Fig 1.
Theoretical model.
Fig 2.
Keyword map for digital transformation.
Table 1.
Definition of main variables.
Fig 3.
Number of serial M&As of listed companies in China from 2010 to 2019.
Table 2.
Descriptive statistics and correlations of main variables.
Table 3.
U-test for testing non-linearity.
Table 4.
The regression results of the models.
Table 5.
Results of replacing TFPi,t by OP semi-parametric method.
Table 6.
Results of the lagged period test.
Table 7.
Results of Bootstrap test.
Table 8.
Results of the omitted variable test.
Table 9.
Results of property right heterogeneity test.
Table 10.
Results of firm size heterogeneity test.
Table 11.
Results of business environment index heterogeneity test.