With the recent technological advancements, such as the internet, big data, and cloud computing, China’s digital economy plays a significant role in economic development. However, the digital economy may also affect the environmental quality, but the prevailing literature is scant on how the digital economy affects urban environmental pollution. To fill this gap, this study established an urban digital economy index system based on 277 prefecture-level cities in China and calculated their digital economy indicators from 2011 to 2019. Using a two-way fixed effects model, a mediation effect model and a moderation effect model, a multi-dimensional empirical test is conducted to determine the impact of the digital economy on urban pollution effects and internal mechanisms. Empirical results indicate that the digital economy significantly reduces urban pollutant emissions and shows spatial heterogeneity. After a series of robustness tests and endogenous analysis, our findings are consistent. The mechanism test results reveal that the digital economy can help mitigate pollution emissions through improved industrial structure, promotion of green innovation, and financial development. Further, the empirical results also demonstrate that government intervention can significantly enhance the negative environmental impact of the digital economy. Moreover, the findings from the heterogeneity test (i.e., city size, time, and space heterogeneity) show that the development of the digital economy is more significant in reducing urban pollution in large and eastern coastal cities. While the digital economy development policy impact of the digital economy on reducing pollution has been found after being adjusted by the national strategy. Our study enriches the research regarding the causes and mechanisms of environmental pollution, provides empirical evidence that the digital economy contributes to pollution control and provides decision-making references for enabling the growth of the digital economy and maximizing its pollution reduction power.

In the context of the digital economy, the external connection of executives provides enterprises with a good idea to amplify their potential for digital transformation with the help of external forces. Therefore, we conduct a theoretical exploration and an empirical analysis of the relationship between executive connections and enterprise digital transformation. As the research sample, we use the A-share manufacturing companies listed in China from 2012 to 2021. According to sufficient verifications, we discover that executive connections can effectively support digital transformation. From the perspective of each subdivision dimension, executive business connections, executive technical connections, and executive financial connections can significantly promote digital transformation, among which executive technical connections have the greatest favorable impact. However, the impact of executive political connections on digital transformation is not obvious. Additionally, executive connections primarily foster enterprise digital transformation by reducing enterprise asset specificity. The results of the boundary mechanism test demonstrate that the external environmental dynamics and the internal dynamic capabilities reinforce the positive effect of executive connections on digital transformation. These findings contribute to a deeper understanding of the role of executive connections in digital transformation and provide practical guidance for firms to accelerate digital transformation.

Under the strategy of sustainability, whether a company can increase its nancing capacity by improving environmental, social, and governance (ESG) performance is vital to promoting its high-quality development. Based on China's A-share listed companies from 2009 to 2021, this study empirically examines the impact of corporate ESG performance on commercial credit nancing (CCF). Following the research results, a company with better ESG performance is more likely to get CCF support from suppliers. Further analysis of the impact mechanisms shows that ESG performance can effectively reduce environmental, social, and governance risks by promoting green innovation, improving social reputation, and reducing operational risks, thereby improving the CCF of enterprises. Our work expands and enriches the theory of informal nancing of enterprises, integrated with the more comprehensive assessment criteria for sustainable development.

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Under the strategy of sustainability, whether a company can increase its financing capacity by improving environmental, social, and governance (ESG) performance is vital to promoting its high-quality development. Based on China's A-share listed companies from 2009 to 2021, this study empirically examines the impact of corporate ESG performance on commercial credit financing (CCF). Following the research results, a company with better ESG performance is more likely to get CCF support from suppliers. Further analysis of the impact mechanisms shows that ESG performance can effectively reduce environmental, social, and governance risks by promoting green innovation, improving social reputation, and reducing operational risks, thereby improving the CCF of enterprises. Our work expands and enriches the theory of informal financing of enterprises, integrated with the more comprehensive assessment criteria for sustainable development.