Natural selection or strategic adaptation? Entrepreneurial digital technologies and survival of the species
研究了企业规模如何调节战略适应（数字化转型和公共财政援助）与企业生存概率的关系，发现智能办公帮助小企业，而流动性支持和信贷延期惠及微型企业。
Abstract Research on firm survival has primarily focused on input and outcomes. We shift the conversation by performing a systematic analysis of moderating role of firm size in the relationship between firm survival and strategic adaptation. After establishing a theoretical framework, we empirically assess the impact of strategic adaptation through digital transformation and public financial aid on the likelihood of firm survival. We find that smart working helped small firms, while home delivery and e-commerce had no effect on their survival. In contrast, liquidity support from the government and deferral of credit benefited micro firms. Our study emphasizes the importance of analyzing survival probabilities by differentiating firms by size, with the ultimate goal of exploring how selection or strategic adaptation processes may variably impact them.