Technology-driven sustainability: the impact of digitalization on ESG ratings of large companies
DOI: https://doi.org/10.3846/tede.2026.28672Abstract
This study investigates the relationship between digitalization and ESG performance in DAX 40 companies by combining correlation analysis with regression models that include firm-level controls. While bivariate correlations indicate a positive association between digitalization and the environmental and social components of ESG, these effects dissipate once market capitalization and other firm characteristics are accounted for. This discrepancy suggests that the initial correlations reflect structural firm attributes rather than an independent influence of digital transformation. Regression results show that firm size remains the strongest predictor of ESG performance, whereas digitalization exhibits limited explanatory power when considered in a multivariate context. Furthermore, the magnitude of the estimated effects is economically modest, indicating that digitalization contributes only marginally to substantive sustainability improvements. These findings imply that digital tools alone do not drive higher ESG outcomes; instead, they function as complementary enablers embedded within broader resource, governance, and regulatory conditions. The study contributes to the literature by clarifying the boundary conditions under which digitalization affects ESG performance and by highlighting the need for stronger theoretical and empirical differentiation between statistical associations and economically meaningful effects.
First published online 14 October 2026
Keywords:
digitization, ESG performance, sustainability, corporate reporting, DAX 40, Big Data, AI, blockchain, governance, social responsibilityHow to Cite
Share
License
Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University.
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Acito, F. (2023). Ordinary least squares regression. In Predictive analytics with KNIME: Analytics for citizen data scientists (pp. 105–124). Springer. https://doi.org/10.1007/978-3-031-45630-5_6
Adams, C. A., & Frost, G. R. (2008). Integrating sustainability reporting into management practices. Accounting Forum, 32(4), 288–302. https://doi.org/10.1016/j.accfor.2008.05.002
Antwi, B. O., Adelakun, B. O., & Eziefule, A. O. (2024). Transforming financial reporting with AI: Enhancing accuracy and timeliness. International Journal of Advanced Economics, 6(6), 205–223. https://doi.org/10.51594/ijae.v6i6.1229
Auer, B. R., & Rottmann, H. (2018). Zur Bedeutung des zentralen Grenzwertsatzes [On the significance of the Central Limit Theorem]. WiSt-Wirtschaftswissenschaftliches Studium, 47(9), 36–41. https://doi.org/10.15358/0340-1650-2018-9-36
Banke, M., Lenger, S., & Pott, C. (2022). ESG ratings in the corporate reporting of DAX40 companies in Germany: Effects on market participants. Sustainability, 14(15), Article 9742. https://doi.org/10.3390/su14159742
Bannier, C. E., Bofinger, Y., & Rock, B. (2023). Doing safe by doing good: Non-financial reporting and the risk effects of corporate social responsibility. European Accounting Review, 32(4), 903–933. https://doi.org/10.1080/09638180.2022.2042349
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Bendell, B., Sullivan, D. M., & Ornstein, S. (2020). How fear of “looming megacatastrophes” alters entrepreneurial activity rates through psychological distance. Academy of Management Perspectives, 34(4), 585–602. https://doi.org/10.5465/amp.2019.0049
Billio, M., Costola, M., Hristova, I., Latino, C., & Pelizzon, L. (2021). Inside the ESG ratings: (Dis)agreement and performance. Corporate Social Responsibility and Environmental Management, 28(5), 1426–1445. https://doi.org/10.1002/csr.2177
