Impact of Digital Transformation on Enterprise Risk-Taking: An Analysis Based on Chain Multiple Mediating Effects

Wenhui Yao, Hua Li (), Qiubai Sun and Rongjian Lv
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Wenhui Yao: School of Business Administration, University of Science and Technology Liaoning, Anshan 114051, China
Hua Li: School of Business Administration, University of Science and Technology Liaoning, Anshan 114051, China
Qiubai Sun: School of Business Administration, University of Science and Technology Liaoning, Anshan 114051, China
Rongjian Lv: School of Business Administration, University of Science and Technology Liaoning, Anshan 114051, China

Sustainability, 2025, vol. 17, issue 22, 1-26

Abstract: Digital transformation represents a strategic imperative for enterprises pursuing high-performance growth. This study selects A-share listed enterprises from 2014 to 2023 as the research sample and empirically examines the impact of digital transformation on enterprise risk-taking, as well as its internal transmission mechanisms, using a fixed effects model. The findings indicate that digital transformation has a significant positive effect on promoting enterprise risk-taking, particularly in state-owned enterprises and those with lower media attention. The director network and economic policy uncertainty positively moderate this relationship. Results from the mechanism analysis show that digital transformation enhances enterprise risk-taking through independent mediating channels that alleviate enterprises’ financing constraints and increase innovation investment, as well as through the chain mediation channel of “alleviating financing constraints → increasing innovation investment”. This research clarifies the specific mechanism underlying the impact of digital transformation on enterprise risk-taking and provides new evidence for understanding how digitalization enhances enterprise risk-taking by easing financing constraints and stimulating innovation. It holds important significance for helping enterprises improve their risk-taking capacity and promote sustainable development.

Keywords: digital transformation; enterprise risk-taking; financing constraints; innovation investment; director network; chain intermediary (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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