Impact of Digital Transformation Peer Effects on Corporate Welfare: Evidence from China's A-Share Listed Grain-Related Enterprises

Pian Chen; Honggen Zhu; Wei Xi; Ju Ye

doi:10.5755/j01.ee.37.4.41529

Authors

Pian Chen Nanjing University of Finance and Economics , Yancheng Teachers University
Honggen Zhu Nanjing University of Finance and Economics
Wei Xi Nanjing University of Finance and Economics
Ju Ye Zhejiang International Studies University

DOI:

https://doi.org/10.5755/j01.ee.37.4.41529

Keywords:

Digital Transformation Peer Effect, Welfare, Finance Constraints, Technological Innovation, Corporate ESG Performance

Abstract

Food security is vital to national security, and digital transformation boosts grain firms’ competitiveness. This paper explores the relationship between digital transformation peer effect, and corporate welfare, using the data of China’s Shanghai and Shenzhen A-share listed grain-related enterprises from 2012 to 2023 as a sample. The study reveals substantial positive regional and “industry” peer effects stemming from the digital transformation of grain-related enterprises, both of which can improve corporate welfare, as demonstrated by a number of robustness and endogeneity tests. Mechanism tests indicate that the digital transformation peer effects of grain-related enterprises enhance corporate welfare by alleviating financing constraints and improving technological innovation; corporate ESG performance amplifies the impact of this peer effect on corporate welfare. Heterogeneity analysis reveals that the digital transformation peer effects of grain-related enterprises have a more significant effect on the welfare enhancement of industry-leading enterprises, enterprises in non-major grain-producing regions, and mature enterprises.

Author Biographies

Pian Chen, Nanjing University of Finance and Economics, Yancheng Teachers University

Pian Chen is a Ph.D. student at the Institute of Food and Strategic Reserves/Collaborative Innovation Center of Modern Grain Circulation and Safety, Nanjing University of Finance and Economics (Nanjing, China). She received an M.Sc. degree from Nanjing Forestry University (Nanjing, China). Her main research interests concern the agricultural economy, enterprise management.
Honggen Zhu, Nanjing University of Finance and Economics

Honggen Zhu received a Ph.D. degree from Nanjing Agricultural University (Nanjing, China). He currently holds the position of second-level professor at Nanjing University of Finance and Economics. With over 20 years of experience in teaching and research, he specializes in agricultural economic theory and policies, as well as economic development. He has overseen eight research projects sponsored by the state. He has published more than 150 research paper.
Wei Xi, Nanjing University of Finance and Economics

Wei Xi is a Ph.D. student at the Institute of Food and Strategic Reserves/Collaborative Innovation Center of Modern Grain Circulation and Safety, Nanjing University of Finance and Economics (Nanjing, China). She received an master's degree in economics from Guilin University of Electronic Technology (Guilin, China). Her main research interests concern the agricultural economy and the industrial economy.
Ju Ye, Zhejiang International Studies University

Ju Ye received a Ph.D. degree from Nanjing University of Finance and Economics (Nanjing, China). He is currently employed at Zhejiang International Studies University, serving as a professional course instructor at the School of Business. His primary research focuses on agricultural economics, food economics, and grain trade. To date, he has published multiple high-quality academic papers.