{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,5,1]],"date-time":"2026-05-01T10:53:27Z","timestamp":1777632807114,"version":"3.51.4"},"reference-count":46,"publisher":"MDPI AG","issue":"5","license":[{"start":{"date-parts":[[2026,4,27]],"date-time":"2026-04-27T00:00:00Z","timestamp":1777248000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100004735","name":"Hunan Provincial Natural Science Foundation of China","doi-asserted-by":"crossref","award":["2025JJ50426"],"award-info":[{"award-number":["2025JJ50426"]}],"id":[{"id":"10.13039\/501100004735","id-type":"DOI","asserted-by":"crossref"}]},{"name":"Key Project of the Hunan Provincial Social Science Foundation of China","award":["24ZDB014"],"award-info":[{"award-number":["24ZDB014"]}]},{"name":"Major Project of National Statistics","award":["2024LD002"],"award-info":[{"award-number":["2024LD002"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>Against the backdrop of deepening coordinated policy governance, the systemic synergy between digitalization and green transformation policies and their impact on corporate ESG performance has become a key issue requiring urgent exploration. Unlike existing studies that focus on the effects of individual policies, this paper adopts a policy system synergy framework to systematically investigate the impact of the coordinated implementation of big data administrative reform and low-carbon city pilot policies on corporate ESG performance. Using a sample of Chinese A-share listed companies from 2010 to 2022, this study applies a multi-period difference-in-differences (DID) method for empirical analysis. The findings show that the systemic synergy between digital and green policies significantly enhances corporate ESG performance, with this promoting effect substantially stronger than that of single pilot policies. Further causal re-identification using a double machine learning (DML) approach verifies the robustness of the baseline conclusion. Heterogeneity analysis indicates that the synergistic effect of digital and green policies is more pronounced in firms with higher levels of digital transformation, greater patient capital, and heavier tax burdens. Mechanism tests reveal that digital\u2013green policy synergy improves ESG performance by enhancing external supervision from government, society, and the market, increasing green government subsidies, and incentivizing firms to engage in green innovation. At the same time, policy system synergy also reduces firms\u2019 perceived uncertainty regarding economic policies and stabilizes their expectations, further enhancing ESG performance. This paper extends the research on the determinants of corporate ESG performance from the perspective of system synergy governance, providing new empirical evidence for understanding the interaction mechanisms between digital governance and green transformation policies.<\/jats:p>","DOI":"10.3390\/systems14050471","type":"journal-article","created":{"date-parts":[[2026,4,28]],"date-time":"2026-04-28T15:09:33Z","timestamp":1777388973000},"page":"471","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Beyond Additivity: Digital\u2013Green Synergy in Sustainable Development Policy Systems and Corporate ESG Performance"],"prefix":"10.3390","volume":"14","author":[{"given":"Ziyao","family":"Yang","sequence":"first","affiliation":[{"name":"School of Economics and Management, Hunan Institute of Traffic Engineering, Hengyang 421019, China"},{"name":"School of Finance and Statistics, Hunan University, Changsha 410006, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Liming","family":"Chen","sequence":"additional","affiliation":[{"name":"School of Finance and Statistics, Hunan University, Changsha 410006, China"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2026,4,27]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"104379","DOI":"10.1016\/j.irfa.2025.104379","article-title":"Digital government and corporate ESG performance","volume":"105","author":"Chen","year":"2025","journal-title":"Int. Rev. Financ. Anal."},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"572","DOI":"10.1016\/j.jfineco.2020.11.001","article-title":"Responsible investing: The ESG-efficient frontier","volume":"142","author":"Pedersen","year":"2021","journal-title":"J. Financ. Econ."