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<p>Understanding how technology reshapes firm boundaries is central to organizational theory. Building on transaction cost economics and mathematical model, this study investigates how digitalization influences firms’ vertical M&amp;A decisions at the micro level. Using data from Chinese A-share listed companies from 2010 to 2021, we find that digitalization significantly reduces internal organizational costs and promotes vertical M&amp;A activity. This effect is particularly pronounced among firms facing higher external transaction costs. Our findings not only deepen the understanding of how digitalization reshapes firm structure but also extend the literature on the determinants of vertical M&amp;A. The results offer important insights for both scholars and practitioners regarding the strategic role of digital technologies in corporate boundary decisions.</p>

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Digitalization and vertical mergers & acquisitions

  • 期刊论文

  • 发表日期：

    2026年2月18日

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  • Juan He,
  • Wei Tu

摘要

Understanding how technology reshapes firm boundaries is central to organizational theory. Building on transaction cost economics and mathematical model, this study investigates how digitalization influences firms’ vertical M&A decisions at the micro level. Using data from Chinese A-share listed companies from 2010 to 2021, we find that digitalization significantly reduces internal organizational costs and promotes vertical M&A activity. This effect is particularly pronounced among firms facing higher external transaction costs. Our findings not only deepen the understanding of how digitalization reshapes firm structure but also extend the literature on the determinants of vertical M&A. The results offer important insights for both scholars and practitioners regarding the strategic role of digital technologies in corporate boundary decisions.