Digital Policy, Green Innovation, and Digital-Intelligent Transformation of Companies
Abstract
:1. Introduction
2. Literature Review
2.1. Economic Impact of the Digital Economy
2.2. Influencing Factors of Digital Intelligence Transformation
2.3. Mechanisms of the Digital Economy’s Influence on the Transformation of Companies’ Digital Intelligence
3. Data and Methodology
3.1. Sample Selection and Data Sources
3.2. Definition of Variables
3.2.1. Explained Variable
3.2.2. Key Explanatory Variables
3.2.3. Control Variables
3.2.4. Mediating Variables
3.3. Modeling Setting
4. Empirical Analysis
4.1. Descriptive Statistics
4.2. Benchmark Regression Analysis
4.3. Robustness Test
4.3.1. Parallel Trend Test
4.3.2. Synthesizing Double Differences
4.3.3. Placebo Test
4.3.4. PSM-DID
4.3.5. Single-Period DID
4.3.6. Control of Simultaneous Strategies
4.3.7. Control of Simultaneous Strategies
4.3.8. Adjustment of Sample Size
4.4. Heterogeneous Analysis
4.4.1. Test Based on the Heterogeneity of Financial Market Environment
4.4.2. Tests Based on the Heterogeneity of the Nature of the Firm’s Property Rights
4.4.3. Test for Heterogeneity Based on Executive Ownership Ratio
5. Mechanism of Action Test
5.1. Model Setting
5.2. Mechanism Test
6. Discussion
7. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Dimension | Keywords |
---|---|
Artificial intelligence technology | AI, VR, 3D, face recognition, biometrics, voice recognition, identity verification, intellectualization, networking, e-commerce, online to offline, offline to online, online and offline, intelligent energy, intelligent transportation, intelligent networking, intelligent agriculture, intelligent terminals, intelligent logistics, intelligent factories, intelligent environmental protection, intelligent production, intelligent equipment, intelligent systems, intelligent control, mobile Internet, Internet mode, Internet ecology, Internet platform. |
Big data technology | big data, data management, data platform, data synchronization, digital terminal, data security, virtual background, virtual manufacturing, automatic download, automatic analysis, system switching, automatic detection, automatic monitoring, automatic production, informatization, information center, information system, information network, information sharing, information management, information integration. |
Cloud computing technology | cloud computing, cloud IT, cloud services, cloud documents, cloud conferences, cloud platforms, industrial clouds, cloud synchronization. |
Blockchain technology | mobile payment, third-party payment, fingerprint payment, Apple Pay, Air Play, apple pencil, Apple Watch, digital currency, open banking, keys, CNC, digital space, hybrid reality, unmanned shelves, integration. |
Variable Type | Variable Symbols | Variable Name | Measurement Method | |
---|---|---|---|---|
Dependent variable | DIT | Digital-intelligence transformation | Annual reports | |
Core explanatory variable | Treat × Post | Big data comprehensive zone | 1 for companies in the experimental zone, and 0 for companies in the nonexperimental zone | |
Control variables | Lev | Asset liability ratio | Liabilities/Total Assets | |
