How Corporate FinTech Enhances ESG Performance: An Integrated Framework of Resources, Technology, and Governance

In the grand context of the global convergence of the “dual-carbon” strategy and the digital economy, the underlying mechanisms by which corporate fintech impacts ESG performance remain a “black box” waiting to be explored. To this end, this study reveals the path by which corporate fintech unlocks ESG performance by constructing a theoretical framework that integrates resources, technology and governance. Based on data from Chinese A-share listed companies from 2011 to 2023, we found that corporate fintech can significantly improve ESG performance. Its core mechanism is to optimize resource allocation by alleviating financing constraints, promote green innovation-driven technological upgrades, and reduce agency costs to improve internal governance. Heterogeneity analysis further reveals that this effect is particularly prominent in companies with financial difficulties or high proportions of independent directors, and areas with weak institutional environments, highlighting the catalytic role of corporate fintech in specific situations. This study not only provides micro-mechanism evidence for digital technology to empower the sustainable development of enterprises but also offers important policy implications for emerging markets to leverage fintech to make up for institutional shortcomings and promote green transformation.