Texts of Kolima dialect of Yukaghir

<p>Clinical chemistry data of monkeys fed on diets containing GM rice or non-GM rice.</p

Mechanism test results of various dimensions of digital transformation (<i>ATTEND</i> as dependent variable).

All standard errors have been processed using White’s heteroskedasticity robust treatment and are adjusted for clustering at the firm level.</p

Regression after excluding COVID-19 period samples.

All standard errors have been processed using White’s heteroskedasticity robust treatment and are adjusted for clustering at the firm level.</p

Descriptive statistics of <i>DT</i> by second-moment industry.

Descriptive statistics of DT by second-moment industry.</p

Heckman two-stage regression approach.

All standard errors have been processed using White’s heteroskedasticity robust treatment and are adjusted for clustering at the firm level.</p

Baseline regression results of various dimensions of digital transformation.

All standard errors have been processed using White’s heteroskedasticity robust treatment and are adjusted for clustering at the firm level.</p

Regression with balanced samples after PSM.

All standard errors have been processed using White’s heteroskedasticity robust treatment and are adjusted for clustering at the firm level.</p

The mechanism of digital transformation on agency cost.

All standard errors have been processed using White’s heteroskedasticity robust treatment and are adjusted for clustering at the firm level.</p

Parallel trends assumption test.

Based on the analysis of data from listed enterprises in China between 2011 and 2022, we investigate the influence of digital transformation on the governance efficiency for minority shareholders. The results show that the extent of digital transformation exert a negative effect on the agency costs incurred from related-party transactions. The mechanism examination elucidates that digital transformation augments the governance efficiency for minority shareholders by boosting attendance at shareholders’ meetings and enhancing the exit threat for minority shareholders. Subsequent analysis reveals that non-state-owned enterprises, compared to state-owned enterprises, exhibit a more pronounced effect in diminishing the second type of agency costs through digital transformation. Furthermore, the impact of digital transformation in curtailing agency costs is more significant in the eastern regions than central and western regions. The better the equity checks and balances in listed enterprises, the more effective digital transformation is in reducing agency costs. This study offers valuable insights for bolstering the governance capacity of minority shareholders in the context of digital transformation.</div

Measurement of the digital transformation variable.

Measurement of the digital transformation variable.</p