IDEAS home Printed from https://ideas.repec.org/a/eee/appene/v392y2025ics0306261925007408.html
   My bibliography  Save this article

Impact and improvement pathways of intelligent transformation on enterprise green technology innovation under renewable energy substitution

Author

Listed:
  • Zhao, Mingtao
  • Fu, Xuebao
  • Cui, Lianbiao
  • Zhu, Hailong
  • Zhang, Huanming

Abstract

Enterprise green technology innovation (GTI) is a critical indicator for promoting renewable energy substitution, and intelligent transformation plays a pivotal role in this process. In this paper, we use a semi-parametric partial linear additive model to investigate the impact of intelligent transformation on enterprise GTI, which analyzes the panel data of Chinese A-share listed enterprises from 2008 to 2022. The findings reveal that intelligent transformation impacts enterprise GTI significantly with results withstanding robustness testing. The study shows that the improvement pathways of intelligent transformation on enterprise GTI are particularly pronounced in competitive enterprises, high-tech enterprises, and labor-intensive enterprises, while it has adverse impacts on technology-intensive enterprises. Further, the study identifies the improvement pathways of intelligent transformation indirectly impact enterprise GTI by easing financing constraints and strengthening research and development (R&D). Moreover, the improvement pathways of enterprise GTI quantity and quality are impacted by the fixed asset ratio. Specifically, an inverted U-shaped relationship emerges between the fixed asset ratio and the enterprise GTI quantity, while excessively low fixed asset ratios impede enterprise GTI quality and exceed a specific threshold markedly enhances GTI quality. This study provides valuable insights into intelligent transformation into the external and internal improvement pathways on enterprise GTI, which promotes economic growth and fosters high-quality renewable energy substitution development.

