Can Digital Economy Development Facilitate Corporate ESG Performance?

Author:

Kong Jiayang123,Goh Mark4ORCID,Cao Yu5

Affiliation:

1. College of Computer and Information Science, Qinghai University of Science and Technology, Xining 810016, China

2. Department of Computer Technology and Applications, Qinghai University, Xining 810016, China

3. School of Marxism, Beijing Normal University, Beijing 100875, China

4. NUS Business School & The Logistics Institute-Asia Pacific, National University of Singapore, Singapore 119613, Singapore

5. School of Economics and Business Administration, Central China Normal University, Wuhan 430079, China

Abstract

As ESG (environmental, social, and corporate governance) is consistent with the spirit of sustainable development, it is useful to elevate ESG performance to realize the sustainable development of enterprise and society. Using the data of Chinese A-share listed firms in the period of 2011 to 2019, this paper takes the National Big Data Comprehensive Pilot Zone policy as a quasi-natural experiment and uses the difference-in-differences method to assess the effect of digital economy development on ESG performance. This paper reveals the following: (1) the digital economy can facilitate ESG performance; (2) digitalization of the economy helps enterprises to propel digital transformation, which in turn lifts ESG performance; (3) digital economy development has a deeper impact on private enterprises, especially for those in China’s capital cities; and (4) digital economy development moderates the inhibiting effect of ESG performance on corporate financial constraints. The findings of this paper indicate that digitalization of the economy can help to achieve sustainable development.

Funder

Natural Science Foundation of Qinghai Province

Construction Program of Doctoral Thesis Extended Project for New Teachers at Qinghai University of Science and Technology, Qinghai University

Publisher

MDPI AG

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