Journal of Project Management (Canada) | 2026
Authors: Keeyangrungrueang I.; Poonpool N.; Nachairit I.
DOI: 10.5267/j.jpm.2026.5.003
Journal: Journal of Project Management (Canada)
Year: 2026
Publisher: Growing Science
Document Type: Article
Open Access: All Open Access; Gold Open Access; Green Open Access
Cited by: 0
This study examines the association between Corporate Digital Transformation (CDT) and information asymmetry (ASY) among firms listed on the Stock Exchange of Thailand during 2017–2022. Drawing on agency theory, institutional theory, and resource dependence theory, the study conceptualizes CDT as a portfolio of organization-wide digital initiatives and transformation projects embedded in firms’ governance and information infrastructures rather than as isolated technological adoption. CDT is measured using textual analysis of firms’ annual reports based on a multidimensional keyword dictionary capturing disclosed digital transformation activities, while information asymmetry is proxied by the effective bid–ask spread. Using firm-level panel data and fixed effects regression models, the analysis documents a negative and marginally significant association between CDT and information asymmetry, suggesting lower information frictions among firms with higher levels of reported digital transformation activity. A series of robustness tests employing alternative measures, estimation strategies, and subsample analyses yield qualitatively consistent results. The study contributes to the project management literature by providing empirical evidence on how sustained digital transformation initiatives, implemented through multiple projects over time, are associated with changes in organizational information environments in an emerging market context. While the findings should be interpreted as indicative rather than causal, they highlight the relevance of managing digital transformation as an integrated project portfolio with implications for transparency and stakeholder communication. © 2026 by the authors; licensee Growing Science, Canada.
Corporate digital transformation; Digital transformation projects; Disclosure-based measurement; Emerging markets; Information asymmetry; Project portfolio management