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In the context of the digital economy era, can digital transformation promote the improvement of non-financial performance of manufacturing enterprises? Taking Shanghai and Shenzhen A-share listed manufacturing firms from 2012 to 2021 as instances, this paper decomposes non-financial performance from five dimensions: innovation performance, ESG performance, working capital management performance, organizational resilience, and corporate market competitiveness, and examines the effects and mechanisms of the digital revolution on manufacturing companies’ non-financial performance via empirical analysis. The findings are as follows: (1) digital transformation of manufacturing enterprises plays a significant positive role in innovation performance, ESG performance, working capital management performance, organizational resilience, and corporate market competitiveness, and (2) digital transformation can promote the improvement of non-financial performance of manufacturing enterprises by improving the quality of internal control. In addition, the heterogeneity analysis results show that digital transformation contributes more to the non-financial performance of non-state-owned manufacturing enterprises. The study conclusion can provide experience for promoting the sustainable development of manufacturing enterprises and driving high-quality economic development.
Dai et al. (Sat,) studied this question.