Exploring FinTech, green finance, and ESG performance across corporate life-cycles

The impact of FinTech and green finance on corporate environmental, social, and governance (ESG) performance may differ significantly across life-cycle stages, but this viewpoint remains largely unexplored. Investigating this complex relationship from a life-cycle perspective is crucial for understanding how companies can effectively leverage FinTech and green finance to improve their ESG performance as their strategic priorities, resources, and capabilities change over time. This study fills a critical research gap by investigating the impact of FinTech on corporate ESG performance across different life-cycle stages and the moderating role of green finance in this relationship. Drawing upon symbiosis theory and stakeholder theory, a two-way fixed-effects model is applied to a comprehensive dataset of Chinese A-share listed companies from 2009 to 2021. Results reveal that FinTech significantly improves corporate ESG performance, with the effect being most pronounced in the decline stage, followed by the mature and growth stages. Furthermore, green finance moderates FinTech's impact on ESG positively, with the strongest effect observed during the growth stage. The impact of FinTech on ESG is also more pronounced in high-pollution industries than low-pollution industries. These findings provide valuable insights for companies seeking to optimize their ESG strategies based on their specific life-cycle stage and industry characteristics, emphasizing the importance of tailoring FinTech and green finance initiatives to maximize their positive impact on ESG performance. The study contributes to the growing body of research on the intersection of FinTech, green finance, and ESG, while offering practical implications for corporate decision-makers and policymakers.