• Alok Bhardwaj

Digital transformation (DT) helps modern companies gather, process, and analyze data for strategic decision-making. Finance is studying digital technologies, but their effects on core corporate finance outcomes like business valuation and investment decisions remain unclear. To fill the gap, the PRISMA-compliant systematic literature analysis of Scopus-indexed peer-reviewed journal papers from 2005 to 2025 synthesizes 79 digital transformation in corporate finance works. The review provides three major contributions. A three-tier framework links digital inputs (enterprise systems, big data analytics, artificial intelligence, blockchain, and cloud infrastructure) to financial mechanisms (information quality, monitoring and control, analytics-enabled decision support, and coordination cost reduction) to influence corporate finance outcomes, specifically firm valuation. Second, it presents a systematic empirical synthesis of valuation and investment studies that shows digital transformation positively correlates with market-based valuation metrics (Tobin's Q, market-to-book ratios, stock returns, and enterprise value), investment efficiency, loss of misallocation, and capital reallocation flexibility. These effects depend on firm size, governance, ownership, institutional environment, digital maturity, and data quality. The study's prospective research program finds serious theoretical and methodological shortcomings. The restricted mix of behavioral corporate finance and dynamic capabilities theory and the prevalence of archival panel-based methodologies hinder causal designs, tests, and qualitative data at the CFO level. This study provides explicit philosophical, methodological, and policy-relevant research recommendations to explain digital transformation as a financial concern. The findings support future research and offer practical advice for digital corporate finance academics, industry leaders, investors, and regulators.

"Systematic review of digital transformation in corporate finance: Impacts on firm valuation and investment decisions", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.13, Issue 1, page no.e667-e706, January-2026, Available :http://www.jetir.org/papers/JETIR2601495.pdf

"Systematic review of digital transformation in corporate finance: Impacts on firm valuation and investment decisions", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.13, Issue 1, page no. ppe667-e706, January-2026, Available at : http://www.jetir.org/papers/JETIR2601495.pdf