Bin-Nashwan, S. A., Li, J. Z., Jiang, H., Bajary, A. R., & Ma’aji, M. M. (2025). Does AI adoption redefine financial reporting accuracy, auditing efficiency, and information asymmetry? An integrated model of TOE-TAM-RDT and big data governance. Computers in Human Behavior Reports, 17, Article 100572. https://doi.org/10.1016/j.chbr.2024.100572
Bloomberg Intelligence. (2023). Global ESG 2023 outlook. https://assets.bbhub.io/professional/sites/10/2023-Outlook-ESG-BI-BOOK.pdf
Botoc, F. C., Khaled, M. D., Milos, L. R., & Bilti, R. S. (2023). The role of Big Data in the fintech industry: A bibliometric analysis. Transformations in Business & Economics, 22(3A), 853–868. https://www.transformations.knf.vu.lt/60a
Burritt, R. L., & Christ, K. L. (2021). Full cost accounting: A missing consideration in global tailings dam management. Journal of Cleaner Production, 321, Article 129016. https://doi.org/10.1016/j.jclepro.2021.129016
Busch, T., Bauer, R., & Orlitzky, M. (2016). Sustainable development and financial markets: Old paths and new avenues. Business & Society, 55(3), 303–329. https://doi.org/10.1177/0007650315570701
Camodeca, R., & Almici, A. (2021). Digital transformation and convergence toward the 2030 agenda’s sustainability development goals: Evidence from Italian listed firms. Sustainability, 13(21), Article 11831. https://doi.org/10.3390/su132111831
Campbell, D. (2003). Intra‐and intersectoral effects in environmental disclosures: Evidence for legitimacy theory? Business Strategy and the Environment, 12(6), 357–371. https://doi.org/10.1002/bse.375
Capgemini Research Institute. (2024). A world in balance: Accelerating sustainability amidst geopolitical challenges. https://www.capgemini.com/wp-content/uploads/2024/09/CRI_world-in-balance-2024_07102024_web.pdf
Chen, W., & Srinivasan, S. (2024). Going digital: Implications for firm value and performance. Review of Accounting Studies, 29(2), 1619–1665. https://doi.org/10.1007/s11142-023-09753-0
Christ, K. L., & Burritt, R. L. (2021). Accounting for modern slavery risk in the time of COVID-19: Challenges and opportunities. Accounting, Auditing & Accountability Journal, 34(6), 1484–1501. https://doi.org/10.1108/AAAJ-08-2020-4726
Christensen, H. B., Hail, L., & Leuz, C. (2021). Mandatory CSR and sustainability reporting: Economic analysis and literature review. Review of Accounting Studies, 26(3), 1176–1248. https://doi.org/10.1007/s11142-021-09609-5
Creswell, J. W., & Plano Clark, V. L. (2023). Revisiting mixed methods research designs twenty years later. In C. N. Poth (Ed.), Handbook of mixed methods research designs (pp. 21–36). Sage Publications Ltd. https://doi.org/10.4135/9781529682663.n6
Cummings, M. E., Rawhouser, H., Vismara, S., & Hamilton, E. L. (2020). An equity crowdfunding research agenda: Evidence from stakeholder participation in the rulemaking process. Small Business Economics, 54(4), 907–932. https://doi.org/10.1007/s11187-018-00134-5
D’Amato, V., D’Ecclesia, R., & Levantesi, S. (2021). Fundamental ratios as predictors of ESG scores: A machine learning approach. Decisions in Economics and Finance, 44(2), 1087–1110. https://doi.org/10.1007/s10203-021-00364-5
Deutsches Aktieninstitut. (2024). Unternehmen & ESG – Transformation oder nur Berichterstattung? [Companies & ESG – transformation or just reporting]. https://www.dai.de/detail/board-unternehmen-esg-transformation-oder-nur-berichterstattung
Dai, J., Liang, Q., & Yap, E. T. H. (2024). Driving corporate sustainable development: Assessing the impact of ESG disclosure on sustainable growth. In The Palgrave handbook of green finance for sustainable development (pp. 595–616). Springer International Publishing. https://doi.org/10.1007/978-3-031-65756-6_22
Deegan, C. (2014). An overview of legitimacy theory as applied within the social and environmental accounting literature. In J. Unerman, J. Bebbington, & B. O’Dwyer (Eds.), Sustainability accounting and accountability (pp. 248–272). Routledge.
