Industry 4.0 technologies have been regarded as powerful means to enhance a firm's competitiveness in the Internet of Things environment. However, implementing Industry 4.0 technologies calls for considerable capital expenditure and might interrupt normal production in the short term. This study conducts an empirical analysis of the impact of investing in Industry 4.0 technologies based on a sample of 563 investment announcements of publicly listed firms on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2013 to 2018. Using the event study method, we find empirical evidence that these investment announcements lead to positive stock market reactions and improved financial performance. In particular, we empirically evaluate firms’ short‐ and long‐term stock prices and financial measures by considering the type of investments (i.e., digital or physical investments), whether the investment is product‐oriented or manufacturing process‐oriented, and whether the technologies are applied within a firm or across the supply chain. Our empirical findings hold true when a firm's strategic decision is accounted for and remain robust through various tests. Furthermore, we propose a decision framework for firms to balance the tradeoff between short‐term disruption and long‐term benefits resulting from an investment in Industry 4.0. Specifically, we develop a two‐period model and investigate when and to what extent a firm should invest in Industry 4.0 technologies. Empirical and modeling analyses provide managerial insights for firms that grapple with the net benefit of investment in Industry 4.0.

Abstract As influencer marketing evolves into a dominant force in the marketing landscape, it necessitates a deeper theoretical exploration to understand its strategic implementations and impacts. This article examines the dynamics of influencer marketing within the growing creator economy, emphasizing the interactions among firms, influencers, followers, and digital platforms. We introduce a novel, equity-driven framework that analyzes how influencers contribute to customer equity, how influencers manage and leverage the value from their followers, and how platforms maximize the value from their users. We detail the complex relationships and value exchanges within the influencer marketing ecosystem, highlighting the challenges of measuring the return on investment and influencers’ strategic use of content to maintain authenticity and influence. By synthesizing diverse academic literature and current industry practices, this manuscript provides a comprehensive overview of the mechanisms of value creation and exchange in influencer marketing, offers strategic implications for marketers aiming to optimize their influencer engagements, and outlines future work in the form of the eleven “INFLUENCERS” research directions.