Figure 5.
The line plot illustrates firm value trends, measured as a stock price index over 2019 Q 4, for high digital transformation firms, low digital transformation firms, and the S and P 500 index from 2019 Q 4 to 2020 Q 4. All groups start at an index value of 100 in 2019 Q 4. In 2020 Q 1, the S and P 500 declines to 93.15, high digital transformation firms fall to 92.14, and low digital transformation firms drop more sharply to 79.27. In 2020 Q 2, values recover to 96.26 for the S and P 500, 96.45 for high digital transformation firms, while low digital transformation firms remain lower at 75.55. By 2020 Q 3, the indices rise to 107.71 for the S and P 500, 105.91 for high digital transformation firms, and 92.57 for low digital transformation firms. In 2020 Q 4, firm value further increases to 113.16 for the S and P 500, 111.81 for high digital transformation firms, and 104.89 for low digital transformation firms, indicating stronger resilience and faster recovery among firms with higher digital transformation.Firm value trends by DT level (2019Q4–2020Q4)