The literature has attributed enterprise digital catering to corporate finance and corporate governance factors, including operational pressure and individual or organizational characteristics; however, the role played by enterprise strategy in this context has been overlooked. From the perspective of enterprise ownership, this study examines the heterogeneous effects of service-oriented transformation on digital catering and identifies the moderating roles played by public attention, equity incentives, and information transparency in this context.
This study employs a propensity score matching difference-in-differences method to examine how service-oriented transformation influences digital catering and explores the underlying mechanisms from the perspective of ownership. The study uses panel data obtained from Chinese listed manufacturing enterprises between 2010 and 2023.
The effect of service-oriented transformation on digital catering varies across different ownership structures. Service-oriented transformation stimulates digital catering among state-owned enterprises (SOEs) but has no statistically significant effect on non-SOEs. These findings indicate that SOEs have strong incentives to engage in digital catering because of their affiliation with the government administrative system. Further analysis reveals that, in the context of internal governance, both equity incentives and information transparency weaken the stimulating effect of service-oriented transformation on digital catering. In contrast, external public attention strengthens this effect.
This study helps both policymakers and regulators understand the key drivers of enterprise digital catering in contexts involving policy-driven service-oriented transformation. These findings provide implications for regulating opportunistic disclosure practices and encouraging manufacturing enterprises to undertake substantive transformation.
This study addresses the gap in enterprise digital catering research related to strategic perspectives. It extends catering theory to the context of digitalization and deepens our understanding of how enterprises that exhibit different ownership structures respond differently to service-oriented transformation. The findings also provide empirical evidence to support a theoretical framework that links strategic transformation with noneconomic behavior. Additionally, this study has policy implications for efforts to implement service-oriented transformation and promote a sustainable digitalization.
