Digital Transformation and Enterprise Value: A Systematic Review and Research Agenda Abstract

Authors

Tao Hu UNIRAZAK
MuiYee Cheok UNIRAZAK

Keywords:

Digital Transformation, Enterprise Value, Dynamic Capabilities, Technological Innovation, Systematic Review

Abstract

Digital transformation has emerged as a strategic imperative for contemporary organizations, yet its relationship with enterprise value remains insufficiently understood despite a rapidly expanding body of research. This paper provides a systematic review of the literature examining the mechanisms through which digital transformation influences enterprise value. Drawing upon the resource-based view and dynamic capabilities theory, we synthesize findings from peer-reviewed studies to identify three primary pathways: operational efficiency enhancement, business model innovation, and technological capability augmentation. Our analysis further reveals that the value-creation potential of digital transformation is contingent upon organizational dynamic capabilities, external financing environments, and industry-specific characteristics. We develop an integrative conceptual framework that maps these mechanisms and boundary conditions, and propose a research agenda addressing critical gaps in the literature, including the need for longitudinal designs, cross-industry comparisons, and deeper examination of mediating processes. This review contributes to theory by consolidating fragmented evidence and provides practical guidance for managers and policymakers navigating the complexities of digital transformation.

Author Biographies

Tao Hu, UNIRAZAK

Digital transformation has emerged as a strategic imperative for contemporary organizations, yet its relationship with enterprise value remains insufficiently understood despite a rapidly expanding body of research. This paper provides a systematic review of the literature examining the mechanisms through which digital transformation influences enterprise value. Drawing upon the resource-based view and dynamic capabilities theory, we synthesize findings from peer-reviewed studies to identify three primary pathways: operational efficiency enhancement, business model innovation, and technological capability augmentation. Our analysis further reveals that the value-creation potential of digital transformation is contingent upon organizational dynamic capabilities, external financing environments, and industry-specific characteristics. We develop an integrative conceptual framework that maps these mechanisms and boundary conditions, and propose a research agenda addressing critical gaps in the literature, including the need for longitudinal designs, cross-industry comparisons, and deeper examination of mediating processes. This review contributes to theory by consolidating fragmented evidence and provides practical guidance for managers and policymakers navigating the complexities of digital transformation.

MuiYee Cheok, UNIRAZAK

Digital transformation has emerged as a strategic imperative for contemporary organizations, yet its relationship with enterprise value remains insufficiently understood despite a rapidly expanding body of research. This paper provides a systematic review of the literature examining the mechanisms through which digital transformation influences enterprise value. Drawing upon the resource-based view and dynamic capabilities theory, we synthesize findings from peer-reviewed studies to identify three primary pathways: operational efficiency enhancement, business model innovation, and technological capability augmentation. Our analysis further reveals that the value-creation potential of digital transformation is contingent upon organizational dynamic capabilities, external financing environments, and industry-specific characteristics. We develop an integrative conceptual framework that maps these mechanisms and boundary conditions, and propose a research agenda addressing critical gaps in the literature, including the need for longitudinal designs, cross-industry comparisons, and deeper examination of mediating processes. This review contributes to theory by consolidating fragmented evidence and provides practical guidance for managers and policymakers navigating the complexities of digital transformation.

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Tao Hu, UNIRAZAK

MuiYee Cheok, UNIRAZAK

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