Abstract
ABSTRACT Based on the perspective of digital empowerment, this study aims to examine the impact and mechanism of digital finance on corporate environmental strategy upgrade. We use listed companies in Chinese heavily polluting industries from 2014 to 2020 as study samples and construct a fixed effect model for empirical testing. The findings reveal that the upgrading of corporate environmental strategy is positively incentivized by digital finance, and the influence channel of this incentive is to alleviate financing constraints. Meanwhile, lower managerial myopia and higher media attention can strengthen digital finance’s contribution to the corporate environmental strategy upgrade. Furthermore, heterogeneity analysis indicates that the empowering role of digital finance in the corporate environmental strategy upgrade is more pronounced in non-state-owned enterprises, central and western regions, as well as areas with high environmental governance intensity. The research conclusions provide a practical basis for vigorously developing digital finance and accelerating the environmental strategy upgrade of heavily polluting enterprises.
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