本研究以2018至2024年臺灣上市櫃公司為研究對象，利用Google Trends搜尋量指數衡量投資人關注度，並透過年報文本分析建構企業數位轉型與人工智慧應用之衡量指標，探討投資人關注度、企業數位創新與財務績效之關聯。實證結果顯示，投資人關注度與企業數位轉型及人工智慧應用之間大致呈現正向關係，表示企業受到較高市場關注時，可能更有誘因透過數位創新策略回應投資人期待。其次，企業數位轉型及人工智慧應用程度與財務績效具有正向關聯，反映於獲利能力提升、營業成本率下降及資產運用效率改善，表示數位技術若能融入企業營運流程、成本管理與資源配置，有助於提升企業經營效率與財務表現。此外，額外測試結果顯示，投資人關注度可能透過促進企業數位轉型與人工智慧應用，進一步影響財務績效，說明企業數位轉型與人工智慧應用在市場關注與財務績效之間可能扮演中介角色。

This study examines Taiwan listed and over-the-counter companies from 2018 to 2024. Using Google Trends Search Volume Index to measure investor attention and annual report textual analysis to construct indicators of corporate digital transformation and artificial intelligence (AI) applications, this study investigates the relationships among investor attention, corporate digital innovation, and financial performance. The empirical results show that investor attention is generally positively associated with corporate digital transformation and AI applications, suggesting that firms receiving greater market attention may have stronger incentives to respond to investor expectations through digital innovation strategies. In addition, corporate digital transformation and AI applications are positively associated with financial performance, as reflected in higher profitability, lower cost of goods sold ratio, and improved asset utilization efficiency. These findings indicate that integrating digital technologies into operations, cost management, and resource allocation can enhance operating efficiency and financial performance. Additional tests further suggest that investor attention may affect financial performance by promoting digital transformation and AI applications.

iThome，2020，iThome 2020 CIO大調查系列四：數位轉型企業今年戰略布局如何不一樣，網址：https://www.ithome.com.tw/article/138347，搜尋日期：2026年3月2日。
KPMG Taiwan，2025，台灣產業AI應用趨勢與展望報告，網址：https://assets.kpmg.com/content/dam/kpmg/tw/pdf/2025/07/tw-sectors-ai-application-survey-in-taiwan.pdf，搜尋日期：2026年4月16日。
PwC Taiwan，2025，AI代理調查報告，網址：https://www.pwc.tw/zh/publications/global-insights/ai-agent-survey.html，搜尋日期：2026年4月16日。
PwC Taiwan，2025，2025全球投資人調查報告，網址：https://www.pwc.tw/zh/publications/global-insights/global-investor-survey-2025.html，搜尋日期：2026年4月16日。
PwC Taiwan，2026，2026全球暨臺灣企業領袖調查報告，網址：https://www.pwc.tw/zh/news/press-release/press-20260121.html，搜尋日期：2026年5月1日。
Abdurrahman, A. (2025). Examining the impact of digital transformation on digital product innovation performance in banking industry through the integration of resource-based view and dynamic capabilities. Journal of Strategy and Innovation, 36(1), 200540.
Abramova, I., Core, J. E., & Sutherland, A. (2020). Institutional investor attention and firm disclosure. Accounting Review, 95(6), 1–21.
Abu-Alsondos, I. A., Shehadeh, M., Ajouz, M., Alkhwaldi, A. F., Abdeldayem, M., & Aldulaimi, S. H. (2024). The Role of Digital Transformation in Business: Opportunities Challenges and Future Directions. 2024 ASU International Conference in Emerging Technologies for Sustainability and Intelligent Systems (ICETSIS).
Anderson, M. C., Banker, R. D., & Janakiraman, S. N. (2003). Are selling, general, and administrative costs "sticky"? Journal of Accounting Research, 41(1), 47–63.
Babina, T., Fedyk, A., He, A., & Hodson, J. (2024). Artificial intelligence, firm growth, and product innovation. Journal of Financial Economics, 151, 103745.
