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In the digital era, the competitiveness of an enterprise is highly dependent on the success of its digital transformation. The effectiveness of such transformation, in turn, relies heavily on the organization's strategic vision and resource fitness. Accordingly, the authors aim to explore the impact of strategic vision on digitalization (SVD) on the digital transformation of small- and medium-sized enterprises (SMEs), drawing on the perspective of resource orchestration theory.

Based on first-hand interview data from 347 Chinese SMEs, the research model was tested empirically by both Structural Equation Modeling and Fuzzy Set Qualitative Comparative Analysis (fsQCA).

The study results supported that the positive effect of SVD on digital transformation, and the mediating effect of resource orchestration (resource structuring, resource bundling and resource leveraging) accounts for the relationship between SVD and digital transformation. Further, the fsQCA showed that neither SVD nor resource orchestration alone constitutes a necessary condition for high digital transformation in SMEs, and that SVD and resource orchestration elements constitute three configuration paths that drive SMEs to achieve high-level digital transformation.

To the authors knowledge, this is the first study of its kind to theorize and empirically examine how SVD affects SMEs digital transformation. In addition, the authors have highlighted the importance of resource orchestration in forging a link between SVD and digital transformation. The research contributes to the resource orchestration theory and digitalization literature and provides guidelines on how SMEs can realize digital transformation.

It is imperative for policymakers, financial institutions, and individual investors to comprehend the factors that impact stock market participation, given the growing significance of the stock market in terms of personal and national wealth. This study endeavours to explore the relationship between cognitive ability and participation in the stock market. We examine the relationship between cognitive abilities and stock market participation, and further explore the mechanism of their influence.

The data from the China Family Panel Studies is utilized, and Tobit and Probit regressions are employed. Additionally, an instrumental variable approach (IV-estimate) is implemented to address the endogeneity issue linked to cognitive ability, and the study’s findings are resilient.

The results reveal a significant positive relationship between cognitive ability and stock market participation. Additionally, the findings suggest that households with higher cognitive ability tend to aggregate more information, expand social networks, and take more risks. A likely explanation is that individuals with higher cognitive ability are more likely to process more external information and evaluate the subjective uncertainty of stock markets based on a well-defined probability distribution. Our findings indicate that the impact of cognitive ability on stock market participation varies among families with differing education levels, genders, marital statuses, and geographical locations.

Therefore, the roles of cognitive abilities in accelerating stock market participation should be fully considered. More information channels and sources that contain financial markets’ information (e.g. mobile applications and financial education) should be provided. Thus, the significance of cognitive ability in increasing stock market participation should be fully considered. Providing more information channels and sources, such as mobile applications and financial education, that contain financial markets’ information would be helpful. Our study contributes to promoting financial literacy and inclusion by highlighting the significant positive impact of cognitive ability, where institutions can tailor their outreach efforts and information channels to better serve individuals with different cognitive ability.