Deka, J., Sharma, M., Agarwal, N., & Tiwari, K. (2023). Linking ESG-investing consciousness, behavioral biases, and risk-perception: Scale validation with specifics of Indian retail investors. European Journal of Business Science and Technology, 9(1), 70–91. https://doi.org/10.11118/ejobsat.2023.004
Deloitte. (2022). Environmental – Global Impact Report. https://www.deloitte.com/middle-east/en/about/governance/dme-impact-report-2022/meir-environmental.html
Deloitte. (2023). CSRD: 9 topic-specific key challenges. https://www2.deloitte.com/content/dam/Deloitte/de/Documents/risk/Deloitte_Sustainability_CSRD_ESRS.pdf
Deutsches Rechnungslegungs Standards Committee. (2023). Die Einführung der CSRD und deren Auswirkungen auf Unternehmen [The introduction of the CSRD and its impact on companies]. https://www.drsc.de/news/verschiebung-bestimmter-esrs-drsc-briefing-paper-zur-csrd-fuer-drittstaatenunternehmen/
Dobrick, J., Klein, C., & Zwergel, B. (2023). Size bias in refinitiv ESG data. Finance Research Letters, 55, Article 104014. https://doi.org/10.1016/j.frl.2023.104014
Dong, H., Liu, Y., Zhao, Z., Tan, X., & Managi, S. (2022). Carbon neutrality commitment for China: From vision to action. Sustainability Science, 17(5), 1741–1755. https://doi.org/10.1007/s11625-022-01094-2
Dong, Q., Zhong, C., Geng, Y., Dong, F., Chen, W., & Zhang, Y. (2024). A bibliometric review of carbon footprint research. Carbon Footprints, 3(1), 1–21. https://doi.org/10.20517/cf.2023.45
Drempetic, S., Klein, C., & Zwergel, B. (2020). The influence of firm size on the ESG score: Corporate sustainability ratings under review. Journal of Business Ethics, 167(2), 333–360. https://doi.org/10.1007/s10551-019-04164-1
Driessen, M. (2021). Sustainable finance: An overview of ESG in the financial markets. In D. Busch, G. Ferrarini & S. Grünewald (Eds.), Sustainable finance in Europe: Corporate governance, financial stability and financial markets (pp. 329–350). Palgrave Macmillan. https://doi.org/10.1007/978-3-030-71834-3_10
Eccles, R. G., & Klimenko, S. (2019). The investor revolution. Harvard Business Review, 97(3), 106–116.
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984
Edmans, A., & Kacperczyk, M. (2022). Sustainable finance. Review of Finance, 26(6), 1309–1313. https://doi.org/10.1093/rof/rfac069
Eriandani, R., & Winarno, W. A. (2023). ESG and firm performance: The role of digitalization. Journal of Accounting and Investment, 24(3), 993–1010. https://doi.org/10.18196/jai.v24i3.20044
European Commission. (2022). EU taxonomy for sustainable activities. https://finance.ec.europa.eu/sustainable-finance/tools-and-standards/eu-taxonomy-sustainable-activities_en
European Commission. (2023a). Corporate Sustainability Reporting Directive (CSRD). https://finance.ec.europa.eu/regulation-and-supervision/financial-services-legislation/implementing-and-delegated-acts/corporate-sustainability-reporting-directive_en
European Commission. (2023b). Commission Delegated Regulation (EU) 2023/2772 of 31 July 2023 supplementing Directive 2013/34/EU of the European Parliament and of the Council as regards sustainability reporting standards. https://eur-lex.europa.eu/eli/reg_del/2023/2772/oj/eng
EY. (2022). 2022 in review: The evolution of the ESG reporting landscape. https://www.ey.com/en_us/insights/climate-change-sustainability-services/the-evolution-of-the-esg-reporting-landscape
Eyre, B., Creager, E., Madras, D., Papyan, V., & Zemel, R. (2023). Out of the ordinary: Spectrally adapting regression for covariate shift. arXiv. https://doi.org/10.48550/arXiv.2312.17463
Fang, M., Nie, H., & Shen, X. (2023). Can enterprise digitization improve ESG performance? Economic Modelling, 118, Article 106101. https://doi.org/10.1016/j.econmod.2022.106101
Fernando, S., & Lawrence, S. (2014). A theoretical framework for CSR practices: Integrating legitimacy theory, stakeholder theory and institutional theory. Journal of Theoretical Accounting Research, 10(1), 149–178.
