How to cite this paper
APA: Keeyangrungrueang, I., Poonpool, N & Nachairit, I. (2026). Corporate digital transformation and information asymmetry: Evidence from an emerging market. Journal of Project Management, 11(3), 717-730.
Chicago/Turabian: Keeyangrungrueang, I., Poonpool, N & Nachairit, I. 2026. "Corporate digital transformation and information asymmetry: Evidence from an emerging market." Journal of Project Management 11, no. 3 (2026): 717-730.
AMA: Keeyangrungrueang, I., Poonpool, N & Nachairit, I. Corporate digital transformation and information asymmetry: Evidence from an emerging market. Journal of Project Management. 2026;11(3):717-730.
References
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Aben, T. A., van der Valk, W., Roehrich, J. K., & Selviaridis, K. (2021). Managing information asymmetry in public–private relationships undergoing a digital transformation: The role of contractual and relational governance. International Journal of Operations & Production Management, 41(7), 1145–1191.
Akerlof, G. A. (1970). The market for “lemons”: Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 84(3), 488–500.
Aljughaiman, A. A., Nguyen, T. H., Trinh, V. Q., & Du, A. (2023). The COVID-19 outbreak, corporate financial distress and earnings management. International Review of Financial Analysis, 88, 102675.
Amankwah-Amoah, J., Khan, Z., Wood, G., & Knight, G. (2021). COVID-19 and digitalization: The great acceleration. Journal of Business Research, 136, 602–611.
Bertomeu, J., Cheynel, E., Floyd, E., & Pan, W. (2021). Using machine learning to detect misstatements. Review of Accounting Studies, 26(2), 468–519. https://doi.org/10.1007/s11142-020-09563-8
Chen, W., Cai, W., Hu, Y., Zhang, Y., & Yu, Q. (2024). Gimmick or revolution: Can corporate digital transformation improve accounting information quality? International Journal of Emerging Markets, 9(10), 2966–2990.
Chen, W., Zhang, L., Jiang, P., Meng, F., & Sun, Q. (2022). Can digital transformation improve the information environment of the capital market? Evidence from analysts’ prediction behaviour. Accounting & Finance, 62(2), 2543–2578.
Chirakool, W., Poonpool, N., wangcharoendate, S., & Bhongchirawattana, U. (2022). Key audit matters readability and
investor reaction. Journal of Distribution Science, 20(9), 73-81.
Copeland, T. E., & Galai, D. (1983). Information effects on the bid–ask spread. The Journal of Finance, 38(5), 1457–1469.
Corwin, S. A., & Schultz, P. (2012). A simple way to estimate bid–ask spreads from daily high and low prices. The Journal of Finance, 67(2), 719–760. https://doi.org/10.1111/j.1540-6261.2012.01729.x
Diamond, D. W., & Verrecchia, R. E. (1991). Disclosure, liquidity, and the cost of capital. The Journal of Finance, 46(4), 1325–1359.
DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147–160.
Ding, K., Lev, B., Peng, X., Sun, T., & Vasarhelyi, M. A. (2020). Machine learning improves accounting estimates: Evidence from insurance payments. Review of Accounting Studies, 25(3), 1098–1134. https://doi.org/10.1007/s11142-020-09546-9
Fang, X., & Liu, M. (2024). How does the digital transformation drive digital technology innovation of enterprises? Evidence from enterprise digital patents. Technological Forecasting and Social Change, 204, 123428.
Feng, X., & Yu, R. (2025). How does digital transformation affect corporate risk-taking? Evidence from China. International Review of Economics and Finance, 97, 103614. https://doi.org/10.1016/j.iref.2024.103614
Francis, B., Hasan, I., & Li, L. (2016). Abnormal real operations, real earnings management, and subsequent crashes in stock prices. Review of Quantitative Finance and Accounting, 46, 217–260.
Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed.). McGraw-Hill.
Guo, L., & Xu, L. (2021). The effects of digital transformation on firm performance: Evidence from China’s manufacturing sector. Sustainability, 13(22), 12844.
Hausman, J. A. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251–1271.
Huang, H., Wang, C., Wang, L., & Yarovaya, L. (2023). Corporate digital transformation and idiosyncratic risk: Based on corporate governance perspective. Emerging Markets Review, 56, 101045.
https://doi.org/10.1016/j.ememar.2023.101045
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.
Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Khlifi, F. (2021). Web-based financial reporting, social media and information asymmetry: The case of Saudi Arabia. Journal of Financial Reporting and Accounting, 20(5), 994–1020. https://doi.org/10.1108/JFRA-01-2021-0008
Lambert, R., Leuz, C., & Verrecchia, R. E. (2007). Accounting information, disclosure, and the cost of capital. Journal of Accounting Research, 45(2), 385–420.
Lee, C. M., Mucklow, B., & Ready, M. J. (1993). Spreads, depths, and the impact of earnings information: An intraday analysis. The Review of Financial Studies, 6(2), 345–374.
