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ORIGINAL RESEARCH
Promoting Corporate Low-carbon
Transition: Pathway Selection of Low-carbon
Innovation Triggered by Digital Finance
1
School of Accounting, Zhejiang Gongshang University, Hangzhou, 310018, China
Submission date: 2024-09-18
Final revision date: 2024-10-24
Acceptance date: 2024-12-08
Online publication date: 2025-05-09
Publication date: 2026-01-30
Corresponding author
Pol. J. Environ. Stud. 2026;35(1):565-579
KEYWORDS
digital financecorporate carbon emissionslow-carbon technology innovationgovernment carbon regulationsESG rating events
TOPICS
ABSTRACT
Fully exploring the impact of digital finance (DF) on corporate carbon emissions (CCE) can provide
a valuable reference for optimizing the supply of digital financial products and promoting corporate
low-carbon transitions. Based on the sample of listed companies in China, this study investigates
the relationship between DF and CCE and conducts a detailed analysis of the low-carbon technology
innovation path. The following was found: (1) DF can significantly reduce CCE, and this effect exhibits
a significant positive spatial spillover characteristic. (2) The micro carbon reduction effects of DF are
more evident in manufacturing firms and firms with higher executive green cognition. (3) DF can
suppress carbon dioxide emissions by enhancing the quantity and quality of corporate low-carbon
innovation. Government carbon regulations and corporate ESG rating events can both positively
moderate the low-carbon innovation quantity path, but only mandatory carbon regulations exhibit
positive moderating effects on the low-carbon innovation quality path. (4) In terms of technical
difficulty, DF can significantly promote substantive low-carbon technology innovation rather than
strategic innovation. In terms of technology type, DF can promote innovation in carbon reduction
technology rather than zero-carbon and negative-carbon technologies.
CONFLICT OF INTEREST
The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.
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