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This paper demonstrates the relevance of consumers' susceptibility to interpersonal influence (CSII) in an investment context. In Study 1, a survey of individual investors, investment-related knowledge, psycho-social risks, and social needs emerge as antecedents that explain investors' susceptibility to informational and normative influence. In turn, susceptibility to normative influences increases transaction frequency, whereas susceptibility to informational influences decreases transaction frequency. The experiments in Studies 2 and 3 indicate the impact of interpersonal influences on consumers' investment decisions in a voluntary (free choice) and involuntary (confrontation) setting and check whether CSII moderates the impact of interpersonal influences. Consumers' investment choices are consistently influenced by the information and opinions of others, whereas CSII only strengthens the impact of interpersonal influence in a voluntary informational setting.

The advent and enormous growth of digital technologies, and associated data, force firms to respond to novel digital challenges and increasingly lead them to transform their existing business models. Importantly, given that digital transformation has a strong impact on multiple disciplines, such as logistics, marketing, and strategy, and involves multiple stakeholders, such as service providers, platforms, employees and end-users, it also requires researchers and businesses to adopt a multi-disciplinary, multi-stakeholder perspective, in which multiple research and business fields cooperate in order to create collaborative solutions. In this editorial to the special issue, we aim to bring together insights from multiple research fields to account for the multi-faceted nature of digital transformation. We discuss the relevance of this multi-disciplinary, multi-stakeholder perspective, propose an overarching research framework, and highlight future avenues of research.