A transition to sustainable marine living resources: Why does digital transformation matter?

Abstract

This paper empirically examines how digital transformation in both the public and private sectors impacts the performance of marine living resources to demonstrate its importance for promoting a sustainable blue economy. Our approach captures the sustainable performance of countries within the European blue economy using three different measures: value added at the factor cost of capture fisheries, shellfish aquaculture, and marine aquaculture. In the context of digitalization, four different aspects are measured, namely online selling, e-commerce sales, e-commerce turnover, e-commerce, and customer relationship management, while digital public services are measured based on digital literacies, business mobility, and key enablers. By using various empirical techniques, namely a panel-corrected standard error (PCSE) model, FGLS models, and a pooled mean group estimation (PMG) in an autoregressive distributed lag estimation method (ARDL), we provide many remarkable findings. During the 2011–2019 period, we estimate that digitalization will have a significant impact on improving the sustainability of the blue economy in Europe. Nevertheless, long-term effects are more likely to be noticeable. Further, in the shape of a U curve, we also find that digitalization has nonlinear effects on marine living resources in the private and public sectors. In this study, results indicate that digitalization affects marine living resources only to a certain extent once they have reached a certain maturity level. Our findings suggest that European countries should accelerate the digital economy, strengthen the establishment of digital infrastructure, and promote digital implementation on the path toward sustainable marine living resources.