Abstract
Enhancing corporate value is of significant importance for promoting sustainable and high-quality development. In the current era of informatization, digital transformation has become an indispensable path for corporate growth. This study uses financial and related data from Chinese A-share listed companies from 2010 to 2022 as samples to empirically examine the impact of digital transformation on corporate value. Based on the perspectives of environmental performance, social responsibility, and corporate governance, the study explores its operating mechanism. Empirical results indicate that digital transformation can promote the enhancement of corporate value through the pathways of environmental performance, social responsibility, and corporate governance. Furthermore, heterogeneous results suggest that, in terms of regions, the impact of digital transformation on corporate value is more significant in the eastern region. From the perspective of companies, the influence is more pronounced for those in the growth stage and with a proportion of party member executives exceeding 50%. The above results provide empirical evidence for a comprehensive understanding of the value effects of digital transformation and the mediating role of environmental performance, social responsibility, and corporate governance. It also offers valuable insights for enhancing corporate value.
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