Can Low-carbon City Building Be A New Driver for Enterprise Digital Transformation?——Empirical Evidence from Low Carbon City Pilots
Digital transformation is an important path for enterprises to carry out digital technology innovation,respond to the low-carbon city pilot policy,and achieve green and low-carbon development.Using the low-carbon city pilot as a"quasi-natural experiment"and the A-share listed enterprises in Shanghai and Shenzhen from 2008 to 2021 as the re-search sample,we evaluate the impact of the policy on enterprises'digital transformation using the time-varying differ-ence-in-differences(DID)model.The results show that:the low-carbon city pilot can promote the digital transforma-tion of enterprises in the pilot area.Mechanism analysis shows that the low-carbon city pilot promotes enterprise digital transformation through the paths of integration of innovation capacity elements,decision-making constraints and govern-ance improvement,and opportunity identification drive.The results of low-carbon city pilots to promote enterprise digital transformation are conditionally heterogeneous,with different moderating effects of enterprise ESG soft regulatory perform-ance ratings,public environmental concern and government environmental concern on the effectiveness of low-carbon city pilot policy implementation.In addition,the facilitating effect of the low-carbon city pilot on firms'digital transformation was more pronounced among firms located in high urban digital environment levels,in performance deficit,and with CEOs with IT backgrounds.Low-carbon city pilots have had a catch-up effect in promoting digital transformation among firms,as well as promoting a"specialised"approach by promoting digital transformation among firms.
low carbon city pilotenterprise digital transformationinnovation capability elementsopportunity identifi-cationenvironmental concerns
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