},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"103099","DOI":"10.1016\/j.pacfin.2026.103099","article-title":"ESG disclosure, ESG rating disagreement and firm valuation in China: A pre-registered report","volume":"97","author":"Zhu","year":"2026","journal-title":"Pac.-Basin Financ. J."},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"504","DOI":"10.1016\/j.eap.2026.01.031","article-title":"The Equilibrium Dilemma: ESG Structural Imbalance and Corporate Green Innovation","volume":"90","author":"Wang","year":"2026","journal-title":"Econ. Anal. Policy"},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"105361","DOI":"10.1016\/j.frl.2024.105361","article-title":"ESG rating and labor income share: Firm-level evidence","volume":"63","author":"Zhao","year":"2024","journal-title":"Financ. Res. Lett."},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"104973","DOI":"10.1016\/j.iref.2026.104973","article-title":"Government Subsidies, Maturity Mismatch of Investment and Financing, and ESG Performance\u2014A study about A-share listed new energy companies in China","volume":"106","author":"Wang","year":"2026","journal-title":"Int. Rev. Econ. Financ."},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"106154","DOI":"10.1016\/j.frl.2024.106154","article-title":"Executives\u2019 green experience and corporate ESG performance: Do government subsidies matter?","volume":"69","author":"Song","year":"2024","journal-title":"Financ. Res. Lett."},{"key":"ref_8","doi-asserted-by":"crossref","first-page":"127947","DOI":"10.1016\/j.jenvman.2025.127947","article-title":"The impact of green technology on corporate ESG performance: The moderating role of corporate green responsibility","volume":"395","author":"Wang","year":"2025","journal-title":"J. Environ. Manag."},{"key":"ref_9","doi-asserted-by":"crossref","first-page":"742","DOI":"10.1016\/j.eap.2025.12.040","article-title":"ESG disclosure and financing constraints: Evidence from Chinese listed firms","volume":"89","author":"Xie","year":"2025","journal-title":"Econ. Anal. Policy"},{"key":"ref_10","doi-asserted-by":"crossref","first-page":"104736","DOI":"10.1016\/j.iref.2025.104736","article-title":"Does the dual-pilot policy of low-carbon city and sci-tech finance improve urban green total factor productivity?","volume":"104","author":"Xu","year":"2025","journal-title":"Int. Rev. Econ. Financ."},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"2006","DOI":"10.1016\/j.eap.2025.08.002","article-title":"Market-based environmental regulation and corporate ESG performance: Evidence from China","volume":"87","author":"Chen","year":"2025","journal-title":"Econ. Anal. Policy"},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"1469","DOI":"10.1016\/j.eap.2025.07.030","article-title":"Environmental regulations and the greenwashing of corporate ESG reports","volume":"87","author":"Fang","year":"2025","journal-title":"Econ. Anal. Policy"},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"107971","DOI":"10.1016\/j.eneco.2024.107971","article-title":"Corporate green innovation under environmental regulation: The role of ESG ratings and greenwashing","volume":"140","author":"Peng","year":"2024","journal-title":"Energy Econ."},{"key":"ref_14","doi-asserted-by":"crossref","first-page":"128497","DOI":"10.1016\/j.jenvman.2025.128497","article-title":"A new quest for green finance and ESG excellence: A new perspective on energy efficiency","volume":"398","author":"Cao","year":"2026","journal-title":"J. Environ. Manag."},{"key":"ref_15","doi-asserted-by":"crossref","first-page":"107527","DOI":"10.1016\/j.econmod.2026.107527","article-title":"Innovation-Economic Trade-offs: A Perspective of Low-Carbon Policy Intensity","volume":"158","author":"Wang","year":"2026","journal-title":"Econ. Model."},{"key":"ref_16","doi-asserted-by":"crossref","first-page":"661","DOI":"10.1016\/j.eap.2025.09.012","article-title":"How the dual pilot policy impacts corporate low-carbon transition: Evidence from energy use rights and carbon emission rights trading in China","volume":"88","author":"Zhang","year":"2025","journal-title":"Econ. Anal. Policy"},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"109143","DOI":"10.1016\/j.frl.2025.109143","article-title":"Digital government governance, financial technology, and regional digital economy development: A quasi-natural experiment based on big data management agency reform","volume":"89","author":"Kong","year":"2025","journal-title":"Financ. Res. Lett."