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<p>Inclusive growth has garnered widespread concern due to the increasing imbalance between economic development and outcome sharing. Existing studies primarily explore the determinants of inclusive growth from the macro-system and regional strategy levels. We aim to analyze the impact of digital technology on inclusive growth from a micro perspective. Using a sample of Chinese A-share listed firms from 2005 to 2020, we find that digital technology promotes inclusive growth, especially in non-state-owned enterprises (non-SOEs). This effect is achieved by strengthening division and cooperation within the supply chain, improving corporate governance, and optimizing information disclosure. Heterogeneity analysis reveals that the effect is more pronounced after the 18th National Congress of the Communist Party of China and for firms in highly-competitive industries. Furthermore, the inclusive growth mainly exhibits an increase in unit labor remuneration and tax payment. Overall, our findings demonstrate that digital technology enhances firms’ ability and willingness to creation and share value among multiple stakeholders.</p>

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Does digital technology enable inclusive growth? Evidence from listed firms in China

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2025年3月10日

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  • Lili Hui,
  • Huobao Xie,
  • Baojun Shi,
  • Yujie Lu

摘要

Inclusive growth has garnered widespread concern due to the increasing imbalance between economic development and outcome sharing. Existing studies primarily explore the determinants of inclusive growth from the macro-system and regional strategy levels. We aim to analyze the impact of digital technology on inclusive growth from a micro perspective. Using a sample of Chinese A-share listed firms from 2005 to 2020, we find that digital technology promotes inclusive growth, especially in non-state-owned enterprises (non-SOEs). This effect is achieved by strengthening division and cooperation within the supply chain, improving corporate governance, and optimizing information disclosure. Heterogeneity analysis reveals that the effect is more pronounced after the 18th National Congress of the Communist Party of China and for firms in highly-competitive industries. Furthermore, the inclusive growth mainly exhibits an increase in unit labor remuneration and tax payment. Overall, our findings demonstrate that digital technology enhances firms’ ability and willingness to creation and share value among multiple stakeholders.