IntroductionCorporates need to break through the dilemma of system and efficiency with the help of digital transformation in the digital economy era. This paper aims to examine the influence of digital transformation on corporate total factor productivity by investigating whether and how corporate technical cooperation and ESG performance mediate and moderate the relationship between them.MethodsThis study choose Chinese A-share listed manufacturing firms from 2016–2020 as the research sample and use the FGLS regression model to test the proposed hypotheses.ResultsResults show that digital transformation has a positive effect on corporate total factor productivity, and this positive impact is more pronounced when corporates have higher ESG performance. Corporate technical cooperation plays a mediating role between digital transformation and total factor productivity. ESG performance also plays a positive moderating role in the relationship between digital transformation and corporate technical cooperation.DiscussionOur results contribute to the literature on digital transformation and corporate total factor productivity at the micro-corporate level. Further, our findings offer insights to decision-makers and regulatory bodies regarding the current practices of digital transformation and its potential economic impact.

PurposeThis paper aims to investigate the impact of open innovation (OI) in Chinese enterprises on enterprise value (EV). At the same time, this research explores the effects of OI in environmental, social and governance (ESG) and also reveals the intermediary role of ESG in the impact of OI on improving EV.Design/methodology/approachThis study builds a theoretical framework to define a set of hypotheses verified in empirical research. Based on the panel data of Chinese listed companies removing missing data from 2011 to 2020, a two-way fixed effect model is used to study the relationship between OI, ESG and EV.FindingsThe research shows that OI of enterprises has effectively improved their value. At the same time, OI can also improve the ESG of enterprises. That OI increases EV is partly by the mediating path of ESG.Originality/valueThis study determines the influence of OI on EV from a stakeholder and sustainable development perspective, clarifying the mediating pathway of ESG in the relationship. Doing so could inspire companies to improve their OI and desire to enhance competitiveness. It will also prompt enterprises to pay attention to social responsibility activities.