经济与管理研究2025，Vol.46Issue(10)：21-38,18.DOI:10.13502/j.cnki.issn1000-7636.2025.10.002
企业数智技术应用之言行偏离与ESG绩效
Deviations Between Visions and Actions of Companies'Digital Intelligence Technology Application and ESG Performance
摘要
Abstract
Against the backdrop of Chinese modernization,firms increasingly rely on digital intelligence technologies to enhance environmental,social,and governance(ESG)performance.Prior studies typically examine either textual disclosure(visions)or verifiable actions,leaving their alignment underexplored.This paper investigates how two behavioral strategies—under-promising while over-delivering(UPOD)versus over-promising/under-delivering—together with the degree of vision-action deviation,shape firms'ESG outcomes in China's A-share market. Using 30,429 firm-year observations for 4,218 non-financial listed firms from 2010 to 2023,this paper measures ESG compositive scores(and E/S/G sub-scores)with the Huazheng ESG database.Visions are constructed via annual-report text mining,while actions are proxied by counts of digital intelligence patent applications.Mechanisms include financing constraints and regulatory violations.Methods comprise two-way fixed-effect(FE)panel regression,high-dimensional FE,and 2SLS with Confucian-temple density-based instruments. Key findings are as follows.First,UPOD is associated with higher overall ESG performance,with the most pronounced effect in the governance(G)dimension.Second,a larger magnitude of deviation predicts lower ESG and G scores.These results remain robust after instrumental-variable estimation and robustness checks.Third,UPOD alleviates financing constraints and reduces the probability of appearing in regulatory violation bulletins,while greater deviation increases constraints and violation risks,thereby improving or worsening ESG.Fourth,UPOD's positive governance effect is stronger among non-SOEs,non-communications industries,and firms in digitally developed regions.The harmful effect of larger deviation is stronger for smaller firms,non-SOEs,non-communications industries,and in digitally developed regions. The potential contributions are as follows.Conceptually,this paper embeds the matching between strategic expressions and action delivery into the digitalization-governance-ESG nexus and articulates a China-specific perspective,integrating UPOD and the doctrine of the mean with modern corporate governance.Methodologically,this paper proposes an operational,time-lag-aware,industry-relative metric for the level of vision-action deviation and a directional indicator.Practically,this paper identifies two governance-sensitive channels and documents salient heterogeneity across ownership,size,industry,and regional digital economy levels.The findings advocate for verifiable actions,combined with prudent and transparent communication,as a viable route to stronger governance scoring and ESG outcomes,supporting differentiated regulatory guidance and firm-level governance toolkits to prevent excessive deviation and reputational and compliance costs.关键词
数智技术应用/言行偏离/ESG绩效/公司治理Key words
digital intelligence technology application/vision-action deviation/ESG performance/corporate governance分类
管理科学引用本文复制引用
赵志栋,戚聿东,朱正浩..企业数智技术应用之言行偏离与ESG绩效[J].经济与管理研究,2025,46(10):21-38,18.基金项目
国家社会科学基金重大项目"技术标准与知识产权协同推进数字产业创新的机理与路径研究"(19ZDA077) （19ZDA077）
江苏省高校哲学社会规划课题"数字金融提升乡村文化产业投资效率的机制和路径研究——以江苏省为例"(2023SJYB0490) （2023SJYB0490）
