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Abstract
ABSTRACT This paper examines the impact of uncertainty shocks, exemplified by the COVID-19 pandemic, on enterprise digital transformation using a difference-in-differences (DID) approach with data from Chinese A-share listed companies. Our findings reveal that such shocks accelerate the process of digital transformation, a conclusion that withstands parallel trend tests and multiple robustness checks. Heterogeneity analyses show that knowledge-intensive and service-oriented industries generally exhibit stronger trends in digital transformation, while traditional labour-intensive industries face more challenges. Further mechanism analyses identify technology upgrading effect, cost effect, and peer effect as the primary channels through which uncertainty shocks influence enterprise digital transformation. This study contributes to the existing literature by providing comprehensive empirical evidence on how uncertainty shocks drive digital transformation across various industries, extending research on coping strategies for such shocks and broadening our understanding of the drivers behind enterprise digital transformation.
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