2606004241
  • Open Access
  • Article

Transmission Channels of Digital Empowerment on Listed Firms’ Green Innovation Performance

  • Zhi Li 1,   
  • Nan Xia 1,*,   
  • Guoxiang Li 1,   
  • Junhao Huang 2,   
  • Wenjing Xiao 3

Received: 21 Apr 2026 | Revised: 07 Jun 2026 | Accepted: 12 Jun 2026 | Published: 24 Jun 2026

Abstract

As the digital economy continues to advance, the ways in which corporate green innovation is shaped by digital transformation are still poorly understood. Adopting a green technological innovation perspective, the degree of corporate digital transformation is measured in this paper via a textual analysis method and constructs a sample of Shanghai and Shenzhen’s A-share listed enterprises over the period 2011–2022, methodically investigating the underlying logic and transmission pathways through which corporate green innovation is influenced by digital transformation. The results indicate that corporate green innovation is significantly and favorably impacted by digital transformation, this conclusion is supported by several robustness checks. Mechanism tests reveal that corporate green innovation is driven by digital transformation through three distinct channels: enhancing organizational resilience, improving the quality of carbon information disclosure, and easing financial restrictions. Furthermore, the above promotional impacts are most particularly noticeable among high-tech companies, firms in non-heavily-polluting industries, and companies that located in eastern and western China.

References 

  • 1.

    Wu, F.; Hu, H.; Lin, H.; et al. Corporate Digital Transformation and Capital Market Performance: Empirical Evidence from Stock Liquidity. Manag. World 2021, 37, 130–144+10. (In Chinese)

  • 2.

    Zhang, L.S. Research on the Impact of Corporate Digitalization on Management Self-Interested Behavior. Ph.D. Thesis, Sichuan University, Chengdu, China, 2023. (In Chinese)

  • 3.

    Demirkan, H.; Spohrer, J.C.; Welser, J.J. Digital Innovation and Strategic Transformation. IT Prof. 2016, 18, 14–18.

  • 4.

    Wang, F.Z.; Liu, X.L.; Zhang, L.; et al. Has Digitalization Promoted Green Technology Innovation in Resource-Based Enterprises? Stud. Sci. Sci. 2022, 40, 332–344. (In Chinese)

  • 5.

    Xiao, P.; Wang, N.B.; Sun, Y.J.; et al. The Impact of Digital Transformation on Corporate Innovation Performance and Its Sub-Dimensions. Sci. Technol. Manag. Res. 2024, 44, 177–187. (In Chinese)

  • 6.

    Chen, S.L.; Hu, B.; Zhang, M. How Does Digital Transformation Affect Corporate Technological Innovation? Enterp. Econ. 2024, 9, 48–59. (In Chinese)

  • 7.

    Zhou, H.X.; Huang, S.Q. Can Digitalization “Empower” Innovation?—The Impact of Digital Transformation on Innovation in Private Enterprises. Econ. Dyn. 2023, 7, 69–90. (In Chinese)

  • 8.

    Wang, F.S.; Zheng, X.Y.; Zhang, D.C. Digital Transformation, Internationalization Strategy, and Corporate Innovation. Oper. Res. Manag. Sci. 2024, 33, 120–125. (In Chinese)

  • 9.

    Jin, Y.; Wen, W.; He, Y. Impact of Digital Transformation on Corporate Green Innovation: Empirical Evidence from Chinese Listed Manufacturing Companies. Financ. Trade Res. 2022, 33, 69–83. (In Chinese)

  • 10.

    Di, H. Research on the Impact of Digital Transformation of Manufacturing Enterprises on Green and Low-Carbon Technological Innovation. Masterʼs Thesis, Guangxi University, Guilin, China, 2024. (In Chinese)

  • 11.

    Shi, Y. Research on the Impact of Corporate Digitalization on Green and Low-Carbon Transformation. Masterʼs Thesis, Shandong University of Finance and Economics, Jinan, China, 2025. (In Chinese)

  • 12.

