The impact of digital transformation on ESG performance

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE International Review of Economics & Finance Pub Date : 2024-11-01 DOI:10.1016/j.iref.2024.103686

Yuxuan Li , Yingxue Zheng , Xuesong Li , Zi Mu

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Abstract

This paper constructs an analytical framework of digital transformation affecting enterprise ESG performance based on the investment perspective. And empirical analyses are conducted using firm-level panel data of Chinese A-share listed companies from 2009 to 2020 in the China's Stock Markets. It is found that digital transformation significantly improves enterprise ESG performance. Digital transformation improves enterprise ESG performance by enhancing risk-taking capacity, mitigating agency conflicts, and suppressing management overconfidence. Heterogeneity analyses show that the effects of digital transformation on capital investment efficiency and firms' ESG performance are more pronounced among firms in mature and declining stages. Digital transformation has a significant impact on capital investment efficiency and corporate ESG performance in both technology-intensive and capital-intensive firms. These findings are crucial for understanding the key role of digital transformation in shaping long-term economic growth potential and sustainability from an investment perspective.

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数字化转型对环境、社会和治理绩效的影响

本文基于投资视角，构建了数字化转型影响企业ESG绩效的分析框架。并利用 2009 年至 2020 年中国 A 股上市公司的公司层面面板数据进行了实证分析。研究发现，数字化转型能显著提高企业的环境、社会和治理绩效。数字化转型通过提高风险承担能力、缓解代理冲突和抑制管理层过度自信来改善企业ESG绩效。异质性分析表明，数字化转型对资本投资效率和企业环境、社会和治理绩效的影响在处于成熟期和衰退期的企业中更为明显。数字化转型对技术密集型企业和资本密集型企业的资本投资效率和企业环境、社会和公司治理绩效都有重大影响。这些发现对于从投资角度理解数字化转型在塑造长期经济增长潜力和可持续性方面的关键作用至关重要。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.