Bank, M., Larch, M., & Peter, G. (2011). Google search volume and its influence on liquidity and returns of German stocks. Financial Markets and Portfolio Management, 25(3), 239–264.
Banker, R. D., Byzalov, D., & Chen, L. T. (2013). Employment protection legislation, adjustment costs and cross-country differences in cost behavior. Journal of Accounting and Economics, 55(1), 111–127.
Barber, B. M., & Odean, T. (2008). All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors. Review of Financial Studies, 21(2), 785–818.
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120.
Ben-Rephael, A., Da, Z., & Israelsen, R. D. (2017). It depends on where you search: Institutional investor attention and underreaction to news. Review of Financial Studies, 30(9), 3009–3047.
Bertomeu, J., Hu, P., & Liu, Y. (2023). Disclosure and investor inattention: Theory and evidence. The Accounting Review, 98(6), 1–36.
Bharadwaj, A. S. (2000). A resource-based perspective on information technology capability and firm performance: An empirical investigation. MIS Quarterly: Management Information Systems, 24(1), 169–193.
Bond, P., Edmans, A., & Goldstein, I. (2012). The real effects of financial markets. Annual Review of Financial Economics, 4, 339–360.
Buer, S. V., Strandhagen, J. W., Semini, M., & Strandhagen, J. O. (2021). The digitalization of manufacturing: investigating the impact of production environment and company size. Journal of Manufacturing Technology Management, 32(3), 621–645.
Chen, D., Esperança, J. P., & Wang, S. (2022). The Impact of Artificial Intelligence on Firm Performance: An Application of the Resource-Based View to e-Commerce Firms. Frontiers in Psychology, 13, 884830.
Chen, D., & Zhang, Q. (2025). Media attention and corporate digital transformation. International Review of Economics and Finance, 102, 104288.
Chen, J., Tang, G., Yao, J., & Zhou, G. (2022). Investor Attention and Stock Returns. Journal of Financial and Quantitative Analysis, 57(2), 455–484.
Chen, S., Li, S., Liu, Q., & Wang, C. (2023). Fertilizing the soil: FinTech development and corporate digital transformation. Digital Economy and Sustainable Development, 1(1), 1.
Chen, T. (2017). Investor Attention and Global Stock Returns. Journal of Behavioral Finance, 18(3), 358–372.
Coad, A., Segarra, A., & Teruel, M. (2016). Innovation and firm growth: Does firm age play a role? Research Policy, 45(2), 387–400.
Cohen, W. M., & Levinthal, D. A. (1990). Absorptive capacity: A new perspective on learning and innovation. Administrative science quarterly, 35(1), 128–152.
Corwin, S. A., & Coughenour, J. F. (2008). Limited attention and the allocation of effort in securities trading. Journal of Finance, 63(6), 3031–3067.
Da, Z., Engelberg, J., & Gao, P. (2011). In Search of Attention. Journal of Finance, 66(5), 1461–1499.
Dai, H., & Qiao, Y. (2025). How does investor attention affect corporate technology investment and innovation efficiency? International Review of Economics and Finance, 103, 104459.
Dang, C., Li, Z., & Yang, C. (2018). Measuring firm size in empirical corporate finance. Journal of Banking and Finance, 86, 159–176.
Deb, P., David, P., & O'Brien, J. (2017). When is cash good or bad for firm performance? Strategic Management Journal, 38(2), 436–454.
Donaldson, L., & Davis, J. H. (1991). Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns. Australian Journal of Management, 16(1), 49–64.
Duru, A., Iyengar, R. J., & Zampelli, E. M. (2016). The dynamic relationship between CEO duality and firm performance: The moderating role of board independence. Journal of Business Research, 69(10), 4269–4277.
Dwivedi, Y. K., Hughes, D. L., Coombs, C., Constantiou, I., Duan, Y., Edwards, J. S., Gupta, B., Lal, B., Misra, S., Prashant, P., Raman, R., Rana, N. P., Sharma, S. K., & Upadhyay, N. (2020). Impact of COVID-19 pandemic on information management research and practice: Transforming education, work and life. International Journal of Information Management, 55, 102211.