Masoud, R., & Basahel, S. (2023). The effects of digital transformation on firm performance: The role of customer experience and IT innovation. Digital, 3, 109–126. https://doi.org/10.3390/digital3020008
Meyer, J. W., & Rowan, B. (1977). Institutionalized organizations: Formal structure as myth and ceremony. American Journal of Sociology, 83(2), 340–363.
Monjed, H., Hussainey, K., & Albitar, K. (2025). The impact of COVID-19 disclosures on information asymmetry: Evidence from the UK. Journal of Accounting Literature. Advance online publication. https://doi.org/10.1108/JAL-09-2023-0172
Nuanpradit, S. (2018). The relationship between information asymmetry and real earnings management: The role of CEO duality in Thailand. Journal of Business Administration, 41(158), 48–69.
Pfeffer, J., & Salancik, G. (1978). The external control of organizations: A resource dependence perspective. Harper & Row.
Ren, L., Liu, J., & Hao, Q. (2024). How digital transformation affects the cost of equity capital: The role of information disclosure quality and stock liquidity. Industrial and Corporate Change, 33(5), 1098–1122.
Sarang, A. A. A., Rind, A. A., Al-Faryan, M. A. S., & Saeed, A. (2024). Women on board and the cost of equity: The mediating role of information asymmetry. Journal of Financial Reporting and Accounting, 22(5), 1356–1379.
Singh, H. P., & Alhulail, H. N. (2023). Information technology governance and corporate boards’ relationship with companies’ performance and earnings management: A longitudinal approach. Sustainability, 15(8), 6492.
Sriersan, T., Poonpool, N & Bhongchirawattana, U. (2024). The effect of sustainable report disclosure on investor
confidence of energy group in Thai listed companies.Uncertain Supply Chain Management, 12(2), 779-786.
White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica, 48(4), 817–838.
Yermack, D. (2017). Corporate governance and blockchains. Review of Finance, 21(1), 7–31. https://doi.org/10.1093/rof/rfw074
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.
Zhan, W., & Jing, H. (2022). Does fintech development reduce corporate earnings management? Evidence from China. Sustainability, 14(24), 16647.
Zhang, Y., Ge, M., Yang, J., Liu, C., & Chen, X. (2023). Controlling shareholders’ equity pledge, digital finance, and corporate digital transformation. International Review of Financial Analysis, 90, 102853.
https://doi.org/10.1016/j.irfa.2023.102853
Zhou, Z., & Li, Z. (2023). Corporate digital transformation and trade credit financing. Journal of Business Research, 160, 113793. https://doi.org/10.1016/j.jbusres.2023.113793
Zhu, Z., Song, T., Huang, J., & Zhong, X. (2022). Executive cognitive structure, digital policy, and firms’ digital transformation. IEEE Transactions on Engineering Management, 71, 2579–2592.
Aben, T. A., van der Valk, W., Roehrich, J. K., & Selviaridis, K. (2021). Managing information asymmetry in public–private relationships undergoing a digital transformation: The role of contractual and relational governance. International Journal of Operations & Production Management, 41(7), 1145–1191.
Akerlof, G. A. (1970). The market for “lemons”: Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 84(3), 488–500.
Aljughaiman, A. A., Nguyen, T. H., Trinh, V. Q., & Du, A. (2023). The COVID-19 outbreak, corporate financial distress and earnings management. International Review of Financial Analysis, 88, 102675.
Amankwah-Amoah, J., Khan, Z., Wood, G., & Knight, G. (2021). COVID-19 and digitalization: The great acceleration. Journal of Business Research, 136, 602–611.
Bertomeu, J., Cheynel, E., Floyd, E., & Pan, W. (2021). Using machine learning to detect misstatements. Review of Accounting Studies, 26(2), 468–519. https://doi.org/10.1007/s11142-020-09563-8
Chen, W., Cai, W., Hu, Y., Zhang, Y., & Yu, Q. (2024). Gimmick or revolution: Can corporate digital transformation improve accounting information quality? International Journal of Emerging Markets, 9(10), 2966–2990.
Chen, W., Zhang, L., Jiang, P., Meng, F., & Sun, Q. (2022). Can digital transformation improve the information environment of the capital market? Evidence from analysts’ prediction behaviour. Accounting & Finance, 62(2), 2543–2578.
Chirakool, W., Poonpool, N., wangcharoendate, S., & Bhongchirawattana, U. (2022). Key audit matters readability and
investor reaction. Journal of Distribution Science, 20(9), 73-81.
Copeland, T. E., & Galai, D. (1983). Information effects on the bid–ask spread. The Journal of Finance, 38(5), 1457–1469.
Corwin, S. A., & Schultz, P. (2012). A simple way to estimate bid–ask spreads from daily high and low prices. The Journal of Finance, 67(2), 719–760. https://doi.org/10.1111/j.1540-6261.2012.01729.x
Diamond, D. W., & Verrecchia, R. E. (1991). Disclosure, liquidity, and the cost of capital. The Journal of Finance, 46(4), 1325–1359.
DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147–160.
Ding, K., Lev, B., Peng, X., Sun, T., & Vasarhelyi, M. A. (2020). Machine learning improves accounting estimates: Evidence from insurance payments. Review of Accounting Studies, 25(3), 1098–1134. https://doi.org/10.1007/s11142-020-09546-9
Fang, X., & Liu, M. (2024). How does the digital transformation drive digital technology innovation of enterprises? Evidence from enterprise digital patents. Technological Forecasting and Social Change, 204, 123428.
Feng, X., & Yu, R. (2025). How does digital transformation affect corporate risk-taking? Evidence from China. International Review of Economics and Finance, 97, 103614. https://doi.org/10.1016/j.iref.2024.103614
Francis, B., Hasan, I., & Li, L. (2016). Abnormal real operations, real earnings management, and subsequent crashes in stock prices. Review of Quantitative Finance and Accounting, 46, 217–260.
Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed.). McGraw-Hill.
Guo, L., & Xu, L. (2021). The effects of digital transformation on firm performance: Evidence from China’s manufacturing sector. Sustainability, 13(22), 12844.
Hausman, J. A. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251–1271.
Huang, H., Wang, C., Wang, L., & Yarovaya, L. (2023). Corporate digital transformation and idiosyncratic risk: Based on corporate governance perspective. Emerging Markets Review, 56, 101045.
https://doi.org/10.1016/j.ememar.2023.101045
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.
Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Khlifi, F. (2021). Web-based financial reporting, social media and information asymmetry: The case of Saudi Arabia. Journal of Financial Reporting and Accounting, 20(5), 994–1020. https://doi.org/10.1108/JFRA-01-2021-0008
Lambert, R., Leuz, C., & Verrecchia, R. E. (2007). Accounting information, disclosure, and the cost of capital. Journal of Accounting Research, 45(2), 385–420.
Lee, C. M., Mucklow, B., & Ready, M. J. (1993). Spreads, depths, and the impact of earnings information: An intraday analysis. The Review of Financial Studies, 6(2), 345–374.
Masoud, R., & Basahel, S. (2023). The effects of digital transformation on firm performance: The role of customer experience and IT innovation. Digital, 3, 109–126. https://doi.org/10.3390/digital3020008
Meyer, J. W., & Rowan, B. (1977). Institutionalized organizations: Formal structure as myth and ceremony. American Journal of Sociology, 83(2), 340–363.
Monjed, H., Hussainey, K., & Albitar, K. (2025). The impact of COVID-19 disclosures on information asymmetry: Evidence from the UK. Journal of Accounting Literature. Advance online publication. https://doi.org/10.1108/JAL-09-2023-0172
Nuanpradit, S. (2018). The relationship between information asymmetry and real earnings management: The role of CEO duality in Thailand. Journal of Business Administration, 41(158), 48–69.
Pfeffer, J., & Salancik, G. (1978). The external control of organizations: A resource dependence perspective. Harper & Row.
Ren, L., Liu, J., & Hao, Q. (2024). How digital transformation affects the cost of equity capital: The role of information disclosure quality and stock liquidity. Industrial and Corporate Change, 33(5), 1098–1122.
Sarang, A. A. A., Rind, A. A., Al-Faryan, M. A. S., & Saeed, A. (2024). Women on board and the cost of equity: The mediating role of information asymmetry. Journal of Financial Reporting and Accounting, 22(5), 1356–1379.
Singh, H. P., & Alhulail, H. N. (2023). Information technology governance and corporate boards’ relationship with companies’ performance and earnings management: A longitudinal approach. Sustainability, 15(8), 6492.
Sriersan, T., Poonpool, N & Bhongchirawattana, U. (2024). The effect of sustainable report disclosure on investor
confidence of energy group in Thai listed companies.Uncertain Supply Chain Management, 12(2), 779-786.
White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica, 48(4), 817–838.
Yermack, D. (2017). Corporate governance and blockchains. Review of Finance, 21(1), 7–31. https://doi.org/10.1093/rof/rfw074
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.
Zhan, W., & Jing, H. (2022). Does fintech development reduce corporate earnings management? Evidence from China. Sustainability, 14(24), 16647.
Zhang, Y., Ge, M., Yang, J., Liu, C., & Chen, X. (2023). Controlling shareholders’ equity pledge, digital finance, and corporate digital transformation. International Review of Financial Analysis, 90, 102853.
https://doi.org/10.1016/j.irfa.2023.102853
Zhou, Z., & Li, Z. (2023). Corporate digital transformation and trade credit financing. Journal of Business Research, 160, 113793. https://doi.org/10.1016/j.jbusres.2023.113793
Zhu, Z., Song, T., Huang, J., & Zhong, X. (2022). Executive cognitive structure, digital policy, and firms’ digital transformation. IEEE Transactions on Engineering Management, 71, 2579–2592.