A Study on the Impact of ESG Performance on Corporate Performance—Based on the Moderating Effect of Digital Transformation

Main Article Content

Qian Li
School of Statistics and Mathematics, Yunnan University of Finance and Economics, Kunming, China

DOI: https://doi.org/10.70267/fer.250302.340360

Keywords

ESG performance, corporate performance, digital transformation, moderating effect, industry heterogeneity

Abstract

Against the backdrop of the parallel development of the “dual-carbon” strategy and the digital economy, the impact of ESG performance on corporate performance and the moderating effect of digital transformation have become valuable research topics. This paper uses A-share listed companies from 2016 to 2024 as a sample to explore the impact of ESG performance on corporate performance (ROA) and the moderating effect of digital transformation. The study finds that ESG performance has a significant negative impact on current performance, exhibiting obvious “short-term pain” characteristics and potential long-term positive effects that have not yet been fully realized. The combined costs of digital transformation and ESG construction exert a negative moderating effect. Heterogeneity analysis shows that the pollution attributes of an industry weaken the promoting effect of ESG performance on corporate performance, with heavily polluting industries showing even lower marginal effects. Furthermore, factors such as company size and growth significantly positively impact corporate performance, while financial leverage and the short-term costs of digitalization have a negative impact. Based on this, this paper proposes countermeasures from the perspectives of government, enterprises, and investment, providing theoretical reference and practical guidance for ESG-enabled corporate performance transformation and upgrading.

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Published
Jun 29, 2026
Issue
Vol. 3 No. 2 (2026)
Section
Research Articles
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How to Cite

Li, Q. (2026). A Study on the Impact of ESG Performance on Corporate Performance—Based on the Moderating Effect of Digital Transformation. Financial Economics Research, 3(2), 340-360. https://doi.org/10.70267/fer.250302.340360