This paper examines the effect of intelligent transformation and digital transformation, jointly termed ITDT, on corporate outward foreign direct investment (OFDI). Using panel data on Chinese A-share listed manufacturing firms from 2011 to 2024, we estimate a two-way fixed effects model that incorporates both transformation dimensions. We find that ITDT significantly increases OFDI. The coefficients on intelligent transformation and digital transformation are positive and statistically significant, and the results remain robust to endogeneity correction and a series of robustness checks. Mechanism analysis reveals that ITDT promotes OFDI by reducing the inventory ratio and improving corporate social performance. Heterogeneity analysis shows that the effect is more pronounced in non-technology-intensive industries, firms with smaller supervisory boards, and regions with higher marketization. These findings extend research on the economic consequences of ITDT and provide micro-level evidence for differentiated transformation strategies and manufacturing internationalization policy.

Chenqi Liu, Chenlin Liu, Yinuo Wang, Yuhan Fang. Intelligent Transformation, Digital Transformation and Corporate Outward Foreign Direct Investment: Evidence from China. Academic Journal of Business & Management (2026), Vol. 8, Issue 10: 14-23. https://doi.org/10.25236/AJBM.2026.081003.

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