Digital Transformation and Corporate ESG Performance: A Mechanism Test Based on Information Disclosure and Investor Shareholding

In the context of integrating digital economy and sustainable development, the role of digital transformation in enhancing corporate ESG performance remains a critical research focus. Using panel data from Chinas A-share listed companies (20132023), this study employs a two-way fixed-effects model to demonstrate that digital transformation significantly improves corporate ESG performance. Endogeneity checks (multi-period DID, instrumental variables) and robustness tests (alternative variables, adding control variables) confirm the validity of the findings. Mechanism analysis identifies ESG disclosure quality as a mediating factor, while the shareholding ratio of ESG investors exhibits a "double-edged sword" effect. Behaviors such as "greenwashing" and conflicting objectives can weaken the positive impact of digital transformation on corporate ESG performance. Heterogeneous analysis further reveals that the ESG-enhancing effect is more pronounced in state-owned enterprises (SOEs) and industries with high environmental sensitivity, with SOEs benefiting from policy incentives and resource advantages, and environmentally sensitive industries achieving emission reductions and process optimization through digital technology. This study provides theoretical and practical evidence for policymakers to promote technological innovation, refine the ESG institutional framework, and guide the sustainable allocation of capital.