How does digitalization of the supply chain accelerate the sustainable development of listed companies in the new energy sector?

This study, based on data from new energy-related listed companies from 2010 to 2023, quantifies the level of supply chain digitalization using text mining techniques and combines panel regression to reveal its impact on corporate sustainability performance. The study finds that supply chain digitalization becomes a core lever driving sustainable development by breaking the structural lock-in caused by excessive supplier concentration. Further analysis reveals that the effect of supply chain digitalization on sustainability is moderated by several factors: analyst tracking, executive stock incentives, and corporate green innovation capabilities all strengthen this positive effect. Notably, differences in industry characteristics and internal supply chain management levels lead to significant heterogeneity in the marginal contribution of supply chain digitalization to sustainable development.