The Impact of the Dual Synergy of Digital Transformation and Green Transformation on Enterprise Performance

Wanni Xiao () and Daqian Shi
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Wanni Xiao: Wuhan University of Technology
Daqian Shi: South-Central Minzu University

A chapter in Proceedings of the 2026 11th International Conference on Social Sciences and Economic Development (ICSSED 2026), 2026, pp 454-480 from Springer

Abstract: Abstract Based on data from Chinese A-share listed firms on the Shanghai and Shenzhen Stock Exchanges from 2005 to 2022, this study applies text analysis and the coupling synergy model to measure the synergy level of corporate digital and green transformation, and examines its impacts on firm’s financial and environmental performance. Results show that digital-green synergistic transformation significantly promotes both types of performance through the mediating role of corporate reputation, and this positive effect is strengthened by higher regional marketization. Heterogeneity tests indicate that state-owned enterprises benefit more in financial performance while non-state-owned enterprises improve more in environmental performance. Digital-green synergy benefits small firms more in profitability and environmental performance, but only significantly enhances large firms’ market valuation. Regarding life cycle, declining firms gain higher short-term returns, whereas growth and mature firms achieve greater market value; mature firms also show significant improvement in environmental performance. This study possesses theoretical worth and practical importance for establishing a modern industrial system and attaining the “carbon peaking and carbon neutrality” objective.

Keywords: Digitalization; Greening; Synergistic transformation; Enterprise performance; Corporate reputation (search for similar items in EconPapers)
Date: 2026
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DOI: 10.2991/978-94-6239-701-9_47

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