Digitalization, Resource Mobilization and Firm Growth in Emerging Industries
利用英国新兴行业2010-2019年面板数据，发现数字化先进企业成长更快，股权资本强度提高而债务资本强度降低，股权资本强度起中介作用，企业规模正向调节数字化与成长的关系。
Abstract While most firms do not grow, a small number of firms grow and enhance their equity and debt capital intensity. Researchers, managers and policymakers question the role that digital technologies play in propelling firm growth and resource mobilization. Using a longitudinal dataset from emerging industries in the United Kingdom during 2010–2019, we distinguish three types of firms and examine their growth and resource mobilization. First, we find that digitally advanced firms grow faster and enhance equity capital intensity while reducing debt capital intensity. Second, we find that the relationship between digitally advanced firms and firm growth is mediated by equity capital intensity. Third, firm size positively moderates the effect of digitally advanced firms on firm growth. Firm age does not moderate this relationship. Other firm‐level characteristics, such as number of digital tools, firm productivity, accelerator experience and stage of growth, may either impede or facilitate a firm's growth and resource mobilization. This study helps policymakers and firm managers in emerging industries better understand the role of digitalization and resources in firm growth.