},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"105741","DOI":"10.1016\/j.cities.2025.105741","article-title":"Does establishing big data bureaus make cities more technologically advanced: Evidence from China","volume":"159","author":"Lei","year":"2025","journal-title":"Cities"},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"281","DOI":"10.1016\/j.eap.2025.09.011","article-title":"Digital infrastructure\u2019s environmental Paradox? Evidence from China\u2019s national big data comprehensive pilot zones","volume":"88","author":"Wang","year":"2025","journal-title":"Econ. Anal. Policy"},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"114432","DOI":"10.1016\/j.enpol.2024.114432","article-title":"The impact of environmental regulation on industrial structure upgrading: A case study of low carbon city pilot policy","volume":"197","author":"Zhao","year":"2025","journal-title":"Energy Policy"},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"405","DOI":"10.1016\/S0165-4101(01)00018-0","article-title":"Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature","volume":"31","author":"Healy","year":"2001","journal-title":"J. Account. Econ."},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"332","DOI":"10.1017\/S1355770X22000304","article-title":"Disclosure of enterprises\u2019 environmental violations: Evidence from Chinese public supervision","volume":"28","author":"Shi","year":"2023","journal-title":"Environ. Dev. Econ."},{"key":"ref_23","doi-asserted-by":"crossref","first-page":"331","DOI":"10.1086\/467208","article-title":"Effectiveness of the EPA\u2019s regulatory enforcement: The case of industrial effluent standards","volume":"33","author":"Magat","year":"1990","journal-title":"J. Law Econ."},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"102833","DOI":"10.1016\/j.irfa.2023.102833","article-title":"Corporate social irresponsibility: The relationship between ESG misconduct and the cost of equity","volume":"89","author":"Becchetti","year":"2023","journal-title":"Int. Rev. Financ. Anal."},{"key":"ref_25","doi-asserted-by":"crossref","first-page":"233","DOI":"10.2307\/256324","article-title":"What\u2019s in a name? Reputation building and corporate strategy","volume":"33","author":"Fombrun","year":"1990","journal-title":"Acad. Manag. J."},{"key":"ref_26","doi-asserted-by":"crossref","first-page":"106186","DOI":"10.1016\/j.eneco.2022.106186","article-title":"ESG scores and cost of debt","volume":"112","author":"Apergis","year":"2022","journal-title":"Energy Econ."},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"304","DOI":"10.1007\/s43477-021-00028-x","article-title":"Evidence-based policymaking: What human service agencies can learn from implementation science and integrated data systems","volume":"1","author":"Zanti","year":"2021","journal-title":"Glob. Implement. Res. Appl."},{"key":"ref_28","doi-asserted-by":"crossref","first-page":"1248","DOI":"10.1016\/j.iref.2023.08.007","article-title":"Low-carbon city pilot policy and corporate environmental performance: Evidence from a quasi-natural experiment","volume":"89","author":"Li","year":"2024","journal-title":"Int. Rev. Econ. Financ."},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"2047","DOI":"10.1016\/j.egyr.2025.08.036","article-title":"Government subsidies, rent-seeking and investment efficiency in China\u2019s renewable energy industry: The suppressing role of R&D investment","volume":"14","author":"Xu","year":"2025","journal-title":"Energy Rep."},{"key":"ref_30","doi-asserted-by":"crossref","first-page":"1001","DOI":"10.1111\/pirs.12680","article-title":"Impacts of the political incentive for environmental protection on industrial land supply: Evidence from the cadre evaluation system reform in China","volume":"101","author":"Gao","year":"2022","journal-title":"Pap. Reg. Sci."},{"key":"ref_31","doi-asserted-by":"crossref","first-page":"102856","DOI":"10.1016\/j.ribaf.2025.102856","article-title":"Green innovation under financial and policy uncertainty: Evidence from China","volume":"76","author":"Mirza","year":"2025","journal-title":"Res. Int. Bus. Financ."