Corporate Strategic Radicality,Digital Transformation,and ESG Performance:Moderating Effect of Corporate Life Cycle Stage
Based on the panel data of Shanghai and Shenzhen A-share listed enterprises from 2010 to 2020,this paper in-vestigates the impact mechanism of corporate strategic radicality on ESG performance,which shows that(1)corporate strate-gic radicality significantly promotes ESG performance and the impact of corporate strategic radicality on it shows a trend of increasing marginal effect.(2)Digital transformation plays a partially mediating role in the relationship between corporate strategic radicality and ESG performance.(3)Corporate strategic radicality has a positive impact on ESG performance only in the maturity stage of the life cycle compared to the growth and decline stages.(4)Further analysis finds that the crow-ding out effect of financing constraints in the growth stage and the surplus management substitution effect in the decline stage lead to a limited contribution of corporate strategic radicality to ESG performance.
corporate strategic radicalityESG performancedigital transformationcorporate life cycle
NETL
NSTL
万方数据