Eller, R., Alford, P., Kallmünzer, A., & Peters, M. (2020). Antecedents, consequences, and challenges of small and medium-sized enterprise digitalization. Journal of Business Research, 112, 119–127.
Falato, A., Kadyrzhanova, D., Sim, J., & Steri, R. (2022). Rising Intangible Capital, Shrinking Debt Capacity, and the U.S. Corporate Savings Glut. Journal of Finance, 77(5), 2799–2852.
Fitzgerald, M., Kruschwitz, N., Bonnet, D., & Welch, M. (2014). Embracing digital technology: A new strategic imperative. MIT sloan management review, 55(2), 1.
Fletcher, G., & Griffiths, M. (2020). Digital transformation during a lockdown. International Journal of Information Management, 55, 102185.
Fu, L., Singhal, R., & Parkash, M. (2016). Tobin's q ratio and firm performance. International research journal of applied finance, 7(4), 1–10.
Granados, C., Ayala, Y., & Ramos-Mejia, M. (2024). Is it substantive or just symbolic? Understanding innovation theater in organisations: The case of technology-based innovation. Technovation, 129, 102880.
Guest, P. M. (2009). The impact of board size on firm performance: Evidence from the UK. European Journal of Finance, 15(4), 385–404.
Gun, L., Imamoglu, S. Z., Turkcan, H., & Ince, H. (2024). Effect of Digital Transformation on Firm Performance in the Uncertain Environment: Transformational Leadership and Employee Self-Efficacy as Antecedents of Digital Transformation. Sustainability, 16(3), 1200.
Guo, X., Li, M., Wang, Y., & Mardani, A. (2023). Does digital transformation improve the firm's performance? From the perspective of digitalization paradox and managerial myopia. Journal of Business Research, 163, 113868.
Hall, M., & Weiss, L. (1967). Firm size and profitability. The review of economics and statistics, 319–331.
Hao, J. (2023). Retail investor attention and corporate innovation in the big data era. International Review of Financial Analysis, 86, 102486.
He, J., & Tian, X. (2013). The dark side of analyst coverage: The case of innovation. Journal of Financial Economics, 109(3), 856–878.
Helfat, C. E., & Raubitschek, R. S. (2018). Dynamic and integrative capabilities for profiting from innovation in digital platform-based ecosystems. Research Policy, 47(8), 1391–1399.
Hess, T., Benlian, A., Matt, C., & Wiesböck, F. (2016). Options for formulating a digital transformation strategy. MIS Quarterly Executive, 15(2), 123–139.
Hsiao, M.-H. (2024). Resource integration and firm performance through organizational capabilities for digital transformation. Digital Transformation and Society.
Iqbal, N., Xu, J. F., Fareed, Z., Wan, G., & Ma, L. (2022). Financial leverage and corporate innovation in Chinese public-listed firms. European Journal of Innovation Management, 25(1), 299–323.
Jing, H., & Fan, Y. (2024). Digital Transformation, Supply Chain Integration and Supply Chain Performance: Evidence From Chinese Manufacturing Listed Firms. SAGE Open, 14(3).
Joseph, K., Babajide Wintoki, M., & Zhang, Z. (2011). Forecasting abnormal stock returns and trading volume using investor sentiment: Evidence from online search. International Journal of Forecasting, 27(4), 1116–1127.
Jardak, M. K., & Ben Hamad, S. (2022). The effect of digital transformation on firm performance: evidence from Swedish listed companies. The Journal of Risk Finance, 23(4), 329–348.
Kahneman, D. (1973). Attention and effort. Prentice-Hall.
Kaplan, A., & Haenlein, M. (2019). Siri, Siri, in my hand: Who's the fairest in the land? On the interpretations, illustrations, and implications of artificial intelligence. Business Horizons, 62(1), 15–25.
Karimi, J., & Walter, Z. (2015). The role of dynamic capabilities in responding to digital disruption: A factor-based study of the newspaper industry. Journal of Management Information Systems, 32(1), 39–81.
