Digital transformation is sold as a shortcut to competitiveness: adopt artificial intelligence, mine data, move to the cloud, digitize operations, and financial performance will follow, but the reality inside companies is more complicated. Technology can strengthen a firm's financial position only when it improves innovation, stabilizes operations, and helps the business withstand shocks. A new study published in the International Journal of Financial Studies examines whether digital transformation improves corporate financial flexibility, meaning a firm's ability to manage cash, access financing, and respond to uncertainty. Using Chinese listed companies as its evidence base, the study, authored by Chenxi Wu, Thoo...