Research on the Impact of Enterprise Digital Transformation on ESG Performance -- Based on the Perspective of External Concern

Abstract

According to the resource-based view, signaling theory and information asymmetry theory, this study empirically explores how digital transformation can influence enterprise ESG performance. Thus, this study examines Chinese A-share firms listed between 2017 and 2023 and uses the two-way fixed effect model and the mediation effect test method, focusing on how media attention and analysts’ attention mediate this relationship. The study found that digital transformation significantly improved the corporate ESG performance; Media attention and analyst attention play a part in the intermediary effect, and the transmission role of media attention is more prominent. Research shows a positive impact of digital transformation on ESG performance through internal governance optimization, and also forms an effective external supervision and reputation transmission mechanism by improving information transparency and attracting the attention of external markets. This study provides theoretical support and management enlightenment for enterprises to optimize resource allocation in the process of digitalization and improve the ESG practice level with the help of an external governance mechanism.