Can Digital Technology Adoption Drive a “Win–Win” in Corporate Financial Sustainability and Energy Performance? The Role of Chief Digital Officers
基于2010-2022年中国上市公司面板数据，研究发现数字技术采纳能同时提升财务可持续性和能源效率，且首席数字官的存在会强化这一效果，融资约束和绿色技术创新是中介渠道。
ABSTRACT This study investigates whether digital technology adoption can drive both sustainable financial performance and enhanced corporate energy efficiency, which has received limited attention in previous research. Grounded in dynamic capability theory and upper echelons theory, and utilizing a two‐way fixed‐effects regression model, this study analyzes panel data from publicly listed Chinese firms from 2010 to 2022. We assess the “win–win” potential of digital technology adoption on financial and energy outcomes, with a focus on the moderating role of chief digital officers. The results demonstrate that digital technology adoption generates concurrent gains in financial sustainability and energy efficiency, and that the presence of a chief digital officer substantially strengthens these effects. Robustness and endogeneity assessments support these findings. We further identify financing constraints and green technological innovation as mediating channels through which digital technology adoption promotes dual improvements in financial and energy outcomes. Heterogeneity tests indicate stronger effects among larger firms, non‐heavy polluting enterprises, and firms located in central regions of China. These findings highlight the strategic value of digital technology in advancing financial sustainability and corporate energy efficiency, promoting broader corporate commitment to digital transformation.