Fostering the Digitalization–Greenization Synergy: Substantive ESG Improvement or Symbolic Disclosure? Evidence from China

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

🔬研究者:Offers a nuanced moderation model (digitalization × assurance) and structural asymmetry across ESG pillars, extending signaling and legitimacy theories.

🏢実務担当者:Corporate sustainability teams should ensure digital ESG claims are backed by high-quality external audit to avoid greenwashing accusations.

🏛政策担当者:Regulators should consider mandating external assurance for digital ESG disclosures to ensure substance over symbolism.

As global markets navigate the dual transition of digitalization and sustainability, the risk of “digital greenwashing” has emerged as a critical corporate governance challenge. Utilizing a comprehensive dataset of Chinese A-share listed firms from 2018 to 2024—an ideal laboratory characterized by rapid regulatory shifts and unique state-market dynamics that provide highly generalizable insights for other emerging economies—this study empirically investigates whether corporate digital transformation acts as a genuine driver for Environmental, Social, and Governance (ESG) enhancement or merely serves as a symbolic disclosure tool. Fortified by rigorous identification strategies, including Propensity Score Matching and Lewbel heteroskedasticity-based instrumental variable estimations, the results confirm that digitalization serves as an incremental yet statistically significant driver for corporate sustainability. Crucially, mechanism analyses reveal a “full moderation” effect: the positive impact of digitalization on ESG performance is completely activated only in the presence of premium external assurance (e.g., Big 4 audits). Without high-quality IT auditing to act as a credibility enforcer and verify the substance of digital signals, technological adoption alone fails to yield significant ESG improvements. Furthermore, a nuanced structural asymmetry is identified: foundational data infrastructures (Cloud Computing and Big Data) directly enhance quantifiable Environmental and Governance metrics, whereas premium audits are strictly required to activate the “soft,” qualitative Social dimension. Finally, the synergy exhibits distinct boundary conditions. It is heavily concentrated within high-pollution industries where digital transition acts as a regulatory survival imperative rather than mere market expansion, and its reliance on external assurance is fundamentally driven by the market-signaling needs of non-State-Owned Enterprises (non-SOEs) rather than the policy-distorted mandates of SOEs. These findings offer critical theoretical extensions and policy implications for standardizing digital-audit infrastructures globally.

• semanticscholar https://doi.org/10.3390/su18115662first seen 2026-07-16 06:06:23