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<p>While prior studies have predominantly examined the unidirectional influence of firm digital transformation (FDT) on green innovation (GI), their reciprocal and synergistic relationship remains underexplored. Bridging this gap, this study utilizes a simultaneous equation model with panel data from Chinese A-share listed firms spanning 2010–2022. The empirical evidence confirms a robust bidirectional facilitation: FDT significantly propels GI, and conversely, GI acts as a key driver for further FDT. Moreover, board governance plays an important moderating role: board independence (BI) amplifies the effect of FDT on GI, whereas board functional diversity (BFD) strengthens the pathway from GI to FDT. Heterogeneity tests further reveal that these effects are more salient in state-owned firms (SOEs), less polluting industries, and firms in the mature stage of their lifecycle. This study thus advances the theoretical discourse on digital-green synergy and provides actionable governance insights for managers pursuing dual transformation.</p>

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The reciprocal promotion relationship between firm digital transformation and green innovation: the moderating role of board characteristics

  • 期刊论文

  • 发表日期：

    2026年2月21日

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  • Huajun Liu,
  • Haifeng Tian,
  • Xiaohong Wang

摘要

While prior studies have predominantly examined the unidirectional influence of firm digital transformation (FDT) on green innovation (GI), their reciprocal and synergistic relationship remains underexplored. Bridging this gap, this study utilizes a simultaneous equation model with panel data from Chinese A-share listed firms spanning 2010–2022. The empirical evidence confirms a robust bidirectional facilitation: FDT significantly propels GI, and conversely, GI acts as a key driver for further FDT. Moreover, board governance plays an important moderating role: board independence (BI) amplifies the effect of FDT on GI, whereas board functional diversity (BFD) strengthens the pathway from GI to FDT. Heterogeneity tests further reveal that these effects are more salient in state-owned firms (SOEs), less polluting industries, and firms in the mature stage of their lifecycle. This study thus advances the theoretical discourse on digital-green synergy and provides actionable governance insights for managers pursuing dual transformation.