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The purpose of this paper is to propose a consensus method for multi-attribute group decision-making (MAGDM) problems based on preference-approval structure and regret theory, which can improve the efficiency of decision-making and promote the consensus level among individuals.

First, a new method to obtain the reference points based on regret theory and expert weighting method is proposed. Second, a consensus reaching method based on preference-approval structure is proposed. Then, an adjustment mechanism to further improve the consensus level between individuals is designed. Finally, an example of the assessment of elderly care institutions is used to illustrate the feasibility and effectiveness of the proposed method.

The feasibility and validity of the proposed method are verified by comparing with the advanced two-stage minimum adjustment method. The compared results show that the proposed method is more consistent with the actual situation.

This paper presents a consensus reaching method for MAGDM based on preference-approval structure, which considers the avoidance behaviors of individuals and reference points. Decision makers (DMs) can use this approach to rank and categorize alternatives while further increasing the level of consensus among them. This can further help determine the optimal alternative more efficiently.

A new MAGDM problem based on the combination of regret theory and individual reference points is proposed. Besides, a new method of obtaining experts' weights and a consensus reaching method for MAGDM based on preference-approval structure are designed.

This research aims to investigate the impact of corporate digital transformation (CDT) on stock market activity.

A data set of Chinese listed manufacturing enterprises from 2012–2021 is used as a research sample.

This research finds that CDT can promote stock market activity. This study validates two potential mechanisms: increasing financial performance and mitigating information asymmetry. This study further suggests that internal control and analyst coverage can strengthen the impact of CDT on stock market activity.

The research exhibits certain limitations that should be considered in future research. Because the findings are based on the Chinese context, the applicability and generalizability of the findings to other environments may be limited. This research enriches the literature on the determinants of stock market activity from a technological perspective and incrementally contributes to understanding the impact of CDT on stock markets. After analyzing two opposing perspectives on the economic consequences of CDT, the favorable effect of CDT on stock market activity is proven based on the resource-based view and agency theory. This research extends the literature on the relationship between CDT and investor behavior, demonstrating that investors perceive CDT as beneficial. The results provide evidence that CDT can increase financial performance and improve the information environment, leading to increased investor attention and enhanced trading activity.

This research has incremental practical implications for enterprises and regulatory authorities to comprehend the economic consequences of CDT in developing countries. First, enterprises should increase their digital investments to improve their performance and decrease information asymmetry. Furthermore, enterprise managers should strengthen information systems to adapt to the process of CDT and train employees on digital skills. Second, regulatory authorities should provide comprehensive digital policies and programs supported by tax incentives, subsidies and digital infrastructure projects (Wang et al., 2023).

This research strengthens the debate on the market impact of CDT. Unlike prior literature, this study explores the influence of CDT on stock market activity for the first time, enriching the literature on CDT and stock market activity. Furthermore, the outcomes guide regulatory authorities to actively support CDT and expedite the digital upgrading of manufacturing industries to promote stock market activity.