Abstract
Due to the COVID-19 pandemic shock, the tourism industry has the simultaneous task of improving its quality and efficiency. Investigating if the digital transformation of tourist firms can break the hurdle and promote tourism sector optimization in the digital era is critical. Based on data from a sample of Chinese-listed tourism companies from 2013 to 2022, this study finds that digital transformation can improve firms' financial and non-financial performance, particularly non-financial performance, when confronted with the COVID-19 pandemic shock. This influence operates mainly through the effects of business diversification, including willingness and extent, while it is more pronounced for willingness.
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