Size | Company scale | The logarithmic value of total assets | ||
Tang | Capital intensity | Net value of fixed assets of the company/average number of employees of the company | ||
Age | Company age | Current year − year of business opening + 1 logarithm | ||
Growth | Company growth potential | Market value/asset replacement cost | ||
Coo | Equity concentration | Total shareholding ratio of the top 10 shareholders | ||
Dual | Integration of two positions | 1 for a dual-role company, and 0 otherwise | ||
Mfr | Management expense rate | Management expenses/business income | ||
Mediating variables | Green innovation ecosystem | Sub | Government subsidies | Company government subsidy amount/total assets |
Sgi | Sustainability of green innovation | Comparison of before and after green patent applications | ||
Gil | Green innovation level | Number of applications for green patents |
Variables | Observation | Minimum Value | Maximum Value | Mean Value | Standard Value |
---|---|---|---|---|---|
treat | 6604 | 0.000 | 1.000 | 0.380 | 0.485 |
post | 6604 | 0.000 | 1.000 | 0.540 | 0.498 |
DIT | 6604 | 0.000 | 4.407 | 1.148 | 1.214 |
lev | 6604 | 0.056 | 0.828 | 0.433 | 0.189 |
size | 6604 | 20.19 | 26.41 | 22.46 | 1.273 |
tang | 6604 | 10.57 | 14.92 | 12.66 | 0.865 |
age | 6604 | 2.773 | 3.638 | 3.258 | 0.189 |
tbQ | 6604 | 0.889 | 8.170 | 2.110 | 1.273 |
coo | 6604 | 0.222 | 0.918 | 0.540 | 0.151 |
dual | 6604 | 0.000 | 1.000 | 0.240 | 0.427 |
mfr | 6604 | 0.012 | 0.251 | 0.077 | 0.047 |
(1) | (2) | (3) | (4) | |
---|---|---|---|---|
Model 1 | Model 2 | Model 3 | Model 4 | |
treatpost | 0.311 *** | 0.319 *** | 0.287 *** | 0.277 *** |
(5.58) | (4.73) | (5.70) | (4.23) | |
Lev | 0.123 | 0.050 | ||
(1.55) | (0.29) | |||
Size | 0.242 *** | 0.262 *** | ||
(15.56) | (5.30) | |||
Tang | −0.401 *** | −0.169 *** | ||
(−26.23) | (−4.28) | |||
Age | −0.646 *** | −6.532 *** | ||
(−9.59) | (−10.61) | |||
TbQ | 0.035 *** | 0.051 *** | ||
(3.27) | (3.97) | |||
Coo | −0.595 *** | −0.398 * | ||
(−6.84) | (−1.69) | |||
Dual | 0.181 *** | 0.035 | ||
(6.24) | (0.74) | |||
Mfr | 0.316 | −0.136 | ||
(1.07) | (−0.26) | |||
_cons | 0.559 *** | 0.617 *** | −0.429 | 7.081 ** |
(22.14) | (33.37) | (−0.93) | (2.45) | |
Industry FE | No | Yes | No | Yes |
Year FE | No | Yes | No | Yes |
N | 6604 | 6604 | 6604 | 6604 |
R2 | 0.183 | 0.353 | 0.336 | 0.429 |
Knife Cutting Method | Bootstrap Method | |||
---|---|---|---|---|
ATT | T Value | ATT | T Value | |
treatpost | 0.318 *** | 4.14 | 0.318 *** | 5.03 |
N | 6500 | 6500 |
Variables | Mean Value | Reduct | t-Test | ||||
---|---|---|---|---|---|---|---|
Treat | Control | Bias (%) | |Bias| (%) | T Value | p > |T| | ||
Lev | Unmatched | 0.433 | 0.433 | −0.2 | −0.09 | 0.926 | |
Matched | 0.433 | 0.432 | 0.3 | −11.4 | 0.09 | 0.927 | |
Size | Unmatched | 22.669 | 22.341 | 24.4 | 9.93 | 0.000 | |
Matched | 22.669 | 22.634 | 2.7 | 88.9 | 0.92 | 0.359 | |
Tang | Unmatched | 12.586 | 12.703 | −13.2 | −5.24 | 0.000 | |
Matched | 12.582 | 12.532 | 5.6 | 57.4 | 1.99 | 0.046 | |
Age | Unmatched | 3.259 | 3.260 | −0.3 | −0.11 | 0.915 | |
