Rethinking firm development strategies in emerging markets: how digital transformation affects the resilience of manufacturing firms

作者：Ao Bie, Yuling Xing, Yunxia Shu, Zhen Li · 发表于：Technology Analysis and Strategic Management · 年份：2026 · DOI：10.1080/09537325.2026.2684005 · 研究领域：Regional resilience and development、Supply Chain Resilience and Risk Management、Digital Transformation in Industry

This study aims to understand whether digital transformation as an important development strategy for manufacturing firms helps promote resilience enhancement. Based on data from Chinese A-share listed manufacturing firms spanning 2009–2022, this paper employs the entropy weight method to construct a firm resilience index. Using the pilot programme of the ‘Integration of Informatization and Industrialization’ (IOII) as a quasi-natural experiment, it applies a multi-period Difference-in-Differences (DID) approach to examine the impact of digital transformation on firm resilience. The study finds that DT significantly enhances firm resilience, which is embodied in the fact that IOII can increase the firm resilience index by an average of approximately 0.5316 units. Mechanism analyses indicate that this effect operates through alleviating financing constraints and reducing agency costs. Heterogeneity tests based on the Technology-Organisation-Environment (TOE) framework further reveal that the effect is more pronounced for firms with IT-experienced executives, state-owned enterprises, and those located in eastern China. This study contributes to the literature on DT and organisational resilience, providing empirical evidence for manufacturing firms in developing economies seeking to build resilience through digital transformation.