Purpose

Adopting digital transformation is changing the methods through which companies' function, generating novel possibilities and difficulties that force firms to adjust to remain competitive in the digital era. It is critical for firms to embrace this change and utilize technology to develop a more flexible, proactive and effective approach as digital transformation continues to advance at an accelerating pace. Vietnam has been placed at the forefront of these changes in attracting investments and becoming a hub of international trade. As a result, Vietnamese firms have been implementing restructuring and adopting digital transformation to remain competitive with the flow of foreign investment. This paper aims to examine the effects of digital transformation on corporate restructuring in Vietnam. The authors then investigate the moderating role of corporate governance in the digital transformation – corporate restructuring nexus.

Design/methodology/approach

The authors employ content analysis to extract information from the annual reports of 747 Vietnamese listed companies, where the authors focus on specific phrases, such as “digitalization”, “big data”, “cloud computing”, “blockchain” and “information technology” over a period of 11 years, from 2011 to 2021. The frequency count of these keywords is calculated to represent the level of digital transformation for the Vietnamese listed firms. A final sample of 118 Vietnamese listed firms with sufficient data is selected for the analysis using the generalized method of moments (GMM) approach.

Findings

The results indicate that digital transformation and corporate governance negatively impact corporate restructuring when their effect on corporate restructuring is examined independently. However, corporate governance strengthens the effect of digital transformation on corporate restructuring.

Originality/value

This paper is one of the first to investigate the moderating role of corporate governance on the effect of digital transformation on corporate restructuring in Vietnam. The findings inspire listed firms in Vietnam to implement digital transformation during their corporate restructuring to enhance performance.

中文翻译：

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数字化转型和企业重组：公司治理重要吗？

目的

采用数字化转型正在改变公司的运作方式，产生新的可能性和困难，迫使公司进行调整以在数字时代保持竞争力。随着数字化转型持续加速推进，企业拥抱这一变化并利用技术开发更灵活、主动和有效的方法至关重要。越南在吸引投资和成为国际贸易中心方面处于这些变化的前沿。因此，越南企业一直在实施重组和数字化转型，以在外国投资流中保持竞争力。本文旨在研究数字化转型对越南企业重组的影响。然后，作者研究了公司治理在数字化转型中的调节作用——公司重组关系。

设计/方法论/途径

作者利用内容分析从747家越南上市公司的年报中提取信息，其中作者重点关注“数字化”、“大数据”、“云计算”、“区块链”和“信息技术”等特定短语从2011年到2021年，这11年的时间里。这些关键词的频率计算代表了越南上市公司的数字化转型水平。最终选择了 118 家拥有充足数据的越南上市公司样本，使用广义矩法 (GMM) 方法进行分析。

发现

结果表明，当独立检验数字化转型和公司治理对企业重组的影响时，它们会对企业重组产生负面影响。然而，公司治理强化了数字化转型对企业重组的影响。

原创性/价值

本文是第一篇研究公司治理对数字化转型对越南企业重组影响的调节作用的论文之一。研究结果激励越南上市公司在企业重组过程中实施数字化转型，以提高业绩。