The impact of digital transformation on green innovation: Novel evidence from firm resilience perspective

Qi Luo, Lisha Deng, Zeming Zhang and Hao Wang

Finance Research Letters, 2025, vol. 74, issue C

Abstract: From the perspective of firm resilience, this study investigates the impact of digital transformation on firm green innovation. Based on a firm level panel dataset pertaining to China's A-listed share companies from 2010 to 2022, we find that digital transformation can significantly enhance firms' green innovation capabilities. As an important underlying mechanism, firm resilience plays a crucial role in shaping digital transformation on green innovation in the sense that low stock price volatility and high cumulative revenue growth strengthen the green innovation effect of digital transformation while high stock price volatility and low cumulative revenue growth depress such an effect. Further analyses accounting for firm heterogeneity reveal that the green innovation effect is more pronounced in technology-intensive companies, SOEs, and large firms.

Keywords: Digital transformation; Green innovation; Firm resilience (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:74:y:2025:i:c:s1544612325000327

DOI: 10.1016/j.frl.2025.106767

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