Synergy between Digitalization and Greening Enabling Corporate Value Creation: A Dynamic Capabilities Perspective

Synergy between Digitalization and Greening Enabling Corporate Value Creation:

A Dynamic Capabilities Perspective

Yali WEN¹

( 1.Guangdong University of Finance, Guangzhou, Guangdong, 510521)

Abstract: Against the backdrop of the deep integration of the digital economy and green and low-carbon transition, the synergistic development of digitalization and greening (hereinafter referred to as “digital-green synergy”) has gradually become an important driver of corporate value creation. Using a sample of Chinese A-share listed companies from 2015 to 2023, this paper empirically examines the effect, mechanism, and heterogeneity of digital‑green synergy on corporate value creation. The findings reveal that: (1) digital‑green synergy significantly enhances corporate value creation, and this conclusion remains robust after addressing endogeneity through instrumental variable approach, exogenous policy shock tests, and a series of robustness checks; (2) mechanism analysis shows that digital-green synergy promotes corporate value creation by strengthening firms’ dynamic capabilities, including innovation capability, adaptability, and product competitiveness; (3) heterogeneity analysis indicates that the positive impact of digital-green synergy on corporate value creation is more pronounced in non-technology-intensive firms, firms located in regions with a higher degree of marketization, and firms with a higher proportion of institutional ownership. By adopting a dynamic capabilities perspective, this study uncovers the underlying mechanism through which digital-green synergy enables corporate value creation, providing empirical evidence and policy implications for both theoretical advancement and practical implementation.

Keywords: digital-green synergy; dynamic capabilities; corporate value creation

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