Research on the influence mechanism of digital innovation in high‐tech enterprises — An inter‐organizational perspective

Abstract Carrying out digital innovation is the main channel for enterprises to stimulate internal vitality and enhance core competitiveness in the digital economy era. Based on the Panel data of A‐share listed high‐tech enterprises from 2011 to 2020, this paper integrates digital strategy, executive incentive, and financial flexibility into the same analytical framework from an inter‐organizational perspective and uses the random effect Tobit model to study their direct or indirect effects on digital innovation. The research results indicate that digital strategy has a significant positive impact on digital innovation, while the indirect effect of diversified management weakens the positive impact of digital strategy, specifically manifested as the masking effect; executive incentives have a significant positive impact on digital innovation, while equity concentration negatively moderates the impact of executive incentives on digital innovation; financial flexibility has an inverted U‐shaped impact on digital innovation. The research results provide a theoretical basis and practical inspiration for the implementation of digital innovation within enterprises.