Kietzmann, J., Paschen, J., & Treen, E. (2018). Artificial intelligence in advertising: How marketers can leverage artificial intelligence along the consumer journey. Journal of Advertising Research, 58(3), 263–267.
Leung, S., Richardson, G., & Jaggi, B. (2014). Corporate board and board committee independence, firm performance, and family ownership concentration: An analysis based on Hong Kong firms. Journal of Contemporary Accounting and Economics, 10(1), 16–31.
Li, B., Zheng, Y., Zheng, W., & Wu, Y. J. (2024). Effect of top management team attention to digital transformation on innovation activities. Total Quality Management and Business Excellence, 35(13-14), 1640–1658.
Li, C., Keeley, A. R., Takeda, S., Seki, D., & Managi, S. (2025). Investor's ESG tendency probed by pre-trained transformers. Corporate Social Responsibility and Environmental Management, 32(2), 2051–2071.
Li, L., Su, F., Zhang, W., & Mao, J. Y. (2018). Digital transformation by SME entrepreneurs: A capability perspective. Information Systems Journal, 28(6), 1129-1157.
Li, N., Li, C., Yuan, R., Khan, M. A., Sun, X., & Khaliq, N. (2021). Investor attention and corporate innovation performance: evidence from web search volume index of chinese listed companies. Mathematics, 9(9), 930.
Loureiro, G., & Taboada, A. G. (2015). Do Improvements in the Information Environment Enhance Insiders' Ability to Learn from Outsiders? Journal of Accounting Research, 53(4), 863–905.
Luo, Y. (2005). Do insiders learn from outsiders? Evidence from mergers and acquisitions. Journal of Finance, 60(4), 1951–1982.
Mace, C. (2023). The Real Effects of Equity Markets on Innovation. Journal of Financial and Quantitative Analysis, 58(6), 2522–2552.
Melville, N., Kraemer, K., & Gurbaxani, V. (2004). Review: Information technology and organizational performance: An integrative model of it business value. MIS Quarterly: Management Information Systems, 28(2), 283–322.
Mikalef, P., & Gupta, M. (2021). Artificial intelligence capability: Conceptualization, measurement calibration, and empirical study on its impact on organizational creativity and firm performance. Information and Management, 58(3), 103434.
Mishra, S., Ewing, M. T., & Cooper, H. B. (2022). Artificial intelligence focus and firm performance. Journal of the Academy of Marketing Science, 50(6), 1176–1197.
Moderno, O. B. S., Braz, A. C., & Nascimento, P. T. S. (2024). Robotic process automation and artificial intelligence capabilities driving digital strategy: a resource-based view. Business Process Management Journal, 30(1), 105–134.
O'Brien, J. P. (2003). The capital structure implications of pursuing a strategy of innovation. Strategic Management Journal, 24(5), 415–431.
Ocasio, W. (1997). Towards an attention-based view of the firm. Strategic Management Journal, 18(SPEC. ISS.), 187–206.
Peng, L. (2005). Learning with information capacity constraints. Journal of Financial and Quantitative Analysis, 40(2), 307–329.
Peng, Y., & Tao, C. (2022). Can digital transformation promote enterprise performance? —From the perspective of public policy and innovation. Journal of Innovation and Knowledge, 7(3), 100198.
Pervan, M., & Višić, J. (2012). Influence of firm size on its business success. Croatian operational research review, 3(1), 213–223.
Plathottam, S. J., Rzonca, A., Lakhnori, R., & Iloeje, C. O. (2023). A review of artificial intelligence applications in manufacturing operations. Journal of Advanced Manufacturing and Processing, 5(3), e10159.
Ravichandran, S., & Afjal, M. (2025). Investigating the impact of investor attention on AI-based stocks: A comprehensive analysis using quantile regression, GARCH, and ARIMA models. Plos One, 20(5), e0324450.
Rosenstein, S., & Wyatt, J. G. (1990). Outside directors, board independence, and shareholder wealth. Journal of Financial Economics, 26(2), 175–191.
Seasholes, M. S., & Wu, G. (2007). Predictable behavior, profits, and attention. Journal of Empirical Finance, 14(5), 590–610.