    Li, K.F.; Zhang, Y.Q.; Chen, S.F. Digital-Intelligent Transformation and Organizational Resilience of Manufacturing Firms under Green Technology Innovation. J. Xiʼan Univ. Finance Econ. 2024, 37, 84–96. (In Chinese)

  • 13.

    Zhang, Y.; Zhang, W.R.; Wang, X.L. Impact of Corporate Digital Transformation on Organizational Resilience: Mediating Role of Knowledge Integration Capability and Moderating Effect of Slack Resources. Sci. Technol. Entrep. Mon. 2024, 37, 75–83. (In Chinese)

  • 14.

    Williams, T.A.; Gruber, D.A.; Sutcliffe, K.M.; et al. Organizational Response to Adversity: Fusing Crisis Management and Resilience Research Streams. Acad. Manag. Ann. 2017, 11, 733–769.

  • 15.

    Zhang, S.S.; Dong, X.D. Intelligent Transformation, Organizational Resilience, and High-Quality Development of Manufacturing Firms. China Bus. Market 2024, 38, 104–114. (In Chinese)

  • 16.

    Yun, L.X.; Dong, X.Y.; Xu, H.Q.; et al. How Digital Transformation Empowers Organizational Resilience—A Dynamic Capability Perspective. Finance Account. Mon. 2024, 45, 102–108. (In Chinese)

  • 17.

    Gao, H.; Zhou, M.S. How Does Digital Transformation Enhance Organizational Resilience? Sci. Manag. Res. 2024, 42, 53–65. (In Chinese)

  • 18.

    Li, J.; Lian, G.; Xu, A. Breaking the Deadlock of Corporate Green Transformation under the “Dual Carbon” Vision: An Empirical Study on Digital-Driven Greening. J. Quant. Tech. Econ. 2023, 40, 27–49. (In Chinese)

  • 19.

    Guo, F.; Yang, S.; Chai, Z. Has Corporate Digital Transformation Promoted the “Quantity Increase and Quality Improvement” of Green Technological Innovation?—Textual Analysis Based on Annual Reports of Chinese Listed Companies. South. Econ. J. 2023, 2, 146–162. (In Chinese)

  • 20.

    Yang, Z.H.; Wang, X.L. Corporate Digital Transformation and Green Collaborative Innovation Behavior. Econ. Perspect. 2024, 12, 73–91. (In Chinese)

  • 21.

    Yang, G.; Nie, Y.; Li, H.; et al. Digital Transformation and Low-Carbon Technology Innovation in Manufacturing Firms: The Mediating Role of Dynamic Capabilities. Int. J. Prod. Econ. 2023, 263, 108969.

  • 22.

    Wang, S.H.; Xu, X.T.; Liu, Y.W. Does Corporate Digital Transformation Reduce the Risk of Debt Default? Secur. Mark. Her. 2022, 4, 45–56. (In Chinese)

  • 23.

    Zheng, Y. Digital Economy, Alleviation of Factor Market Distortions, and Corporate Total Factor Productivity. Reform Econ. Syst. 2024, 1, 88–96. (In Chinese)

  • 24.

    Xia, X.; Song, X.L.; Dong, J.C.; et al. Digital Economy Development and Corporate Organizational Resilience—Based on the Mediating Role of Breakthrough Innovation and Internal Control. Financ. Theory Pract. 2024, 6, 53–64. (In Chinese)

  • 25.

    Shan, Y.; Xu, H.; Zhou, L.; et al. Digital Intelligence Empowerment: How Does Organizational Resilience Form in Crisis Situations?—An Exploratory Case Study Based on Lin Qingshan Turning Crisis into Opportunity. Manag. World 2021, 37, 84–104. (In Chinese)

  • 26.

    Bergami, M.; Corsino, M.; Daood, A.; et al. Being Resilient for Society: Evidence from Companies That Leveraged Their Resources and Capabilities to Fight the COVID-19 Crisis. R&D Manag. 2022, 52, 235–254.

