The Impact of Digital Transformation on Business Model Innovation: Evidence from Companies Listed on the Casablanca Stock Exchange

Résumé

This study investigates the impact of digital transformation on business model innovation (BMI) using a sample of 45 companies listed on the Casablanca Stock Exchange. Drawing on a quantitative approach, the study employs Ordinary Least Squares (OLS) regression and Propensity Score Matching (PSM) to examine the relationship between digital transformation and the three core dimensions of BMI: value proposition, value creation, and value capture.

Digital transformation is measured through content analysis of annual reports using a keyword-based approach, while BMI dimensions are proxied by financial indicators. The empirical findings reveal that digital transformation does not have a statistically significant impact on value proposition and value creation innovation. However, it exhibits a negative and significant effect on value capture innovation, suggesting that firms undergoing digital transformation may face short-term challenges in appropriating value.

These results highlight that digital transformation is not an automatic driver of innovation and performance. Instead, it is a complex and resource-intensive process that requires strategic alignment and complementary organizational capabilities. The study contributes to the literature by providing empirical evidence from an emerging market context and by demonstrating that the benefits of digital transformation may vary across different dimensions of business model innovation