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| How the Peer Effect of Digitalization Affect Enterprises′ Innovation Input：A Moderated Mediation Model |
| Teng Mingming1,Shen Minghao2 |
| (1.School of Economics and Trade, Guangdong University of Foreign Studies;2.Institute of Studies for the Great Bay Area, Guangdong University of Foreign Studies, Guangzhou 510006, China) |
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Abstract The digitalization of enterprises is a micro-expression of the integration of the digital economy and the real economy. The Chinese government is endeavoring to accelerate the development of the digital economy, and promote the deep integration of the digital economy and the real economy. Policies are issued across the country to support enterprise digitalization. In recent years, the proportion of the digital economy in China has been increased year by year, and the proportion of enterprise digitalization is continuously and steadily increasing. Digitalization is becoming an increasingly powerful driving force for corporate innovation and growth. Therefore, the digitalization of enterprises can affect the enterprise's internal and external operations. Current research is focused on the impact of enterprise digitalization on the enterprise itself. They affirm the positive impact of the digitalization of enterprises on the enterprise itself. Digital transformation of enterprises can improve the overall input in innovation, the level of specialization of enterprises, the quantity of patent applications and the risk-taking level, et al. However, they fail to consider the impact of the digitalization of enterprises on the external environment of enterprises. In economic activities, firms may refer to the information disclosure of their peers when making decisions such as input. Unlike ordinary fixed asset input or stock input, innovation input is characterized by high risk, high input and long periods. Enterprises tend to consider various factors more carefully when they are making decisions. For example, they may refer to peers' innovation input behaviors or the innovation input information disclosed by peers. There is a certain degree of peer effect. Thus, the role of peer digitalization in the innovative inputs of target firms has become a question worth researching. What is the impact of peer digitization on enterprises' innovation input? In the process of influencing enterprises' innovation input, can internal and external factors influence the digitalization of peers?#br#This paper uses the panel data from listed companies from 2007 to 2021. The theoretical analysis and empirical tests are made on the effects of peer digitization on target enterprises' innovation input. The results show that peer digitalization has both a direct and a mediating effect on the innovation input of target enterprises. Peer digitization can directly boost the innovative inputs of target companies. The positive spillover effect remains even after endogenous tests using instrumental variables and residuals, as well as the robustness test using replaced independent variables or dependent variables. In the mediating path, peer digitization enhances the innovation input of target enterprises by increasing the degree of competition in the industry. This study also examines the moderating effects of managerial ability and financing constraints. The managerial ability of target firms can inhibit the direct and indirect effects of peer digitization on their innovation input. It appears that managerial ability has a more significant inhibitory effect on the second half of the path (industry competition-innovation input of target enterprises). Financing constraints can amplify the direct effect and the first half mediating effect of peer digitization on the innovation input of target enterprises. In addition, it is found that peer digitization plays a more significant role in improving the innovation input of target enterprises in the growth and maturity stages.#br# This paper enriches the research on the peer effect, digital transformation and enterprise innovation input. First ,with the analysis of the impact of the digitalization of peers on the innovation of target enterprises, it examines more than just the direct impact of the digitalization of peers on the innovation input of target enterprises, and the mediating effects of the digitalization of peers through industry competition. Second, it uses the moderated mediating effect model which selects managers' ability and financing constraints to adjust the variables. It further examines the direct and mediating effects that are affected by the moderating variables. Third, it analyzes if the impact of peer digitization on innovation input by enterprises is different when the target enterprises are in different life cycles or if they belong to high-tech enterprises. Therefore, this paper can provide some reference for enterprises to make strategic input decisions and for governments to formulate relevant policies.#br#
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Received: 25 July 2022
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