<![CDATA[Digital transformation is no longer understood merely as technology adoption, but as a strategic process that reshapes business models, organizational capabilities, decision-making routines, and the way firms create value. This article synthesizes the literature on the relationship between digital transformation and firm value by emphasizing value-creation mechanisms, mediating and moderating factors, and future research directions. A structured literature review approach was applied to studies addressing digital transformation, digital capabilities, dynamic capabilities, innovation, financial performance, and firm value. The synthesis indicates that digital transformation contributes to firm value through four main pathways: operational efficiency, product and business model innovation, data-driven decision-making, and organizational agility. However, the effect is not always direct because it is contingent on digital maturity, leadership quality, organizational culture, human resource readiness, data governance, and the firm’s ability to integrate technology with business strategy. This article argues that the financial benefits of digital transformation tend to emerge when technology investments are supported by dynamic capabilities and effective resource orchestration mechanisms. Practically, firms should position digital transformation as a cross-functional strategic agenda rather than an isolated technology project.]]>
Copyrights © 2026
