Fig 1.
Theoretical model.
Fig 2.
Digital keyword dictionary for enterprises.
Table 1.
Descriptive statistics of the main variables.
Table 2.
Results of correlation analysis.
Table 3.
The benchmark regression results of the effect of digitalization level on corporate value creation and value realization.
Table 4.
Robustness and endogeneity test results.
Table 5.
Heterogeneity test results based on the technological attributes.
Table 6.
Heterogeneity test results based on life cycle attributes.
Table 7.
Test results of the intermediary effect based on entrepreneurs’ innovation spirit.
Table 8.
Test results of the intermediary effect based on pioneering spirit.
Table 9.
Test results of the intermediary effect based on entrepreneurial contract spirit.
Table 10.
Test results of the intermediary effect based on the perspective of internal control quality.