Does big data development empower ESG performance of enterprises? Evidence from China
利用中国国家大数据综合试验区的分批设立作为准自然实验，研究发现大数据发展通过提升环境意识、产品质量和内部治理显著改善了企业ESG绩效，且对高投资者关注度、财务依赖行业及低初始数字创新地区的企业影响更大。
Purpose Despite the growing importance of digital technologies for sustainable development, little is known about how digital infrastructure affects firms’ environmental, social and governance (ESG) performance. Design/methodology/approach We exploit China’s staggered implementation of National Big Data Pilot Zones (NBDPZs) as a quasi-natural experiment to examine this relationship. Using difference-in-differences estimation with panel data from Chinese listed firms during 2012–2020, we find that NBDPZs significantly enhance firms’ ESG performance. Findings The effect operates through three distinct channels: enhanced environmental awareness, improved product quality and strengthened internal governance. The impact is more pronounced for firms with high investor visibility, those in financially dependent industries and those located in regions with low initial digital innovation. Beyond improving ESG metrics, NBDPZs generate substantial economic benefits in the long run. Originality/value Our findings reveal how digital infrastructure enhances corporate sustainability practices, advancing both academic understanding of digital policy effects and ESG determinants, while offering practical guidance for firms and policymakers to leverage digital infrastructure in promoting sustainable development.