Digital Finance and Corporate ESG Performance: The Mediating Role of Financing Constraints and Green Innovation-Evidence from Thai Listed Companies

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Offers a dual mediation model linking digital finance to ESG via financing constraints and green innovation in an emerging market context.

🏢実務担当者:Highlights how digital financial tools can be leveraged to improve ESG outcomes, with practical implications for corporate strategy in Thailand.

🏛政策担当者:Suggests that promoting digital finance infrastructure can support ESG goals in emerging economies, relevant for regulatory frameworks.

This study examines the impact of digital finance on corporate Environmental, Social, and Governance (ESG) performance in Thailand. Drawing upon stakeholder theory, agency theory, signaling theory, and the resource-based view, we propose a conceptual framework that integrates financing constraints and green innovation as mediating mechanisms. Using panel data from 523 companies listed on the Stock Exchange of Thailand (SET) covering the period 2018-2024, yielding 3,320 firm-year observations, we employ multiple regression analysis to test the proposed hypotheses. The research addresses significant gaps in the existing literature by: (1) investigating the digital finance-ESG relationship in the underexplored context of Thai capital market, (2) examining the dual mediating pathways through which digital finance influences sustainability outcomes, and (3) considering the moderating role of family ownership structure. This study contributes to the growing body of knowledge on sustainable finance and provides practical implications for policymakers and corporate managers seeking to leverage digital financial technologies for sustainable development in emerging markets.

• semanticscholar https://doi.org/10.28924/2291-8639-24-2026-100first seen 2026-05-06 00:33:50