Will Digital Disclosure Affect Corporate Stocks? - Based on Stakeholders' Cognition

Abstract

Digital transformation has given enterprises new development power, so can digital transformation disclosure indirectly enhance enterprise value and then affect enterprise stocks? This study collects the posts related to digital transformation published by 34 listed companies in China's top 100 in the four financial newspapers and periodicals from 2018 to 2021 as a sample, takes the disclosure of digital transformation of three enterprises as explanatory variables, and makes an empirical analysis on the impact degree of stocks of different main enterprises from the perspective of stakeholders based on hypocrisy theory and organizational facade theory. Research shows that different types of hypocrisy strategies will have different effects on corporate stocks. Among them, digital transformation action disclosure has a significant positive impact on enterprise stocks, speech and decision disclosure have a negative impact on enterprise stocks, and speech disclosure has a more significant impact than decision disclosure. In addition, according to the heterogeneity analysis of enterprise nature and industry category, the results show that non-state-owned enterprises and energy enterprises are more sensitive to digital transformation, have a stronger willingness to actively transform, and have a more significant impact on enterprise stocks. This conclusion provides a theoretical reference for China's listed enterprises to enhance enterprise value.