When studying how digital transformation affects company performance, a phenomenon known as the "digitalization paradox" frequently emerges. In previous studies, however, an average estimate has often been used to assess the relationship between digital transformation and firm performance. Using a fixed-effects quantile technique, this study examines the heterogeneous effect of digital transformation on firm performance in Vietnam. The findings reveal a nuanced relationship, indicating that only high-performing companies gain from digital transformation while others do not. The extensive robustness tests in the empirical analysis support this result. It becomes clear that the mean approach may hide the genuine consequences of digital transformation on firm performance.

中文翻译：

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数字化转型的加强是否会提升公司的财务业绩？分位数方法的新见解

在研究数字化转型如何影响公司绩效时，经常出现一种被称为“数字化悖论”的现象。然而，在之前的研究中，通常使用平均估计来评估数字化转型与公司绩效之间的关系。本研究使用固定效应分位数技术，研究了数字化转型对越南企业绩效的异质影响。研究结果揭示了一种微妙的关系，表明只有表现出色的公司才能从数字化转型中获益，而其他公司则不能。实证分析中广泛的稳健性测试支持了这一结果。很明显，平均方法可能掩盖了数字化转型对公司绩效的真正影响。