"The Impact of Digital Technology Concentration on Corporate Innovation reasch--data"

"Digital transformation (DT) has become a cornerstone in reshaping business operations, profoundly influencing various industries and driving corporate innovation. While earlier studies have largely focused on the scale of DT, the role of digital technology portfolio composition characteristics such as digital technology concentration (DTC) in determining innovation remains less explored. Drawing on Resource-based View, this paper investigates the relationship between DTC and corporate innovation, drawing on data from Chinese A-share listed companies spanning 2007 to 2022. The analysis reveals that firms with a higher concentration of digital technologies demonstrate significantly enhanced corporate innovation, suggesting that a focused digital portfolio can be a powerful catalyst for innovation.To ensure the reliability of the findings, robustness checks were conducted using methods such as instrumental variable (IV) estimation and propensity score matching (PSM), confirming the robustness of the results. Mechanism analysis reveals that DTC drive corporate innovation by alleviating financial constraints, enhancing firms' absorptive capacity, fostering human capital, reducing transaction costs, and promoting digital transformation. Heterogeneity analysis highlights that the main effect is particularly significant in high-tech firms, technology-intensive industries, less heavily polluted industries, and regions with a well-developed digital economy, as well as in firms that are less capital- or labor-intensive.This research enriches the existing scholarship on digital transformation and innovation management, offering valuable insights and practical policy guidance to stimulate corporate innovation."