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

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

Authors
Zhuoyun Zhang1, *
1School of Management, Wuhan University of Technology, Wuhan, 430070, China
*Corresponding author. Email: 269703@whut.edu.cn
Corresponding Author
Zhuoyun Zhang
Available Online 27 May 2025.
DOI
10.2991/978-94-6463-734-2_32How to use a DOI?
Keywords
Policy Uncertainty; Digitalization; Firm Performance; Manufacturing Enterprises
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.”

Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2025 10th International Conference on Social Sciences and Economic Development (ICSSED 2025)
Series
Advances in Economics, Business and Management Research
Publication Date
27 May 2025
ISBN
978-94-6463-734-2
ISSN
2352-5428
DOI
10.2991/978-94-6463-734-2_32How to use a DOI?
Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Zhuoyun Zhang
PY  - 2025
DA  - 2025/05/27
TI  - Policy Uncertainty, Corporate Digitalization, and Firm Performance: Evidence from Listed Manufacturing Firms
BT  - Proceedings of the 2025 10th International Conference on Social Sciences and Economic Development (ICSSED 2025)
PB  - Atlantis Press
SP  - 265
EP  - 271
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-734-2_32
DO  - 10.2991/978-94-6463-734-2_32
ID  - Zhang2025
ER  -