Digital Business Environment and Corporate Innovation

This study selects 2018–2023 as the research period and the following samples are excluded: samples from the financial industry; samples with severe data deficiencies such as missing smart court construction ratings or tax uncertainty data; companies that relocated during the sample period; and “special treatment” companies. All continuous variables in the sample are winsorized at the 1st and 99th percentiles to eliminate the influence of outliers and obtained a final sample comprising 12,926 firm-year observations.