Study variables (source: authors’ elaboration).

In recent years authorities and regulators around the world are showing great interest in the concept of sustainability. Sustainable practices are a growing phenomenon around the world and there is increasing research on the correlation between Environmental, Social and Governance (ESG) and corporate financial performance (FP). In parallel with the increasing focus on ESG, digitalization has gained a pivotal role in the business environment. The paper wants to investigate the relationship between ESG factors and financial performance. Moreover, it tries to understand how digitalization influences that relationship. We use panel data regression using pooled ordinary least squares, fixed effects or least squares dummy variables. The panel covered by our study consists of a sample of listed companies belonging to the Energy and Utilities sectors observed from the year 2019 to 2021. In particular, our data set includes financial indicators closely related to the corporate profitability, sustainability indicators and an indicator use as a proxy of digitalization. The results provide interesting insights on how digitalization can moderate the relationship between ESG and profitability goals within the business environment, and especially the correlation that exists between sustainability and profit. The results suggest that ESG integration in corporate organizations positively affects FP because a strong ESG proposition enables businesses to grow both in existing and new markets. The findings further support the need to invest in digitalization since they show a substantial gain in financial efficiency, which can eventually boost corporate revenues. The research results support the minimization of the corporate social cost and, more generally, of social well-being. We contribute to the literature by studying the moderating role of investments in digital technologies in the context of sustainability, to understand whether or not digitalization can accelerate the impact of ESG on corporate profitability.近年来，全球各国监管机构与政府部门对可持续发展理念展现出浓厚兴趣。可持续实践在全球范围内蔚然成风，学界针对环境、社会和公司治理（Environmental, Social and Governance, ESG）与企业财务绩效（Corporate Financial Performance, FP）之间的关联展开的研究也与日俱增。伴随各界对ESG关注度的持续提升，数字化在商业环境中已占据关键地位。本研究旨在探究ESG要素与财务绩效之间的关联，并进一步剖析数字化如何对这一关联产生调节作用。本研究采用混合普通最小二乘法、固定效应模型或最小二乘虚拟变量模型开展面板数据回归分析。本研究的面板数据样本涵盖2019年至2021年期间的能源与公用事业行业上市公司。具体而言，本数据集包含与企业盈利能力高度相关的财务指标、可持续发展指标，以及用于衡量数字化水平的代理指标。研究结果揭示了数字化如何在商业场景中调节ESG与盈利目标之间的关联，尤其是可持续发展与企业利润间的内在联系，为相关领域提供了颇具价值的洞见。研究结果表明，企业组织中融入ESG理念对财务绩效具有正向影响，因为完善的ESG布局能够助力企业在现有市场与新兴市场同步扩张。此外，研究结果证实了布局数字化转型的必要性：数字化能够显著提升财务运营效率，最终推动企业营收增长。本研究结果同时印证了最小化企业社会成本、整体优化社会福祉的重要意义。本研究聚焦可持续发展语境下数字技术投资的调节作用，旨在探明数字化是否能够强化ESG对企业盈利能力的影响，从而为现有相关学术文献补充了新的研究视角。