Mechanism of the Impact of Enterprise Digital Transformation on ESG Performance from Internal and External Perspectives
DOI:
https://doi.org/10.54097/jcjp1115Keywords:
Digital Transformation, ESG Performance, Internal Control, External Supervision, Intermediary Effect.Abstract
With the full arrival of the digital economy era and the growing prominence of sustainable development concepts, Digital Transformation and ESG have garnered widespread attention across society. This study uses A-share listed companies from 2013 to 2023 as its research sample, adopting an Internal Control and External Supervision perspective to construct a dual fixed-effects model. It empirically investigates the relationship and underlying mechanisms between DT and ESG Performance. The findings reveal: (1) DT can help companies improve their ESG Performance, and this finding withstands an extensive battery of robustness checks. (2) Internal Control and External Supervision play a partial mediating role between DT and ESG Performance, indicating that DT promotes corporate sustainability through both internal and external pathways. (3) Heterogeneity analysis shows that the promotional effect of DT on ESG is more pronounced in eastern regions and non-state-owned enterprises, while the marginal effects in central and western regions and state-owned enterprises are relatively limited. The article provides theoretical basis for understanding the intrinsic mechanisms driving ESG improvement through digital technology and offers decision-making references for policy formulation and corporate practice.
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