Abstract
This study delves into the influence of digital transformation on labour investment efficiency and its varied effects across different business phases. Utilizing panel regression and the instrumental variable model, the research analyses data from China's A-share listed companies spanning 2011–2021. Findings reveal that digital transformation considerably enhances labour investment efficiency, mitigating both overinvestment and underinvestment issues. Heterogeneity analysis further indicates that digital transformation fine-tunes resource distribution, especially aiding businesses in their growth and maturity phases. Contrarily, firms in a declining phase show no discernible impact from digital transformation.
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