FinTech-Driven Corporate Sustainability: A Technology–Organization–Environment Framework Analysis

Guosong Wang () and Huizhen Zhang
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Guosong Wang: School of Economics, Shanghai University, Shanghai 201800, China
Huizhen Zhang: School of Economics, Shanghai University, Shanghai 201800, China

Sustainability, 2025, vol. 17, issue 19, 1-28

Abstract: At the intersection of the digital economy and sustainable development, FinTech emerges as a pivotal force reshaping corporate operations. However, existing research lacks a systemic analysis of how technology, organizational synergy, and environmental factors jointly drive corporate sustainability. Building on this, this study employs the technology–organization–environment (TOE) framework to analyze panel data from China’s A-share non-financial listed companies (2012–2022). Our findings reveal the following: (1) FinTech directly enhances corporate sustainability and indirectly does so through supply chain finance (33.30% mediation effect). (2) Digital infrastructure and marketization level amplify FinTech’s impact, with effects 52.27% stronger in high-marketization regions and 48.84% stronger in regions with advanced digital infrastructure. (3) Heterogeneity analysis indicates the positive impact is more pronounced for enterprises with higher digital transformation maturity, those in technology-intensive industries, and those located in eastern China. These results offer policymakers and enterprises a systemic framework and empirical evidence to co-design FinTech-enabled sustainable development strategies, emphasizing cross-sector collaboration and region-specific interventions.

Keywords: TOE framework; FinTech; supply chain finance; corporate sustainability; marketization level; digital infrastructure (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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