Uncovering the Invisible Path of Supply Chain: Cybersecurity Risk Governance and Corporate ESG Performance

Cybersecurity risk governance, as an organizational capability resource, can impact an enterprise's sustainable development. This study employs text analysis and machine learning to calculate the cybersecurity risk governance index for Chinese A‐share listed companies from 2009 to 2022. Subsequently, based on the resource‐based view and signalling theory, it empirically examines the effects of cybersecurity risk governance on corporate ESG performance and its transmission mechanism within supply chains. The findings demonstrate that cybersecurity risk management can directly enhance a company's ESG performance. This effect is primarily achieved through three mediating mechanisms: supply chain risk perception, supply chain digitization and supply chain disruption risk. Moreover, this effect is more pronounced among private enterprises, high‐tech industry firms and those with higher supply chain resilience. Furthermore, this positive effect generates spillover effects across supply chains and geographic locations. This study offers a novel theoretical perspective and practical insights for understanding the strategic value of digital risk governance in corporate sustainability.