... negative, reaching 38.0% in magnitude. Supply chain uncertainty and market competition are more prominent at low risk, whereas patient-capital contraction and waiting-option incentives dominate at high risk. Digitalization delays the turning point, while financing constraints bring it forward. Responses...

... robustness checks. The mechanism analysis shows that this effect operates through operational volatility, financing constraints and investor sentiment, while the heterogeneity analysis indicates that a stronger digital and green transformation mitigates this effect. Research limitations/implications...