<p>Digital transformation is increasingly recognized as a driver of socio-economic development, yet limited empirical evidence exists on how citizens perceive its broader economic and social outcomes in emerging digital economies. This study examines the factors associated with citizens’ perceptions of digital transformation outcomes in Cambodia. Drawing on the Technology Acceptance Model, Diffusion of Innovations theory, the Resource-Based View, and Institutional Theory, the study develops an integrated framework linking digital infrastructure, sectoral digital integration, human capital development, regulatory environments, and risk-mitigation strategies to perceived economic and social outcomes. A mixed-methods approach was employed, combining survey data from 350 respondents, analyzed using Partial Least Squares Structural Equation Modeling, with qualitative interviews from public and private-sector stakeholders. The results indicate that all five factors are positively associated with perceived socio-economic outcomes, with risk-mitigation strategies showing the strongest relationship. The findings highlight the importance of combining technological investment with human capital development, regulatory capacity, and digital risk governance to support inclusive digital transformation in emerging economies.</p>