{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,22]],"date-time":"2026-07-22T22:56:06Z","timestamp":1784760966474,"version":"3.55.0"},"reference-count":66,"publisher":"MDPI AG","issue":"5","license":[{"start":{"date-parts":[[2026,4,23]],"date-time":"2026-04-23T00:00:00Z","timestamp":1776902400000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>This study adopts a systemic perspective to investigate how China\u2019s carbon emissions trading pilot (CCTPP) influences the internal configuration of the firm as a complex socio-technical system. We focus on the emergent property of digital\u2013green synergy, which captures the integration between a firm\u2019s digital and green transformation subsystems. Employing a panel dataset of Chinese A-share listed companies from 2010 to 2024 and an event-study difference-in-differences methodology, we analyze the response of this system-level property to carbon market signals. The results demonstrate that policy intervention significantly enhances systemic synergy, with an effect equivalent to 4.4 percent of the standard deviation of the synergy index. The response follows a dynamic pattern, persisting for four years before gradually diminishing, thereby revealing the system\u2019s adaptation process. Critically, the internal structure of the firm-system moderates this response, as financing constraints, executive compensation, and firm size represent key components of governance and resource-allocation subsystems and each exerts a significant negative moderating effect. Furthermore, environmental context matters, with the policy effect concentrating on firms located in central and southern regions and within non-manufacturing and non-high-tech sectors. These findings offer a system-based understanding of how carbon pricing interacts with corporate governance to facilitate integrated socio-technical transitions.<\/jats:p>","DOI":"10.3390\/systems14050457","type":"journal-article","created":{"date-parts":[[2026,4,23]],"date-time":"2026-04-23T12:04:42Z","timestamp":1776945882000},"page":"457","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["How Do Carbon Markets Reshape Digital\u2013Green Synergy in Corporate Systems?"],"prefix":"10.3390","volume":"14","author":[{"given":"Siqi","family":"Li","sequence":"first","affiliation":[{"name":"The Institute of Sustainable Development, Macau University of Science and Technology, Macao 999078, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Jun","family":"Lu","sequence":"additional","affiliation":[{"name":"School of Government, Peking University, Beijing 100871, China"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"1968","published-online":{"date-parts":[[2026,4,23]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","unstructured":"Jalonen, H., and Uusikyl\u00e4, P. 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