Note(s): ***p < 0.01, **p < 0.05. Standard errors are presented in the parentheses. DTA is digital transformation adoption which takes value of 1 if firm engaged in digital transformation and 0 otherwise; FP is firm performance, measured by either ROA (Net income/Total assets) or ROE (Net income/Total equity); SIZE is firm size, measured by ln(Total assets); AGE is firm age, measured by ln(number of operating years); LEV is financial leverage, measured by Total debt/Total assets; LIQ is liquidity, measured by Current assets/Current liabilities; GROW is growth rate, measured by $(Revenuet−Revenue(t−1))/Revenue(t−1)$⁠; GDP is Gross Domestic Product and INFLA is inflation rate of Vietnam