The pairwise correlation matrix.

In the digital age, firms should continually innovate and adapt to remain competitive and enhance performance. Innovation and adaptation require firms to take a holistic approach to their corporate structuring to ensure efficiency and effectiveness to stay competitive. This study examines how corporate restructuring impacts firm performance in Vietnam. We then investigate the moderating role of digital transformation in the corporate restructuring–firm performance nexus. We use content analysis, with a focus on particular terms, including "digitalization," "big data," "cloud computing," "blockchain," and "information technology" for 11 years, from 2011 to 2021. The frequency index from these keywords is developed to proxy the digital transformation for the Vietnamese listed firms. A final sample includes 118 Vietnamese listed firms with sufficient data for the analysis using the generalized method of moments (GMM) approach. The results indicate that corporate restructuring, including financial, portfolio, and operational restructuring, has a negative effect on firm performance in Vietnam. Digital transformation also negatively affects firm performance. However, corporate restructuring implemented in conjunction with digital transformation improves the performance of Vietnamese listed firms. These findings largely remain unchanged across various robustness analyses.

数字时代下，企业唯有持续创新与变革，方能维持竞争优势并提升经营绩效。创新与变革要求企业采取全面整体的公司架构调整策略，以保障运营效率与效果，进而维持竞争力。本研究聚焦越南市场，探讨公司重组对企业绩效的影响路径，继而考察数字化转型（digital transformation）在公司重组与企业绩效的关联关系中所发挥的调节作用。本研究采用内容分析法，以2011至2021年共11年的特定关键词为分析对象，涵盖数字化（digitalization）、大数据（big data）、云计算（cloud computing）、区块链（blockchain）以及信息技术（information technology）；基于上述关键词构建频次指数，以此作为越南上市企业数字化转型的代理变量。最终样本包含118家数据完备的越南上市企业，分析过程采用广义矩估计（generalized method of moments, GMM）方法。研究结果显示，包括财务重组、业务组合重组与运营重组在内的公司重组行为，对越南企业绩效存在负向影响；数字化转型同样会对企业绩效产生负向作用。但当公司重组与数字化转型协同推进时，则能够提升越南上市企业的经营绩效。各类稳健性检验结果均显示，上述研究结论整体保持稳健。