"Dual synergistic" transformation and corporate total factor productivity: Empirical evidence from China

Enterprise for improving corthe s face fierce market competition and changing business environment as a result of globalization and technological advancements. Digital transformation and green development have emerged as critical strategies degree of synergistic transformation of digitalization and greening by using the coupled coordination model. Moreover, we explore the influence of synergistic transformation oporate competitiveness and achieve sustainable development. This study delves into the panel data of Chinese A-share listed companies in Shanghai and Shenzhen from 2007 to 2022. We construct an index of f digitalization and greening (referred to as "dual synergistic" transformation) on the total factor productivity (referred to as TFP) of enterprises by using the fixed effect model. Results showed a significant positive relationship between the degree of "dual synergistic" transformation and enterprise TFP. The regression results remain robust after a series of robustness and endogeneity discussions. Government subsidies can effectively play a moderating role, which strengthens the influence of "dual-chemistry synergy" transformation on firms' TFP. Furthermore, we analyze the heterogeneity of the study sample and find that the positive influence of "dual synergistic" transformation on firms' TFP is more significant in non-state-owned enterprises, heavily polluting industries, and non-high-tech and capital-intensive firms. This positive effect is weaker for SOEs, non-polluting industries, high-tech, and labor-intensive and technology-intensive firms. In addition, our study reveals that R&D investment and financing constraints play critical roles in the "dual synergistic" transformation. Therefore, policy subsidies should be further increased, and the financing environment should be optimized to promote the productivity improvement of enterprises in the digital and green transformation, while strengthening the support of green social work for corporate social transformation, to help enterprises achieve environmental benefits while also addressing social responsibilities and community development.