Field, A. (2024). Discovering statistics using IBM SPSS statistics. Sage Publications Limited.
Forcadell, F. J., Aracil, E., & Ubeda, F. (2020). Using reputation for corporate sustainability to tackle banks digitalization challenges. Business Strategy and the Environment, 29(6), 2181–2193. https://doi.org/10.1002/bse.2494
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Cambridge University Press.
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917
Fu, T., & Li, J. (2023). An empirical analysis of the impact of ESG on financial performance: The moderating role of digital transformation. Frontiers in Environmental Science, 11, Article 1256052. https://doi.org/10.3389/fenvs.2023.1256052
Fülöp, M. T. (2025). Balancing technology and sustainability: The role of digital transformation on Romanian SMEs. Business Strategy & Development, 8(4), Article e70239. https://doi.org/10.1002/bsd2.70239
Fülöp, M. T., & Cifuentes‐Faura, J. (2025). Shaping sustainability: Key influencers of GRI reporting among Germany’s top firms. Sustainable Development, 34(2), 2056–2072. https://doi.org/10.1002/sd.70442
Fülöp, M. T., Ionescu, C. A., Măgdaș, N., Ștefan, M. C., & Topor, D. I. (2025). Digital transformation of the accounting profession at the intersection of artificial intelligence and ethics. Economics, 19(1), Article 20250155. https://doi.org/10.1515/econ-2025-0155
Ghobakhloo, M., Fathi, M., Iranmanesh, M., Maroufkhani, P., & Morales, M. E. (2021). Industry 4.0 ten years on: A bibliometric and systematic review of concepts, sustainability value drivers, and success determinants. Journal of Cleaner Production, 302, Article 127052. https://doi.org/10.1016/j.jclepro.2021.127052
Global Reporting Initiative. (2021). GRI Standards. https://www.globalreporting.org/standards/?utm
Grybauskas, A., Stefanini, A., & Ghobakhloo, M. (2022). Social sustainability in the age of digitalization: A systematic literature review on the social implications of Industry 4.0. Technology in Society, 70, Article 101997. https://doi.org/10.1016/j.techsoc.2022.101997
Guo, J., & Kou, J. (2025). Acquirer ESG, home country policy enforcement, country distance, and cross-border mergers and acquisitions: Evidence from Chinese firms. Journal of Comprehensive Business Administration Research, 2(1), 1–19. https://doi.org/10.47852/bonviewJCBAR42023877
Haigh, N., & Griffiths, A. (2012). Surprise as a catalyst for including climatic change in the strategic environment. Business & Society, 51(1), 89–120. https://doi.org/10.1177/0007650311427425
Hair, J. F., Jr., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). An introduction to structural equation modeling. In Partial least squares structural equation modeling (PLS-SEM) using R: A workbook (pp. 1–29). Springer. https://doi.org/10.1007/978-3-030-80519-7_1
Henseler, J., Ringle, C. M., & Sarstedt, M. (2016). Testing measurement invariance of composites using partial least squares. International Marketing Review, 33(3), 405–431. https://doi.org/10.1108/IMR-09-2014-0304
Herzig, C., & Pianowski, M. (2022). Betriebliche Nachhaltigkeitsberichterstattung [Corporate sustainability reporting]. In A. Baumast & J. Pape (Eds.), Betriebliches Nachhaltigkeitsmanagement (pp. 275–304). Verlag Eugen Ulmer.