Sobel, M. E. (1987). Direct and Indirect Effects in Linear Structural Equation Models. Sociological Methods & Research, 16(1), 155–176.
Syam, N., & Sharma, A. (2018). Waiting for a sales renaissance in the fourth industrial revolution: Machine learning and artificial intelligence in sales research and practice. Industrial Marketing Management, 69, 135–146.
Singla, A., Sukharevsky, A., Yee, L., Chui, M., & Hall, B. (2024). The state of AI in early 2024: Gen AI adoption spikes and starts to generate value. McKinsey & Company. Retrieved from https://www.mckinsey.com/capabilities/quantumblack/our-insights/the-state-of-ai-2024. Accessed: May 6, 2026.
Singla, A., Sukharevsky, A., Hall, B., Yee, L., & Chui, M. (2025). The state of AI in 2025: Agents, innovation, and transformation. McKinsey & Company. Retrieved from https://www.mckinsey.com/capabilities/quantumblack/our-insights/the-state-of-ai. Accessed: May 18, 2026.
Teece, D. J. (2007). Explicating dynamic capabilities: The nature and microfoundations of (sustainable) enterprise performance. Strategic Management Journal, 28(13), 1319–1350.
Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533.
Teng, X., Wu, Z., & Yang, F. (2022). Research on the Relationship between Digital Transformation and Performance of SMEs. Sustainability, 14(10), 6012.
The Enterprisers Project. (n.d.). What is digital transformation? Retrieved from https://enterprisersproject.com/what-is-digital-transformation. Accessed: May 10, 2026.
Vial, G. (2019). Understanding digital transformation: A review and a research agenda. Journal of Strategic Information Systems, 28(2), 118–144.
Vial, G. (2021). Understanding digital transformation: A review and a research agenda. In Managing Digital Transformation: Understanding the Strategic Process (pp. 13–66).
Vozlyublennaia, N. (2014). Investor attention, index performance, and return predictability. Journal of Banking and Finance, 41(1), 17–35.
Viki, T. (2020). What is innovation theater? Forbes. Retrieved from https://www.forbes.com/sites/tendayiviki/2020/05/24/what-is-innovation-theater/. Accessed: March 27, 2026.
Wade, M., & Hulland, J. (2004). Review: The resource-based view and information systems research: Review, extension, and suggestions for future research. MIS Quarterly: Management Information Systems, 28(1), 107–142.
Warner, K. S. R., & Wäger, M. (2019). Building dynamic capabilities for digital transformation: An ongoing process of strategic renewal. Long Range Planning, 52(3), 326–349.
Weritz, P., Braojos, J., Matute, J., & Benitez, J. (2025). Impact of strategic capabilities on digital transformation success and firm performance: theory and empirical evidence. European Journal of Information Systems, 34(3), 415–435.
Wu, F., Hu, H., Lin, H., & Ren, X. (2021). Enterprise digital transformation and capital market performance: Empirical evidence from stock liquidity. Management world, 37(7), 130–144.
Woollacott, E. (2024). What is ‘AI washing’ and why is it a problem? BBC News. Retrieved from https://www.bbc.com/news/articles/c9xx8122893o. Accessed: March 27, 2026.
Xing, C., Zhang, X., Zhang, Y., & Zhang, L. (2024). From green-washing to innovation-washing: Environmental information intangibility and corporate green innovation in China. International Review of Economics and Finance, 93, 204–226.
Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185–211.
Yuan, Y. (2015). Market-wide attention, trading, and stock returns. Journal of Financial Economics, 116(3), 548–564.
Zareie, M., Attig, N., El Ghoul, S., & Fooladi, I. (2024). Firm digital transformation and corporate performance: The moderating effect of organizational capital. Finance Research Letters, 61, 105032.
Zhai, H., Yang, M., & Chan, K. C. (2022). Does digital transformation enhance a firm's performance? Evidence from China. Technology in Society, 68, 101841.
Zhang, Z., & Zhang, L. (2024). Investor attention and corporate ESG performance. Finance Research Letters, 60, 104887.