Matched | 3.258 | 3.257 | 0.7 | −173.7 | 0.26 | 0.795 | |
TbQ | Unmatched | 2.188 | 2.010 | 6.2 | 2.47 | 0.013 | |
Matched | 2.189 | 2.254 | −4.6 | 26.5 | −1.47 | 0.141 | |
Coo | Unmatched | 0.553 | 0.532 | 13.3 | 5.29 | 0.000 | |
Matched | 0.553 | 0.553 | 0.4 | 97.1 | 0.14 | 0.890 | |
Dual | Unmatched | 0.267 | 0.224 | 10.1 | 4.01 | 0.000 | |
Matched | 0.267 | 0.274 | −1.5 | 85.3 | −0.51 | 0.611 |
(1) | (2) | (3) | (4) | (5) | |
---|---|---|---|---|---|
PSM-DID | Single-Term DID | Control Synchronization Strategy | Change Sample Time Interval | Adjusting Sample Size | |
Treat*post | 0.318 *** | 0.322 *** | 0.315 *** | 0.298 *** | 0.329 *** |
(4.15) | (4.62) | (4.57) | (4.45) | (3.95) | |
_cons | −5.961 *** | 17.599 *** | 18.604 *** | −7.325 *** | 17.691 *** |
(−5.10) | (7.10) | (7.43) | (−6.91) | (6.65) | |
Control | YES | YES | YES | YES | YES |
Industry FE | YES | YES | YES | YES | YSE |
Year FE | YES | YES | YES | YES | YSE |
N | 3270 | 6500 | 6604 | 5588 | 5476 |
R2 | 0.406 | 0.400 | 0.401 | 0.371 | 0.378 |
(1) Developed Financial Markets | (2) Underdeveloped Financial Markets | |
---|---|---|
Treat*post | 0.306 *** | 0.453 ** |
(4.15) | (2.35) | |
_cons | 17.793 *** | −7.870 *** |
(6.78) | (−3.04) | |
Control | YES | YES |
Industry FE | YES | YES |
Year FE | YES | YES |
N | 5917 | 687 |
R2 | 0.407 | 0.360 |
(1) State Owned | (2) Non-State-Owned | (3) Low Shareholding Ratio of Executives | (4) High Shareholding Ratio of Executives | |
---|---|---|---|---|
Treat*post | 0.428 ** | 0.276 *** | 0.201 ** | 0.427 *** |
(2.60) | (3.69) | (2.02) | (4.54) | |
_cons | 10.996 ** | −6.241 *** | 14.921 *** | −6.655 *** |
(2.11) | (−5.32) | (4.77) | (−4.56) | |
Control | YES | YES | YES | YES |
Industry FE | YES | YES | YES | YES |
Year FE | YES | YES | YES | YES |
N | 1430 | 5174 | 3341 | 3263 |
R2 | 0.444 | 0.391 | 0.427 | 0.373 |
Variables | Sub | DIT | Sgi | DIT | Gil | DIT |
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
DID | 0.039 *** | 0.948 *** | 31.293 *** | 0.913 *** | 13.789 *** | 0.928 *** |
(3.08) | (26.58) | (9.03) | (25.29) | (9.59) | (25.87) | |
Sub | 0.794 ** | |||||
(0.54) | ||||||
Sgi | 0.001 *** | |||||
(5.51) | ||||||
Gil | 0.001 *** | |||||
(4.78) | ||||||
Control | YES | YES | YES | YES | YES | YES |
Industry FE | YES | YES | YES | YES | YES | YES |
Year FE | YES | YES | YES | YES | YES | YES |
N | 6604 | 6604 | 6604 | 6604 | 6604 | 6604 |
R2 | 0.357 | 0.309 | 0.542 | 0.538 | 0.395 | 0.490 |
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Tan, X.; Jiao, J.; Jiang, M.; Chen, M.; Wang, W.; Sun, Y. Digital Policy, Green Innovation, and Digital-Intelligent Transformation of Companies. Sustainability 2024, 16, 6760. https://doi.org/10.3390/su16166760
Tan X, Jiao J, Jiang M, Chen M, Wang W, Sun Y. Digital Policy, Green Innovation, and Digital-Intelligent Transformation of Companies. Sustainability. 2024; 16(16):6760. https://doi.org/10.3390/su16166760
Chicago/Turabian StyleTan, Xin, Jinfang Jiao, Ming Jiang, Ming Chen, Wenpeng Wang, and Yijun Sun. 2024. "Digital Policy, Green Innovation, and Digital-Intelligent Transformation of Companies" Sustainability 16, no. 16: 6760. https://doi.org/10.3390/su16166760