customer concentration and corporate digital innovation

We selected A-share listed companies on the Shanghai and Shenzhen stock exchanges in the period 2015–2022 as the initial sample. We sourced patent data from the State Intellectual Property Office of China and obtained customer concentration and corporate financial data from the CSMAR financial database. We applied the following exclusion criteria: (1) financial sector companies, including banks, securities, and insurance, due to the special nature of the sector’s accounting treatment; (2) companies in digital technology-intensive industries, such as information transmission, software, and information technology services; (3) companies with special treatment status; and (4) companies with missing financial data. We ultimately obtained 19,985 firm-year observations. To mitigate outliers’ influence, continuous variables were winsorized at the 1% level at both tails.