How does corporate digital transformation affect carbon productivity? Evidence from Chinese listed companies

Driving low-carbon green development of the Chinese economy has emerged as a crucial issue in today's business landscape. The advent of corporate digital transformation (CDT) offers fresh possibilities and avenues to accomplish these objectives, presenting new options and opportunities to achieve sustainable growth. Despite the growing importance of CDT in modern business practices, there remains a notable gap in our understanding of how it specifically impacts corporate carbon productivity (CCP). This study systematically examines the impact of CDT on CCP using dynamic panel data from listed companies in the Shanghai and Shenzhen stock markets spanning the period from 2008 to 2021. The research findings reveal the following key insights. First, CDT significantly enhances CCP, as evidenced by consistent results across multiple robustness tests. Second, the impact occurs through mechanisms of green technological innovation, curbing inefficient investments, and mitigating information asymmetry. Third, the impact is more evident in coastal locations, non-state-owned enterprises, organizations with significant finance limitations, and firms with greater excess employee rates. This study innovatively explores the potential mechanisms by which CDT affects CCP. It provides policy inspiration for the Chinese government to guide enterprises to increase CDT efforts and realize low-carbon green development.