},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"90","DOI":"10.1016\/j.frl.2017.10.007","article-title":"Signaling through government subsidy: Certification or endorsement","volume":"25","author":"Yan","year":"2018","journal-title":"Financ. Res. Lett."},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"101480","DOI":"10.1016\/j.jacceco.2022.101480","article-title":"Government subsidies and corporate disclosure","volume":"74","author":"Huang","year":"2022","journal-title":"J. Account. Econ."},{"key":"ref_34","doi-asserted-by":"crossref","first-page":"108932","DOI":"10.1016\/j.frl.2025.108932","article-title":"From shadows to spotlight: How big data bureaus unveil corporate R&D gaming?","volume":"86","author":"Yang","year":"2025","journal-title":"Financ. Res. Lett."},{"key":"ref_35","doi-asserted-by":"crossref","unstructured":"Mao, K., and Huang, J. (2022). How does climate policy uncertainty affect green innovation? Evidence from China. Int. J. Environ. Res. Public Health, 19.","DOI":"10.3390\/ijerph192315745"},{"key":"ref_36","doi-asserted-by":"crossref","unstructured":"Dixit, A.K., and Pindyck, R.S. (1994). Investment Under Uncertainty, Princeton University Press.","DOI":"10.1515\/9781400830176"},{"key":"ref_37","doi-asserted-by":"crossref","first-page":"101419","DOI":"10.1016\/j.najef.2021.101419","article-title":"Economic policy uncertainty and cost of debt financing: International evidence","volume":"57","author":"Tran","year":"2021","journal-title":"N. Am. J. Econ. Financ."},{"key":"ref_38","first-page":"C1","article-title":"Double\/debiased machine learning for treatment and structural parameters","volume":"21","author":"Chernozhukov","year":"2018","journal-title":"Econ. J."},{"key":"ref_39","first-page":"181","article-title":"Placebo tests in difference-in-differences models: A practical guide","volume":"41","author":"Chen","year":"2025","journal-title":"J. Manag. World"},{"key":"ref_40","doi-asserted-by":"crossref","first-page":"519","DOI":"10.1016\/j.jeem.2005.02.002","article-title":"Regulator reputation, enforcement, and environmental compliance","volume":"50","author":"Shimshack","year":"2005","journal-title":"J. Environ. Econ. Manag."},{"key":"ref_41","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.jaccpubpol.2012.10.003","article-title":"Analyst coverage, earnings management and financial development: An international study","volume":"32","author":"Degeorge","year":"2013","journal-title":"J. Account. Public Policy"},{"key":"ref_42","doi-asserted-by":"crossref","first-page":"1093","DOI":"10.1111\/j.1540-6261.2008.01353.x","article-title":"The corporate governance role of the media: Evidence from Russia","volume":"63","author":"Dyck","year":"2008","journal-title":"J. Financ."},{"key":"ref_43","doi-asserted-by":"crossref","first-page":"104233","DOI":"10.1016\/j.irfa.2025.104233","article-title":"Firm-level economic policy uncertainty and M&A: Evidence from MD&A textual analysis","volume":"103","author":"Zhang","year":"2025","journal-title":"Int. Rev. Financ. Anal."},{"key":"ref_44","first-page":"100400","article-title":"Digital transformation and business performance in China","volume":"30","author":"Huang","year":"2025","journal-title":"Asia Pac. Manag. Rev."},{"key":"ref_45","doi-asserted-by":"crossref","first-page":"103796","DOI":"10.1016\/j.jfineco.2024.103796","article-title":"Asset life, leverage, and debt maturity matching","volume":"154","author":"Geelen","year":"2024","journal-title":"J. Financ. Econ."},{"key":"ref_46","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1080\/00014788.2021.1958669","article-title":"When do firms highlight their effective tax rate?","volume":"53","author":"Flagmeier","year":"2023","journal-title":"Account. Bus. Res."}],"container-title":["Systems"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/2079-8954\/14\/5\/471\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,4,29]],"date-time":"2026-04-29T04:19:42Z","timestamp":1777436382000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/2079-8954\/14\/5\/471"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026,4,27]]},"references-count":46,"journal-issue":{"issue":"5","published-online":{"date-parts":[[2026,5]]}},"alternative-id":["systems14050471"],"URL":"https:\/\/doi.org\/10.3390\/systems14050471","relation":{},"ISSN":["2079-8954"],"issn-type":[{"value":"2079-8954","type":"electronic"}],"subject":[],"published":{"date-parts":[[2026,4,27]]}}}