数字化转型与企业ESG表现——基于媒体关注度与高管过度自信的双重视角

Digital Transformation and Coroporate ESG Performance:A Dual Perspective Analysis of Media Attention and Executive Overconfidence

基于2017—2022年沪深A股制造业上市公司的面板数据,从媒体关注度和高管过度自信两个视角出发,实证研究上市公司数字化转型影响ESG表现的两条路径。相关数据研究表明:第一,数字化转型与企业ESG表现存在显著的线性相关关系;第二,高管过度自信会影响数字化转型对企业ESG表现的促进作用;第三,数字化转型通过媒体关注度影响企业ESG表现。稳健性检验结果表明,在考虑倾向得分匹配法、工具变量法、替换被解释变量等方法后,数字化转型对企业ESG表现的促进作用仍然成立。异质性分析结果表明,国有企业和大规模企业能更好地利用数字化转型,积极履行社会责任,帮助企业提升ESG表现,为企业实现高质量发展提供了指引。

This paper empirically investigates the impact of digital transformation on ESG performance of listed manufacturing companies in Shanghai and Shenzhen A-share markets from 2017 to 2022.Two perspectives,media attention and executive overconfidence,are considered in analyzing the effects of digital transformation on ESG performance.Relevant data research indicates the following:Firstly,there exists a noteworthy linear correlation between digital transformation and the ESG performance of enterprises;Secendly,Executive overconfidence influences the promotional impact of digital transformation on ESG performance;Thirdly,Digital transformation influences the ESG performance of enterprises by augmenting media attention.The robustness test results demonstrated that the promotional effect on ESG performance remained valid.The results of heterogeneity analysis indicate that state-owned enterprises and large-scale enterprises are better equipped to leverage digital transformation,actively fulfill social responsibilities,enhance ESG performance,and serve as a source of inspiration for achieving high-quality development within enterprises.