Synergizing ESG and Digital Transformation for Corporate Decarbonization
研究中国A股上市公司2009-2022年数据，发现ESG与数字化转型的协同能显著降低碳排放强度，机制是促进技术创新和减少管理者短视，且区域市场化水平越高效果越强。
ABSTRACT In response to mounting climate challenges and global calls for low‐carbon development, firms are increasingly integrating environmental, social, and governance (ESG) practices with digital transformation strategies. This study investigates the synergistic effects of ESG initiatives and digital transformation on reducing corporate carbon emissions, using a dataset of A‐share listed companies in China from 2009 to 2022. We apply entropy weighting and a coupled and coordinated development model to measure the strategic integration of ESG and digitalization. Empirical analysis based on a two‐way fixed‐effects model reveals that ESG–digital synergy significantly lowers carbon emission intensity. Further analysis identifies two mediating mechanisms—enhanced technological innovation and reduced managerial myopia. Additionally, we find that the synergy's effectiveness is positively moderated by regional marketization levels. The results offer theoretical insights into sustainable corporate governance and practical guidance for firms and policymakers in emerging markets seeking to align ESG and digital strategies for effective low‐carbon transformation. This study contributes to the growing literature on strategic sustainability by introducing a novel framework for understanding how firms can leverage ESG–digital synergy to improve environmental performance.