Hossnofsky, V., & Junge, S. (2019). Does the market reward digitalization efforts? Evidence from securities analysts’ investment recommendations. Journal of Business Economics, 89(8), 965–994. https://doi.org/10.1007/s11573-019-00949-y
IAS Plus. (2024). Recent sustainability-related reporting developments. https://www.iasplus.com/en/news/2024
Ionaşcu, I., Ionaşcu, M., Nechita, E., Săcărin, M., & Minu, M. (2022). Digital transformation, financial performance and sustainability: Evidence for European Union listed companies. Amfiteatru Economic, 24(59), 94–109. https://doi.org/10.24818/EA/2022/59/94
Karwowski, M., & Raulinajtys‐Grzybek, M. (2021). The application of corporate social responsibility (CSR) actions for mitigation of environmental, social, corporate governance (ESG) and reputational risk in integrated reports. Corporate Social Responsibility and Environmental Management, 28(4), 1270–1284. https://doi.org/10.1002/csr.2137
Kotsantonis, S., & Serafeim, G. (2019). Four things no one will tell you about ESG data. Journal of Applied Corporate Finance, 31(2), 50–58. https://doi.org/10.1111/jacf.12346
KPMG. (2022a). Big shifts, small steps: Survey of sustainability reporting 2022. https://kpmg.com/sk/en/insights/2022/09/survey-of-sustainability-reporting-2022.html
KPMG. (2022b). Our impact report 2022. https://kpmg.com/de/en/about/our-impact-report/our-impact-report-2022.html
KPMG. (2024). Addressing the strategy execution gap in sustainability reporting. https://kpmg.com/us/en/media/news/addressing-the-strategy-execution-gap-in-sustainability-reporting-2024.html
Lagasio, V., & Cucari, N. (2019). Corporate governance and environmental social governance disclosure: A meta‐analytical review. Corporate social responsibility and environmental management, 26(4), 701–711. https://doi.org/10.1002/csr.1716
Lei, X., Shen, Z. Y., Štreimikienė, D., Baležentis, T., Wang, G., & Mu, Y. (2024). Digitalization and sustainable development: Evidence from OECD countries. Applied Energy, 357, Article 122480. https://doi.org/10.1016/j.apenergy.2023.122480
Li, W., & Wang, Y. (2024). A procurement advantage in disruptive times: New perspectives on ESG strategy and firm performance. SSRN. https://doi.org/10.2139/ssrn.4817562
Liu, J., Kitamura, Y., & Savelyeva, T. (2022). Building an ‘Ecosystem’ for transforming higher education teaching and learning for sustainability. Asia Pacific Education Review, 23(4), 539–542. https://doi.org/10.1007/s12564-022-09794-1
Lu, Y., Xu, C., Zhu, B., & Sun, Y. (2024). Digitalization transformation and ESG performance: Evidence from China. Business Strategy and the Environment, 33(2), 352–368. https://doi.org/10.1002/bse.3494
Lucey, B. M., Vigne, S. A., & Urquhart, A. (2025). Biodiversity, financial markets, and systemic risk: A synthesising review. SSRN. https://doi.org/10.2139/ssrn.5494407
Mervelskemper, L., & Streit, D. (2017). Enhancing market valuation of ESG performance: Is integrated reporting keeping its promise? Business Strategy and the Environment, 26(4), 536–549. https://doi.org/10.1002/bse.1935
Mion, G., & Loza Adaui, C. R. (2019). Mandatory nonfinancial disclosure and its consequences on the sustainability reporting quality of Italian and German companies. Sustainability, 11(17), Article 4612. https://doi.org/10.3390/su11174612
Møller, A. M. (2025). Inside the digital state: Frontline work in the context of digital layering. Journal of Public Administration Research and Theory, 35(2), 133–147. https://doi.org/10.1093/jopart/muaf001
Möller, D. P. F. (2023). Cybersecurity in digital transformation. In Guide to cybersecurity in digital transformation: Trends, methods, technologies, applications and best practices (pp. 1–70). Springer. https://doi.org/10.1007/978-3-031-26845-8_1
Montgomery, A. W., Lyon, T. P., & Barg, J. (2024). No end in sight? A greenwash review and research agenda. Organization & Environment, 37(2), 221–256. https://doi.org/10.1177/10860266231168905
Patten, D. M. (1992). Intra-industry environmental disclosures in response to the Alaskan oil spill: A note on legitimacy theory. Accounting, organizations and Society, 17(5), 471–475. https://doi.org/10.1016/0361-3682(92)90042-Q
Peteraf, M. A. (1993). The cornerstones of competitive advantage: A resource‐based view. Strategic Management Journal, 14(3), 179–191. https://doi.org/10.1002/smj.4250140303
Pizzi, S., Mastroleo, G., Venturelli, A., & Caputo, F. (2024). The digitalization of sustainability reporting processes: A conceptual framework. Business Strategy and the Environment, 33(2), 1040–1050. https://doi.org/10.1002/bse.3544
Porter, M. E., & Kramer, M. R. (2011). The big idea: Creating shared value. How to reinvent capitalism—and unleash a wave of innovation and growth. Harvard Business Review, 89(1–2), 62–77.
