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<p>The rapid development of digital technologies has profoundly transformed corporate practices, making digital transformation a central focus of modern governance. In parallel, environmental, social, and governance (ESG) principles have gained increasing prominence as drivers of sustainable corporate strategies. This study explores the relationship between ESG performance and corporate digital transformation using a panel dataset of A-share listed companies in China from 2009 to 2022. Employing robust empirical methods, including endogeneity and robustness tests, the results reveal that ESG performance significantly enhances digital transformation. Specifically, a one-standard-deviation increase in ESG performance is associated with a 3.47% increase in the degree of digital transformation relative to the sample average. Mechanism analysis demonstrates that ESG performance facilitates digital transformation by optimizing corporate governance and alleviating financing constraints. Moreover, this effect is amplified in firms with higher technological capabilities, industries with intense competition, and regions with advanced digital infrastructure. These findings provide novel insights into the role of ESG initiatives in promoting digital transformation, offering valuable implications for policymakers and corporate leaders seeking to align sustainability and innovation objectives.</p>

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The impact of ESG performance on corporate digital transformation

  • 期刊论文

  • 发表日期：

    2025年1月24日

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  • Yu Cheng,
  • Hao Li

摘要

The rapid development of digital technologies has profoundly transformed corporate practices, making digital transformation a central focus of modern governance. In parallel, environmental, social, and governance (ESG) principles have gained increasing prominence as drivers of sustainable corporate strategies. This study explores the relationship between ESG performance and corporate digital transformation using a panel dataset of A-share listed companies in China from 2009 to 2022. Employing robust empirical methods, including endogeneity and robustness tests, the results reveal that ESG performance significantly enhances digital transformation. Specifically, a one-standard-deviation increase in ESG performance is associated with a 3.47% increase in the degree of digital transformation relative to the sample average. Mechanism analysis demonstrates that ESG performance facilitates digital transformation by optimizing corporate governance and alleviating financing constraints. Moreover, this effect is amplified in firms with higher technological capabilities, industries with intense competition, and regions with advanced digital infrastructure. These findings provide novel insights into the role of ESG initiatives in promoting digital transformation, offering valuable implications for policymakers and corporate leaders seeking to align sustainability and innovation objectives.