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This study explores the increasing significance of digital transformation and its peer effects as key factors influencing the efficiency of long‐term firm investment. A complete digital transformation dictionary is established in this study containing 179 keywords; the frequency of digital‐transformation‐related words is determined using textual mining technology and a reverse maximum matching algorithm. The effects of digital transformation, including peer effect, on long‐term firm investment are investigated using firm‐level panel data analysis. Our empirical findings demonstrate an increase in firms' digital transformation from 2011 to 2020. Digital transformation appears to significantly reduce long‐term firm investment. Industrial peers' digital transformation prohibits a focal firm's long‐term investment, marking a noteworthy divergence from the financial heterogeneous features of focal and peer firms. The digital transformation of industrial peers positively affects the long‐term investment of focal firms by promoting an equity investment structure and an asset‐light operation strategy. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to explore the mediating effect of digital options on the relationship between emerging information technology investments (ITIs) and firm performance (FP). In particular, it analyses the performance impacts of investments in five emerging technologies of IT or non-IT firms. Design/methodology/approach: Secondary data are collected from Chinese A-share listed companies from 2010 to 2018. The authors propose an econometric model focusing on the impact of ITIs on a firm's market value and profit. A propensity score matching model is applied to control endogeneity. Findings: The ITIs' effect on FP is found to be completely mediated by digital options, and the reach of digital options plays a more positive role in the relationship between ITIs and Tobin's Q, whereas the richness of digital options is stronger between ITIs and return on net assets (ROE). The group study shows that the impact of process technologies such as cloud computing and the Internet of Things has a more profound impact on Tobin's Q, and the knowledge technologies represented by artificial intelligence, blockchain and big data strongly affect ROE. In addition, the positive relationship between ITIs and FP is unrelated to IT/non-IT firms. Research limitations/implications: First, the data are based on 219 publicly announced emerging ITIs in China and thus may not be generalizable to other cultural/national contexts. Second, there is a lack of a large sample data set of emerging ITI information in China, and the duration of this study is constrained to the relatively short rise of emerging technologies. Practical implications: This study provides firm decision-makers with practical implications. The results imply that the effect of ITIs on FP depends on digital options, so both IT firms (e.g., Big Tech giants) and non-IT firms (e.g., incumbents) should discover how to balance firm value and profit in their management of emerging technology investment projects with digital options thinking. Originality/value: To the best of the authors' knowledge, this is the first empirical study to investigate the relationship between ITIs and FP from the perspective of digital options, exploring five emerging technologies and considering firm life, size, and state ownership in a sample of Chinese listed firms. [ABSTRACT FROM AUTHOR]

Non-fungible tokens (NFTs) are scarce digital assets, whose limited supply significantly affects consumers' product perception and purchase behavior. Few studies have examined consumers' cognitive evaluations and purchase intention towards NFTs in the context of Chinese luxury fashion brands. This paper aims to close this gap by investigating the impact of consumers' cognitive perceptions (i.e., perceived scarcity, perceived uniqueness, and perceived value) and personality trait (i.e., need for uniqueness) on their purchase intention towards luxury fashion NFTs. The mediating effect of perceived value between perceived uniqueness and purchase intention was also tested. A total of 251 valid questionnaires were collected via purposive sampling and analyzed using partial least squares structural equation modeling. Drawing on the commodity theory, significant relationships were found between scarcity, need for uniqueness, the resulting cognitive factors (perceived uniqueness and perceived value) and purchase intention. Chinese consumers perceive the NFTs of luxury brands to be scarce and need uniqueness, which enhances their perception of uniqueness and consequently, their perception of value. Perceived value then positively affects purchase intention, which supports the mediating role of perceived value. This study validates the importance of scarcity for NFTs from luxury fashion brands in China, providing valuable references for luxury brand marketers and academicians. [ABSTRACT FROM AUTHOR]

Digital cultural heritage resources in China are being transformed into digital assets. Protecting the intellectual property of these resources requires creating digital identity and certificate storage methods that are compatible with different management needs. Based on the latest policies on integrating cultural heritage, science and technology, and block chain development in China, this paper summarizes the key current issues related to protecting the intellectual property of digital cultural heritage. Based on that, the paper analyzes the innovative development cases of applying block chain technology to digital identities and the certificate storage of cultural relics. This paper explores the creation of a digital identity and certificate storage management system for cultural relics, based on block chain and multi-modal data, the innovative development of the asset trust mechanism formed by digital cultural heritage on the Internet of value, and the driving effect involved in transforming digital cultural heritage into digital assets. [ABSTRACT FROM AUTHOR]

Companies actively seek digital transformation to achieve sustainable development in a volatile and uncertain environment. This study investigates the effects of digital transformation (digital strategy and capability) on eco-innovation (eco-process, eco-product, and eco-management innovation) and sustainable performance. The partial least squares structural equation modeling is employed for assessing the model using data collected from 210 manufacturing companies in China. We find that digital strategy and digital capability significantly improve eco-process, eco-product and eco-management innovation. Eco-process, eco-product and eco-management innovation also improve sustainable performance. Meanwhile, eco-innovation partially mediates the positive relationship between digital transformation and sustainable performance. The results not only enrich the theoretical framework of digital transformation and sustainability but also provide guidelines for achieving sustainable development by implementing digital transformation and eco-innovation. [ABSTRACT FROM AUTHOR]