Porter, M. E., & Kramer, M. R. (2018). Creating shared value: How to reinvent capitalism—And unleash a wave of innovation and growth. In G. G. Lenssen & N. C. Smith (Eds.), Managing sustainable business: An executive education case and textbook (pp. 323–346). Springer. https://doi.org/10.1007/978-94-024-1144-7_16
PwC. (2023). PwC 2023 global investor survey. https://www.pwc.com/gx/en/news-room/press-releases/2023/pwc-2023-global-investor-survey.html
Qi, J., & Qian, H. (2023). Climate finance at a crossroads: It is high time to use the global solution for global problems. Carbon Neutrality, 2(1), Article 31. https://doi.org/10.1007/s43979-023-00071-7
Qing, C., & Jin, S. (2023). Does ESG and digital transformation affects corporate sustainability? The moderating role of green innovation. arXiv. https://doi.org/10.48550/arXiv.2311.18351
Quick, R., & Knocinski, M. (2006). Nachhaltigkeitsberichterstattung—Empirische Befunde zur Berichterstattungspraxis von HDAX-Unternehmen [Sustainability reporting—empirical findings on the reporting practices of HDAX companies]. The Journal of Business Economics, 76(6), 615–650. https://doi.org/10.1007/s11573-006-0030-z
Rane, N., Choudhary, S., & Rane, J. (2023). Blockchain and Artificial Intelligence (AI) integration for revolutionizing security and transparency in finance. SSRN. https://doi.org/10.2139/ssrn.4644253
Reddy, K., & Gordon, L. W. (2010). The effect of sustainability reporting on financial performance: An empirical study using listed companies. Journal of Asia Entrepreneurship and Sustainability, 6(2), 19–42.
Reppmann, M., Edinger Schons, L.-M., Kunzlmann, J., Jeromin, K., & Putzhammer, F. (2024). Sustainability transformation monitor. Bertelsmann Stiftung. https://doi.org/10.11586/2024010
Ricci, F., Scafarto, V., Ferri, S., & Tron, A. (2020). Value relevance of digitalization: The moderating role of corporate sustainability. An empirical study of Italian listed companies. Journal of Cleaner Production, 276, Article 123282. https://doi.org/10.1016/j.jclepro.2020.123282
Sahin, Ö., Bax, K., Paterlini, S., & Czado, C. (2023). The pitfalls of (non-definitive) Environmental, Social, and Governance scoring methodology. Global Finance Journal, 56, Article 100780. https://doi.org/10.1016/j.gfj.2022.100780
Schaltegger, S., & Burritt, R. (2018). Business cases and corporate engagement with sustainability: Differentiating ethical motivations. Journal of Business Ethics, 147, 241–259. https://doi.org/10.1007/s10551-015-2938-0
Siminică, M. I., Cîrciumaru, D., Manta, A. G., Cârstina, S., Badareu, G., & Gherțescu, C. (2025). FinTech, artificial intelligence, and European Union banks: A double-edged sword for performance? Oeconomia Copernicana, 16(3), 1099–1176. https://doi.org/10.24136/oc.3798
Stock, J. H., & Watson, M. W. (2020). Introduction to econometrics. Pearson.
