This study investigates the relationship between individual dimensions of digital maturity in the context of Industry 4.0 and financial and operational performance outcomes. Moving beyond aggregate maturity measures, the analysis adopts a dimensional perspective to capture the differentiated and potentially asymmetric performance effects of specific digital capabilities in industrial firms operating in a low-maturity regional context.
The empirical analysis is based on a cross-sectional sample of 140 industrial companies located in Portugal's Dão Lafões region. Digital maturity was measured using a structured questionnaire grounded in the IMPULS model, which covers six core dimensions. Financial and operational performance indicators were obtained from the SABI database. Robust multiple linear regression models were employed to assess the relationships between digital maturity dimensions, overall digital maturity level, firm size, and five performance indicators: Return on Assets, Internationalization, Indebtedness, Interest Rate and Productivity.
The results confirm a generally low level of digital maturity across the sample (mean = 1.13 on a 0–5 scale), alongside substantial heterogeneity among firms. Despite this low maturity context, several digital maturity dimensions exhibit statistically significant associations with performance. Positive effects are observed mainly for productivity and Return on Assets, while specific dimensions are associated with lower levels of indebtedness. However, these effects are neither uniform nor linear across performance indicators, revealing short-term trade-offs and asymmetric relationships. The impact on internationalization is heterogeneous and appears to be more pronounced among smaller firms.
For managers and policymakers operating in SME-dominated and less digitally mature regions, the results highlight the importance of prioritizing targeted digital capability development over broad, undifferentiated digital transformation strategies.
The findings demonstrate that digital maturity should not be interpreted as a homogeneous driver of firm performance. Instead, performance outcomes depend on the specific configuration of digital capabilities adopted by firms, as well as on organizational and contextual characteristics such as firm size.