Suggested Citation

  • Zhao, Mingtao & Fu, Xuebao & Cui, Lianbiao & Zhu, Hailong & Zhang, Huanming, 2025. "Impact and improvement pathways of intelligent transformation on enterprise green technology innovation under renewable energy substitution," Applied Energy, Elsevier, vol. 392(C).
    • Handle: RePEc:eee:appene:v:392:y:2025:i:c:s0306261925007408
    DOI: 10.1016/j.apenergy.2025.126010
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0306261925007408
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.apenergy.2025.126010?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Zahra, Shaker A., 1996. "Technology strategy and new venture performance: A study of corporate-sponsored and independent biotechnology ventures," Journal of Business Venturing, Elsevier, vol. 11(4), pages 289-321, July.
    2. Yao, Xin & Li, Xiyan & Kumar Mangla, Sachin & Song, Malin, 2024. "Roles of AI: Financing selection for regretful SMEs in e-commerce supply chains," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 189(C).
    3. Wang, Jing & Hu, Xuemeng & Song, Jian, 2024. "Unleashing the power of green fiscal policies: Driving energy efficiency in China," Energy, Elsevier, vol. 312(C).
    4. Feng, Bo & Mao, Zhaofang & Li, Hui, 2021. "Choices for competing service providers with heterogeneous customers: Traditional versus opaque sales modes," Omega, Elsevier, vol. 98(C).
    5. Hongbin Huang & Guanghui Jin & Jingnan Chen, 2016. "Investor sentiment, property nature and corporate investment efficiency," China Finance Review International, Emerald Group Publishing Limited, vol. 6(1), pages 56-76, February.
    6. Besiroglu, Tamay & Emery-Xu, Nicholas & Thompson, Neil, 2024. "Economic impacts of AI-augmented R&D," Research Policy, Elsevier, vol. 53(7).
    7. Mahmood, Nasir & Zhao, Yingjun & Lou, Qinqin & Geng, Jinzhou, 2022. "Role of environmental regulations and eco-innovation in energy structure transition for green growth: Evidence from OECD," Technological Forecasting and Social Change, Elsevier, vol. 183(C).
    8. Abdin, Joynal & Sharma, Abhijit & Trivedi, Rohit & Wang, Chengang, 2024. "Financing constraints, intellectual property rights protection and incremental innovation: Evidence from transition economy firms," Technological Forecasting and Social Change, Elsevier, vol. 198(C).
    9. Patnaik, Priyadarsini & Bakkar, Mahmoud, 2024. "Exploring determinants influencing artificial intelligence adoption, reference to diffusion of innovation theory," Technology in Society, Elsevier, vol. 79(C).
    10. Fan, Xuecheng & Xu, Zeshui & Qin, Yong & Škare, Marinko, 2023. "Quantifying the short- and long-run impact of inflation-related price volatility on knowledge asset investment," Journal of Business Research, Elsevier, vol. 165(C).
    11. Liu, Xiaoqian & Jia, You & Zhu, Conghao & Wang, Chang’an & Yao, Jian, 2025. "Policy-driven innovation: Does the renewable energy development initiative foster corporate innovation in renewable energy technologies?," International Review of Financial Analysis, Elsevier, vol. 102(C).
    12. Zhang, Yongji & Lan, Minghui & Zhao, Yapu & Su, Zhi & Hao, Yu & Du, Heran, 2024. "Regional carbon emission pressure and corporate green innovation," Applied Energy, Elsevier, vol. 360(C).
    13. Li, Xiaosheng & Wang, Ruirui & Shen, Z.Y. & Song, Malin, 2023. "Green credit and corporate energy efficiency: Enterprise pollution transfer or green transformation," Energy, Elsevier, vol. 285(C).
    14. Hongbin Huang & Guanghui Jin & Jingnan Chen, 2016. "Investor sentiment, property nature and corporate investment efficiency," China Finance Review International, Emerald Group Publishing Limited, vol. 6(1), pages 56-76, February.
    15. Liu, Shasha & Zhao, Huixian & Kong, Gaowen, 2023. "Enterprise digital transformation, breadth of ownership and stock price volatility," International Review of Financial Analysis, Elsevier, vol. 89(C).
    16. Wang, Baoyi & Khan, Inayat & Ge, Chenlu & Naz, Huma, 2024. "Digital transformation of enterprises promotes green technology innovation – The regulated mediation model," Technological Forecasting and Social Change, Elsevier, vol. 209(C).
    17. Lin, Yongjia & Fu, Xiaoqing & Fu, Xiaolan, 2021. "Varieties in state capitalism and corporate innovation: Evidence from an emerging economy," Journal of Corporate Finance, Elsevier, vol. 67(C).
    18. Chen, Chaoyi & Pinar, Mehmet & Stengos, Thanasis, 2022. "Renewable energy and CO2 emissions: New evidence with the panel threshold model," Renewable Energy, Elsevier, vol. 194(C), pages 117-128.
    19. Espasandín-Bustelo, Francisco & Rufino-Rus, José Ignacio & Rodríguez-Serrano, M. Ángeles, 2023. "Innovation and performance in social economy enterprises: The mediating effect of legitimacy for customers," Journal of Business Research, Elsevier, vol. 158(C).
    20. Kingsley E. Dogah & Presley K. Wesseh & Samuel Adomako, 2025. "Green credit policy, technological innovation, and corporate financial performance: Evidence from the energy industry," Business Strategy and the Environment, Wiley Blackwell, vol. 34(1), pages 1171-1188, January.
    21. Shaofeng Wang & Hao Zhang, 2025. "Promoting sustainable development goals through generative artificial intelligence in the digital supply chain: Insights from Chinese tourism SMEs," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(1), pages 1231-1248, February.
