The Impact of Data Element Utilization on Enterprise Green Transformation: Evidence from China

Based on the data of Shanghai and Shenzhen A-share listed enterprises in China from 2013 to 2022, this study investigates the impact of data element utilization on enterprise green transformation. Furthermore, this study analyzes the mediating role of green technology innovation and the moderating roles of data element marketization, corporate social responsibility, and public environmental concern. This study finds that data element utilization has a positive impact on enterprise green transformation, which is confirmed by a series of robustness tests. Heterogeneity analysis reveals that this positive role is significant for enterprises located in the eastern and central regions, as well as for low-competition industry enterprises and low-pollution enterprises. Conversely, the impact is not statistically significant for enterprises in the western region, high-competition industry enterprises, or high-pollution enterprises. Green technology innovation plays a partial mediating role in the impact of data element utilization on enterprise green transformation. Additionally, data element marketization and corporate social responsibility play positive moderating roles in the relationship between data element utilization and enterprise green transformation, whereas public environmental concern exhibits a U-shaped moderating role.