Is Supply Chain Digitalization Conducive to Promoting the ESG Performance of Energy-Intensive Firms?

The ESG performance of energy-intensive firms is not only related to their long-term investment value and competitiveness but also directly affects national energy security, environmental protection and the sustainable development of the overall economy. This study conducts an empirical analysis based on data from Chinese A-share listed energy-intensive firms from 2014 to 2022 to examine the impact and mechanisms of supply chain digitalization on the ESG performance of energy-intensive firms. The result suggests that supply chain digitalization can improve the corporate ESG performance of energy-intensive firms. Specifically, supply chain digitalization promotes energy-intensive firms’ ESG performance by alleviating financing constraints and mitigating managerial myopia. The positive effect of supply chain digitalization on the ESG performance of energy-intensive firms is more significant in firms with lower supply chain concentration and regions with higher levels of digital inclusive finance development. Furthermore, supply chain digitalization has a promoting effect on energy-intensive firms’ environmental, social, and governance dimensions respectively. This study fills a research gap by directly establishing the link between supply chain digitalization and ESG performance in energy-intensive firms, a sector central to global sustainable development, and deepens the understanding of the underlying transmission mechanisms; it further enriches the research on the influencing factors and implementation paths of corporate ESG performance, expands the research boundary of the intersection between supply chain digitalization and ESG performance, and provides important practical implications for promoting the high-quality and sustainable development of energy-intensive firms under the background of modern supply chain construction.