Research on antecedent configurations of enterprise digital transformation and enterprise performance from the perspective of dynamic capability

Based on the dynamic capability theory, this paper integrates the fsQCA and PSM methods to examine the antecedent configuration and subsequent performance of the digital transformation of Chinese listed manufacturing enterprises. The study shows that the following three configurations can lead to high-maturity digital transformation: efficient innovation, robust adaptation, and forward-looking innovation. At the same time, different configurations have different effects on enterprise performance. For instance, "efficient innovation" and "robust adaptation" can significantly improve the financial performance of enterprises but have no significant effect on market performance. While on the other hand, "forward-looking innovation" can negatively affect the market performance of enterprises but has no significant effect on the financial performance.