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<p>Digital transformation (DT) is increasingly viewed as a potential driver of corporate decarbonization, yet firm-level emissions data remain scarce due to limited mandatory disclosure in China. We contribute a novel firm-level CO₂ emission measurement framework by matching high-resolution spatial emissions grids with corporate locations, and further utilizing POI-based facility geocoding to address the headquarters–production spatial mismatch for Chinese A-share listed firms from 2011 to 2021. Based on this firm-level emissions dataset, we find that DT significantly reduces CO₂ emission intensity: a one-standard-deviation increase in DT is associated with a 3.2% decline in carbon intensity. Exploiting the staggered rollout of the Broadband China initiative in a difference-in-differences design, we obtain evidence consistent with a causal effect of DT on emission reductions. Mechanism analyses support an Input–Direction–Efficiency channel whereby DT increases R&amp;D investment, biases innovation toward greener technologies, and enhances total factor productivity. The decarbonization effect is stronger among firms facing higher abatement pressure and more binding managerial or capability constraints, and it is accompanied by better environmental and ESG performance. Overall, our findings provide new firm-level evidence that digital transformation can serve as an important pathway toward corporate decarbonization.</p>

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Corporate digital transformation, carbon emissions, and ESG performance

  • 期刊论文

  • 发表日期：

    2026年4月18日

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  • Peng Liu,
  • Nannan Guo,
  • Yingke Liu

摘要

Digital transformation (DT) is increasingly viewed as a potential driver of corporate decarbonization, yet firm-level emissions data remain scarce due to limited mandatory disclosure in China. We contribute a novel firm-level CO₂ emission measurement framework by matching high-resolution spatial emissions grids with corporate locations, and further utilizing POI-based facility geocoding to address the headquarters–production spatial mismatch for Chinese A-share listed firms from 2011 to 2021. Based on this firm-level emissions dataset, we find that DT significantly reduces CO₂ emission intensity: a one-standard-deviation increase in DT is associated with a 3.2% decline in carbon intensity. Exploiting the staggered rollout of the Broadband China initiative in a difference-in-differences design, we obtain evidence consistent with a causal effect of DT on emission reductions. Mechanism analyses support an Input–Direction–Efficiency channel whereby DT increases R&D investment, biases innovation toward greener technologies, and enhances total factor productivity. The decarbonization effect is stronger among firms facing higher abatement pressure and more binding managerial or capability constraints, and it is accompanied by better environmental and ESG performance. Overall, our findings provide new firm-level evidence that digital transformation can serve as an important pathway toward corporate decarbonization.