Citation

Cheng, Jiayang and Ong, Tze San and Di Vaio, Assunta and Teh, Boon Heng and Mastellone, Luisa (2026) Digital Transformation and Environmental Pillar of ESG‐Based Performance Under Financing Constraints: The Mediating Role of Green Innovation in Chinese Listed Firms. Corporate Social Responsibility and Environmental Management. ISSN 1535-3958

Text Digital Transformation and Environmental Pillar of ESG‐Based Performance Under Financing Constraints_ The Mediating Role of Green Innovation in Chinese Listed Firms.pdf - Published Version Restricted to Repository staff only Download (704kB)

Abstract

This study builds upon existing work that links digital transformation (DT), financing constraints (FC), green innovation (GI), and firms’ environmental pillar of ESG-based performance (SP(E)), and further examines whether DT supports SP(E) through GI under FC. Based on dynamic capabilities theory (DCT) and resource-based view (RBV), we analyse 4456 Chinese A-share-listed firms during the period of 2020–2024. Two-way fixed-effects regression models are adopted as the main empirical approach, while generalized method of moments (GMM) estimations, two-stage instrumental variable (IV-2SLS) estimation, and additional robustness tests are conducted to address potential endogeneity, measurement concerns, and sensitivity issues. The results highlight that DT positively affects SP(E), and GI mediates this relationship. Particularly, the findings do not yield statistically significant evidence that FC moderate the DT–SP(E) linkage in our sample and model setting, which does not rule out the potential moderating effect of FC in other contexts. This study contributes to digital sustainability and FC research by jointly examining whether GI mediates the association between firm-level DT and the SP(E) while simultaneously testing FC as a potential boundary condition in a panel of Chinese listed firms.

Item Type:	Article
Uncontrolled Keywords:	China, digital transformation
Subjects:	H Social Sciences > HC Economic History and Conditions > HC94-1085 By region or country
Divisions:	Faculty of Management (FOM)
Depositing User:	Ms Rosnani Abd Wahab
Date Deposited:	28 Oct 2026 08:37
Last Modified:	28 Oct 2026 08:37
URII:	http://shdl.mmu.edu.my/id/eprint/16958

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