the 2025 10th International Conference on Social Sciences and Economic Development (ICSSED 2025), pages 265-271, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-734-2_32
    DOI: 10.2991/978-94-6463-734-2_32
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