  • 27.

    Yuan, R.; Luo, J.; Liu, M.J.; et al. Understanding Organizational Resilience in a Platform-Based Sharing Business: The Role of Absorptive Capacity. J. Bus. Res. 2022, 141, 85–99.

  • 28.

    Iborra, M.; Safón, V.; Dolz, C. What Explains Resilience of SMEs? Ambidexterity Capability and Strategic Consistency. Long Range Plann. 2020, 53, 101947.

  • 29.

    Battisti, M.; Beynon, M.; Pickernell, D.; et al. Surviving or Thriving: The Role of Learning for the Resilient Performance of Small Firms. J. Bus. Res. 2019, 100, 38–50.

  • 30.

    Cao, Y.F. Focused Strategy: ‘Resilient Growth’ in a Turbulent Environment. Tsinghua Manag. Rev. 2022, 9, 25–35. (In Chinese)

  • 31.

    Wang, R.Y.; Liang, Q.; Li, G.Q. Virtual Agglomeration: A New Spatial Organizational Form for the Deep Integration of New-Generation Information Technology and the Real Economy. Manag. World 2018, 34, 13–21. (In Chinese)

  • 32.

    Chen, C.H. Research on the Construction of Digital Transformation Capability System for Traditional Enterprises. Peopleʼs Forum Acad. Front. 2019, 18, 6–12. (In Chinese)

  • 33.

    Qi, Y.D.; Xiao, X. Corporate Management Transformation in the Digital Economy Era. Manag. World 2020, 36, 135–152. (In Chinese)

  • 34.

    Liao, Y.C.; Phan, P.H. Internal Capabilities, External Structural Holes Network Positions, and Knowledge Creation. J. Technol. Transfer 2015, 41, 1148–1167.

  • 35.

    Liu, Y.H.; Yin, J.L. Stakeholder Relationships and Organizational Resilience. Manag. Organ. Rev. 2020, 16, 986–990.

  • 36.

    Cui, D. A Review of Research on Corporate Carbon Information Disclosure. Bus. Obs. 2026, 12, 56–60. (In Chinese)

  • 37.

    Wang, J.M. Policy Interpretation of the Overall Plan for the Construction of Ecological Environment Big Data. Environ. Prot. 2016, 44, 21–23. (In Chinese)

  • 38.

    Liu, Y.W.; Yang, C.; Zhou, S.C.; et al. The Impact of Green Credit Policy on Corporate Environmental Information Disclosure. Stat. Res. 2022, 39, 87–99. (In Chinese)

  • 39.

    Qi, H.J.; Cao, X.Q.; Liu, Y.X. The Impact of the Digital Economy on Corporate Governance—Perspectives from Information Asymmetry and Managerial Irrational Behavior. Reform 2020, 4, 117–134. (In Chinese)

  • 40.

    Zhang, Y.C.; Bu, J. Does Corporate Digital Transformation Affect the Comparability of Accounting Information? J. Zhongnan Univ. Econ. Law 2023, 2, 112–122. (In Chinese)

  • 41.

    Wang, B.B. A Review of Research on Environmental Policy and Technological Innovation. Econ. Rev. 2017, 4, 148–160. (In Chinese)

  • 42.

    Cheng, B.; Ioannou, I.; Serafeim, G. Corporate Social Responsibility and Access to Finance. Strategic Manag. J. 2014, 35, 1–23.

  • 43.

    Shen, H.T.; Feng, J. Media Supervision, Government Regulation, and Corporate Environmental Information Disclosure. Account. Res. 2012, 2, 72–78+97. (In Chinese)

  • 44.

    Liu, D.; Chen, S.; Chou, T.C. Resource Fit in Digital Transformation: Lessons Learned from the CBC Bank Global e-Banking Project. Manag. Decis. 2011, 49, 1728–1742. (In Chinese)

  • 45.