    22. Mark Anthony Camilleri, 2022. "Special issue: Corporate sustainability and stakeholder management in tourism and hospitality," Sustainable Development, John Wiley & Sons, Ltd., vol. 30(3), pages 407-408, June.
    23. Grieser, William & Maturana, Gonzalo & Spyridopoulos, Ioannis & Truffa, Santiago, 2022. "Agglomeration, knowledge spillovers, and corporate investment," Journal of Corporate Finance, Elsevier, vol. 77(C).
    24. Yang, Kexin & Zhang, Qi & Liu, Qiqi & Liu, Jiangfeng & Jiao, Jie, 2024. "Effect mechanism and efficiency evaluation of financial support on technological innovation in the new energy vehicles’ industrial chain," Energy, Elsevier, vol. 293(C).
    25. Shi, Y.Y. & Wei, Z.X. & Shahbaz, M., 2023. "Analyzing the co-evolutionary dynamics of consumers’ attitudes and green energy technologies based on a triple-helix model," Renewable and Sustainable Energy Reviews, Elsevier, vol. 171(C).
    26. Leone, Daniele & Schiavone, Francesco & Appio, Francesco Paolo & Chiao, Benjamin, 2021. "How does artificial intelligence enable and enhance value co-creation in industrial markets? An exploratory case study in the healthcare ecosystem," Journal of Business Research, Elsevier, vol. 129(C), pages 849-859.
    27. Tawiah, Vincent & Gyapong, Ernest & Usman, Muhammad, 2024. "Returnee directors and green innovation," Journal of Business Research, Elsevier, vol. 174(C).
    28. Lin, Boqiang & Xu, Chongchong, 2024. "Enhancing energy-environmental performance through industrial intelligence: Insights from Chinese prefectural-level cities," Applied Energy, Elsevier, vol. 365(C).
    29. Wu, Keyu & Zheng, Kaixin, 2025. "Tax incentives, supply chain spillovers, and enterprise technological innovation," International Review of Financial Analysis, Elsevier, vol. 99(C).
    30. Chotia, Varun & Cheng, Yue & Agarwal, Reeti & Vishnoi, Sushant Kumar, 2024. "AI-enabled Green Business Strategy: Path to carbon neutrality via environmental performance and green process innovation," Technological Forecasting and Social Change, Elsevier, vol. 202(C).
    31. Bose, Udichibarna & Mallick, Sushanta & Tsoukas, Serafeim, 2020. "Does easing access to foreign financing matter for firm performance?," Journal of Corporate Finance, Elsevier, vol. 64(C).
    32. Radicic, Dragana & Petković, Saša, 2023. "Impact of digitalization on technological innovations in small and medium-sized enterprises (SMEs)," Technological Forecasting and Social Change, Elsevier, vol. 191(C).
    33. Serdar Çop & Victor Oluwafemi Olorunsola & Uju Violet Alola, 2021. "Achieving environmental sustainability through green transformational leadership policy: Can green team resilience help?," Business Strategy and the Environment, Wiley Blackwell, vol. 30(1), pages 671-682, January.
    34. Fischer, Denise & Greven, Andrea & Tornow, Mark & Brettel, Malte, 2021. "On the value of effectuation processes for R&D alliances and the moderating role of R&D alliance experience," Journal of Business Research, Elsevier, vol. 135(C), pages 606-619.
    35. Audretsch, David Bruce & Belitski, Maksim & Guerrero, Maribel, 2022. "The dynamic contribution of innovation ecosystems to schumpeterian firms: A multi-level analysis," Journal of Business Research, Elsevier, vol. 144(C), pages 975-986.
    36. Natera, Jose Miguel & Castellacci, Fulvio, 2021. "Transformational complexity, systemic complexity and economic development," Research Policy, Elsevier, vol. 50(7).
    37. Sun, Yulong & Du, Ruoyun & Chen, Hongfei, 2025. "Energy transition and policy perception acuity: An analysis of 335 high-energy-consuming enterprises in China," Applied Energy, Elsevier, vol. 377(PD).
    38. Ghimire, Amogh & Ali, Sajjad & Long, Xingle & Chen, Lili & Sun, Jiayi, 2024. "Effect of Digital Silk Road and innovation heterogeneity on digital economy growth across 29 countries: New evidence from PSM-DID," Technological Forecasting and Social Change, Elsevier, vol. 198(C).
    39. Wu, Qingyang & Li, Shanhong, 2024. "Decarbonization by digits: How data factors drive nonlinear sustainable dynamics in manufacturing," Applied Energy, Elsevier, vol. 374(C).
    40. Mugume, Regean & Bulime, Enock W.N., 2024. "Delivering double wins: How can Africa's finance deliver economic growth and renewable energy transition?," Renewable Energy, Elsevier, vol. 224(C).
    41. Lee, Chien-Chiang & Qin, Shuai & Li, Yaya, 2022. "Does industrial robot application promote green technology innovation in the manufacturing industry?," Technological Forecasting and Social Change, Elsevier, vol. 183(C).
    42. Ding, Qiaoying & He, Wensheng & Deng, Yanfang, 2025. "Can tax reduction incentive policy promote corporate digital and intelligent transformation?," International Review of Financial Analysis, Elsevier, vol. 99(C).
    43. Xu, Pei & Ye, Penghao & Zhao, Fan & Jahanger, Atif, 2024. "Technology spillover and market competitiveness in green credit induced corporate green innovation: An evolutionary game theory and empirical study," Technological Forecasting and Social Change, Elsevier, vol. 207(C).
    44. Rathi, Sawan & Majumdar, Adrija & Chatterjee, Chirantan, 2024. "Did the COVID-19 pandemic propel usage of AI in pharmaceutical innovation? New evidence from patenting data," Technological Forecasting and Social Change, Elsevier, vol. 198(C).
    45. Nha Minh Nguyen & Tu Thanh Hoai & Hien Van Vo & