Revealing the Mechanism of Digital Empowerment for the Green Transformation of Manufacturing Companies: Evidence from China
基于2011-2022年中国A股上市公司数据，研究发现数字化通过提升绿色认知能力、绿色创新能力以及吸引投资者和媒体关注四条路径促进制造业绿色转型，且效果因企业所有权、污染程度和技术特征而异。
Abstract This study examines the influence of digitalization on the ecological transformation of manufacturing companies, employing a comprehensive dataset of A-share listed companies in China from 2011 to 2022. The research develops extensive indicators for green transformation and uses fixed-effects regression models to assess the effects of digitalization. The results indicate that digitalization substantially facilitates green transformation through four pathways: internally, grounded in socio-technical systems theory, by enhancing green cognitive capability and green innovation capability; externally, grounded in stakeholder theory, by increasing investor attention and media attention. Furthermore, the research reveals variability in the impacts of digitalization contingent upon company ownership, pollutant severity, and technological characteristics, offering refined insights into various industrial contexts. This research enhances the literature by correcting deficiencies in previous studies that primarily concentrate on green innovation, thereby providing a more comprehensive view of the interplay between digital transformation and sustainable development. The results offer practical ideas for policymakers and businesses to synchronize digital strategy with environmental activities, expediting the shift toward a low-carbon, sustainable manufacturing sector.