    Huang, B.; Li, H.T.; Liu, J.Q.; et al. Digital Technology Innovation and High-Quality Development of Chinese Enterprises. Econ. Res. J. 2023, 58, 150–166. (In Chinese)

  • 46.

    Yu, M.G.; Zhong, H.J.; Fan, R. Privatization, Financing Constraints, and Corporate Innovation—Evidence from Chinese Industrial Enterprises. J. Financ. Res. 2019, 4, 75–91. (In Chinese)

  • 47.

    Milani, S.; Neumann, R. R&D, Patents, and Financing Constraints of the Top Global Innovative Firms. J. Econ. Behav. Organ. 2022, 196, 546–567.

  • 48.

    Wen, Q.; Chen, H.Q.; Yuan, Y.L. Does Alleviating Financing Constraints Necessarily Promote Corporate Innovation?—Evidence from a Quasi-Experiment of Credit Expansion. Syst. Eng. Theory Pract. 2024, 44, 2779–2798. (In Chinese)

  • 49.

    Botosan, C.A. Disclosure Level and the Cost of Equity Capital. Account. Rev. 1997, 72, 323–349.

  • 50.

    Buchak, G.; Matvos, G.; Piskorski, T.; et al. Fintech, Regulatory Arbitrage, and the Rise of Shadow Banks. J. Financ. Econ. 2018, 130, 453–483.

  • 51.

    Pan, H.P.; Gao, J.H. Digital Transformation and Corporate Innovation—Empirical Evidence from Annual Reports of Chinese Listed Companies. J. Cent. South Univ. Soc. Sci. Ed. 2022, 28, 107–121. (In Chinese)

  • 52.

    Lou, C.L.; Ran, M.S. The Impact of Environmental Regulation on Corporate Technological Innovation under Financing Constraints. Syst. Eng. 2016, 34, 62–69. (In Chinese)

  • 53.

    Qi, S.; Lin, S.; Cui, J. Can Environmental Equity Trading Markets Induce Green Innovation?—Evidence from Green Patent Data of Chinese Listed Companies. Econ. Res. J. 2018, 53, 129–143. (In Chinese)

  • 54.

    Wu, Y.; Wang, X.; Yang, X.N.; et al. The Governance Effect of Corporate Digital Transformation: A Financial Restatement Perspective. J. Kunming Univ. Sci. Technol. Nat. Sci. Ed. 2024, 49, 185–198. (In Chinese)

  • 55.

    Zhang, X.M.; Cao, L.D. Resilient Growth. Board Directors 2022, 11, 88–92. (In Chinese)

  • 56.

    Lv, W.; Wei, Y.; Li, X.; et al. What Dimension of CSR Matters to Organizational Resilience? Evidence from China. Sustainability 2019, 11, 1561.

  • 57.

    Wu, X.B.; Feng, X.Y. The Impact of Operational Redundancy on Organizational Resilience in VUCA Contexts: The Moderating Role of Continuous Innovation Capability. J. Syst. Manag. 2022, 31, 1150–1161. (In Chinese)

  • 58.

    Liu, H.; Chen, X.C. Carbon Information Disclosure, Financing Constraints, and Corporate Value. Res. Dev. Manag. 2024, 36, 66–79. (In Chinese)

  • 59.

    Zhang, W.; Li, D.N.; Xu, K.X. Research on the Impact of Carbon Information Disclosure on Corporate Green Competitiveness: Empirical Analysis Based on A-Share Listed Companies in Heavily Polluting Industries of the Manufacturing Sector. Econ. Rev. 2025, 41, 177–185. (In Chinese)

  • 60.

    Hadlock, C.J.; Pierce, J.R. New Evidence on Measuring Financial Constraints: Moving beyond the KZ Index. Rev. Financ. Stud. 2010, 23, 1909–1940. (In Chinese)

  • 61.

    Li, H.Y.; Liu, Q.Y.; Li, S.Y.; et al. ESG Information Disclosure and Corporate Green Innovation Performance. Stat. Res. 2022, 39, 38–54. (In Chinese)

  • 62.