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610. https://doi.org/10.2307/258788
Tan, C., Yin, K., Wu, H., & Zhou, P. (2025). Analysts’ ESG attention and stock pricing efficiency: Evidence from machine learning and text analysis. Journal of Accounting Literature. https://doi.org/10.1108/JAL-06-2024-0128
Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533. https://doi.org/10.1002/(SICI)1097-0266(199708)18:7<509::AID-SMJ882>3.0.CO;2-Z
United Nations. (2015). Transforming our world: The 2030 Agenda for Sustainable Development. https://sdgs.un.org/2030agenda
Vestrelli, R., Colladon, A. F., & Pisello, A. L. (2024). When attention to climate change matters: The impact of climate risk disclosure on firm market value. Energy Policy, 185, Article 113938. https://doi.org/10.1016/j.enpol.2023.113938
Vial, G. (2021). Understanding digital transformation: A review and a research agenda. In A. Hinterhuber, T. Vescovi, & F. Checchinato (Eds.), Managing digital transformation (pp. 13–66). Routledge. https://doi.org/10.4324/9781003008637-4
Wang, D., & Xia, X. (2024). The impact of digital transformation on firms’ value: Examining the role of ESG performance and the effect of information interaction. Business Process Management Journal, 30(4), 1236–1265. https://doi.org/10.1108/BPMJ-06-2023-0469
Wang, R., Usman, M., Radulescu, M., Cifuentes-Faura, J., & Balsalobre-Lorente, D. (2023). Achieving ecological sustainability through technological innovations, financial development, foreign direct investment, and energy consumption in developing European countries. Gondwana Research, 119, 138–152. https://doi.org/10.1016/j.gr.2023.02.023
Wang, S., Esperança, J. P., Yang, W., & Zhang, J. Z. (2024). Investigating the determinants of new technology entrepreneurial performance: An empirical study with PLS-SEM and MGA. Journal of the Knowledge Economy, 15(2), 6617–6642. https://doi.org/10.1007/s13132-023-01359-w
Wernerfelt, B. (1984). A resource‐based view of the firm. Strategic Management Journal, 5(2), 171–180. https://doi.org/10.1002/smj.4250050207
Wooldridge, J. M. (2021). Two-way fixed effects, the two-way Mundlak regression, and difference-in-differences estimators. SSRN. https://doi.org/10.2139/ssrn.3906345
World Economic Forum. (2023). Is this a new dawn that will transform the impact of ESG? https://www.weforum.org/stories/2023/11/environment-social-governance-esg-impact//
Zhang, M., & Huang, Z. (2024). The impact of digital transformation on ESG performance: The role of supply chain resilience. Sustainability, 16(17), Article 7621. https://doi.org/10.3390/su16177621
Zhang, N., Zhang, Y., & Zong, Z. (2023). Fund ESG performance and downside risk: Evidence from China. International Review of Financial Analysis, 86, Article 102526. https://doi.org/10.1016/j.irfa.2023.102526
Zhang, T., Qin, C., & Lu, Z. (2025). Market competitiveness and corporate ESG performance. International Review of Economics & Finance, 101, Article 104201. https://doi.org/10.1016/j.iref.2025.104201
Zhang, Z., & Zhang, L. (2024). Investor attention and corporate ESG performance. Finance Research Letters, 60, Article 104887. https://doi.org/10.1016/j.frl.2023.104887
Zhao, X., & Cai, L. (2023). Digital transformation and corporate ESG: Evidence from China. Finance Research Letters, 58, Article 104310. https://doi.org/10.1016/j.frl.2023.104310
View article in other formats
CrossMark check
Published
Issue
Section
Copyright
Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University.
License
This work is licensed under a Creative Commons Attribution 4.0 International License.