Climate Policy Uncertainty and Corporate Industrial Intelligence: A Socio-Technical Systems Perspective on Board Governance

Frequent introductions and revisions of climate policy instruments constitute a salient exogenous shock to firms’ strategic decisions. From a socio-technical systems perspective, climate policy uncertainty (CPU) represents an external institutional disturbance that reshapes the interaction between firms’ technological upgrading and organizational governance. Using panel data on 1783 Chinese listed firms from 2011–2024, we examined how CPU affects firms’ industrial intelligence. We employed fixed-effects models, mediation, and moderation analyses, supplemented by robustness tests. We found that, first, CPU significantly promotes firms’ industrial intelligence transformation. Second, board governance plays a key moderating role: higher board educational attainment, stronger innovation orientation, and an environmental or risk committee significantly strengthen CPU’s positive effect on industrial intelligence. Third, CPU promotes industrial intelligence mainly through two channels: an opportunity effect via increased R&D investment, and a pressure effect via reduced total factor productivity, pushing firms to adopt intelligent transformation to address productivity pressure. Moreover, this effect is stronger for firms in high-pollution industries, larger firms, and long-established firms. These findings suggest that corporate industrial intelligence is not merely a technological response, but a socio-technical adaptation process shaped by climate policy uncertainty, board governance, and resource reconfiguration. This study provides evidence on firms’ digital, intelligent, and green transformation under climate policy uncertainty and offers implications for board governance and sustainable adaptation.