    Yang, J.Y.; Peng, Q.P.; Ge, Z.T. The Customer Contagion Effect of Digital Transformation—Supplier Innovation Perspective. China Ind. Econ. 2022, 8, 156–174. (In Chinese)

  • 63.

    Jiang, T. Mediation Effects and Moderation Effects in Causal Inference Empirical Research. China Ind. Econ. 2022, 5, 100–120. (In Chinese)

  • 64.

    Zhao, C.Y.; Wang, W.C.; Li, X.S. How Does Digital Transformation Affect Corporate Total Factor Productivity? Financ. Trade Econ. 2021, 42, 114–129. (In Chinese)

  • 65.

    Xu, J.; Cui, J.B. Low-Carbon Cities and Corporate Green Technology Innovation. China Ind. Econ. 2020, 12, 178–196. (In Chinese)

  • 66.

    Lewbel, A. Constructing Instruments for Regressions with Measurement Error When No Additional Data Are Available, with an Application to Patents and R&D. Econometrica.1997, 65, 1201–1213.

  • 67.

    Wang, W.H.; Zou, Y.F.; Xie, Y.X. The Impact of ESG Information Disclosure on Corporate Total Factor Productivity from the Perspective of New Quality Productive Forces. Rev. Econ. Manag. 2025, 41, 83–96. (In Chinese)

  • 68.

    Luo, D.L.; Luo, J.; Miao, L. Shareholder Relationship Networks, Information Transparency, and Dynamic Adjustment of Corporate Capital Structure. Nankai Bus. Rev. 2025, 28, 100–112. (In Chinese)

  • 69.

    Aghion, P.; Dechezleprêtre, A.; Hemous, D.; et al. Carbon Taxes, Path Dependency, and Directed Technical Change: Evidence from the Auto Industry. J. Polit. Econ. 2016, 124, 1–51.

  • 70.

    Sedera, D.; Lokuge, S.; Grover, V.; et al. Innovating with Enterprise Systems and Digital Platforms: A Contingent Resource-Based Theory View. Inf. Manag. 2016, 53, 366–379.

  • 71.

    Wang, Y.; Zhang, Z. Digitalization of Traditional Enterprises, Organizational Resilience, and Market Competitiveness—Based on Survey Data of 236 Enterprises. East China Econ. Manag. 2022, 36, 98–106. (In Chinese)

  • 72.

    Wang, X.; Xu, X.D.; Wang, C. Public Pressure, Social Reputation, Internal Governance, and Corporate Environmental Information Disclosure—Evidence from Chinese Listed Manufacturing Companies. Nankai Bus. Rev. 2013, 16, 121–129. (In Chinese)

  • 73.

    Biondi, V.; Iraldo, F.; Meredith, S. Achieving Sustainability through Environmental Innovation: The Role of SMEs. Int. J. Technol. Manag. 2002, 24, 612–626.

  • 74.

    Zhou, H.H.; Li, H.X.; Zhao, L.R. Impact of Digital Transformation on Green Innovation Performance in Manufacturing Industry: Moderating Role of Digitalization Level. Sci. Technol. Manag. 2021, 23, 33–43. (In Chinese)

  • 75.

    Peng, H.; Mao, X. Government Innovation Subsidies, Corporate Executive Background, and R&D Investment—Empirical Evidence from Chinaʼs High-Tech Industry. Financ. Trade Econ. 2017, 38, 147–161. (In Chinese)

Share this article:
How to Cite
Li, Z.; Xia, N.; Li, G.; Huang, J.; Xiao, W. Transmission Channels of Digital Empowerment on Listed Firms’ Green Innovation Performance. Ecological Economics and Management 2026, 2 (2), 8. https://doi.org/10.53941/eem.2026.100008.
RIS
BibTex
Copyright & License
article copyright Image
Copyright (c) 2026 by the authors.