Digital Transformation, CEO Career Concerns, and Enterprise Green Mergers and Acquisitions
研究2010-2023年中国A股上市公司数据，发现数字化转型显著促进企业绿色并购，且CEO的外部与前瞻性职业关注会强化这一效应，而内部职业关注则起削弱作用。
Green transformation has become a global consensus, but enterprises often treat it as a symbolic strategy rather than a substantive commitment. While existing studies have examined how internal capabilities and external pressures influence enterprise green actions, few have explored how digital transformation enables external green strategies such as green mergers and acquisitions (M&A), or how CEO career concerns shape such decisions. This study examines the impact of digital transformation on green M&A among Chinese A-share listed enterprises from 2010 to 2023, with an in-depth analysis of the moderating role of CEO career concerns in this process. The results show that digital transformation significantly promotes green M&A, particularly when CEOs face external and prospective concerns, whereas internal career concerns weaken this effect. Heterogeneity analysis reveals that the digital–green relationship varies by CEO characteristics, industry type, and enterprise characteristics. The study enriches the understanding of sustainable strategic decision-making mechanisms in engineering management. It offers enterprises guidance on aligning incentives to promote the synergy between digital transformation and green transition.