Supplementary file 1_Digitalization, green finance, and low-carbon transformation in manufacturing firms: a firm-level panel analysis from Shenzhen.docx

Fixed-effects panel models are used to examine their direct effects, interaction effects, and the moderating role of digitalization improvement on three outcomes, specifically carbon emission intensity, energy intensity, and green innovation output. The results show that digitalization improvement, policy exposure, and access to technological upgrading factors are generally related to the improvement of low-carbon performance, although their effects on environmental efficiency and innovation outcomes are different.

There are significant interaction effects among policy tools, technological pathways, and green finance, and the study shows that low-carbon transformation at the enterprise level depends on each driving factor, and also depends on the coordination of regulatory, technological, and financial institutions. This study contributes to the literature on digital transformation and industrial decarbonization by providing firm-level evidence on how digitalization, policy exposure, green finance, and technological upgrading jointly promote low-carbon transformation in manufacturing firms.</p>