Enterprise Digital Transformation and ESG Performance

In recent years, the comprehensive performance of enterprises in the environment, society and corporate governance (ESG) has become increasingly important and has attracted the attention of all sectors of society. Moreover, the digital economy has developed rapidly, and the digital transformation (DX) of enterprises is also an inevitable trend. Therefore, whether the DX of enterprises affects ESG performance is the core issue of this paper. On the basis of data from A-share listed companies in the Shanghai and Shenzhen stock markets from 2009--2023, the impact of the DX of enterprises on ESG performance is studied. In addition, the effects of lag periods and heterogeneity were also studied. The results show that the DX of enterprises has a significant positive effect on the ESG rating of enterprises and that there is a significant positive lag effect. Moreover, the DX of enterprises has a positive effect on environmental protection and social responsibility but a negative effect on corporate governance. Moreover, the heterogeneity analysis of the nature of property rights shows that the impact of the DX of nonstate-owned enterprises on the ESG performance of enterprises is more significant.