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<p>This paper investigates the relationship between the socially responsible investing (SRI) of energy firms and their clean energy share in the digital age. The study is grounded in a framework that integrates stakeholder theory with strategic corporate social responsibility (SCSR) theory. Under stakeholder theory, firms are compelled to adopt SRI to meet the non-owner demands of stakeholders. This paper posits that effective SRI, as articulated by SCSR theory, becomes a strategic investment capable of enhancing a firm’s value and innovation over time. The empirical analysis demonstrates that SRI influences clean energy adoption through the mediating role of innovation. This mechanism also exhibits temporal dynamics, where the positive impact of SRI on innovation becomes evident over a long-term period. Additionally, the analysis finds that a firm’s degree of digitalization carries weight on its innovation, serving as a key enabler. Using data from Chinese listed energy firms spanning six years, the paper employs fixed-effects modeling to test these hypotheses. This research bridges the theoretical gap by providing a cohesive, mechanistic framework that links stakeholder pressures to strategic investments and innovation outcomes, offering practical suggestions for energy firms’ clean energy transition.</p>

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Examining the nexus between socially responsible investing and the transition to clean energy in the digital age

  • 期刊论文

  • 发表日期：

    2026年3月2日

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  • Yi Ke,
  • Shu-Hsiang Chen,
  • Fawad Ahmed

摘要

This paper investigates the relationship between the socially responsible investing (SRI) of energy firms and their clean energy share in the digital age. The study is grounded in a framework that integrates stakeholder theory with strategic corporate social responsibility (SCSR) theory. Under stakeholder theory, firms are compelled to adopt SRI to meet the non-owner demands of stakeholders. This paper posits that effective SRI, as articulated by SCSR theory, becomes a strategic investment capable of enhancing a firm’s value and innovation over time. The empirical analysis demonstrates that SRI influences clean energy adoption through the mediating role of innovation. This mechanism also exhibits temporal dynamics, where the positive impact of SRI on innovation becomes evident over a long-term period. Additionally, the analysis finds that a firm’s degree of digitalization carries weight on its innovation, serving as a key enabler. Using data from Chinese listed energy firms spanning six years, the paper employs fixed-effects modeling to test these hypotheses. This research bridges the theoretical gap by providing a cohesive, mechanistic framework that links stakeholder pressures to strategic investments and innovation outcomes, offering practical suggestions for energy firms’ clean energy transition.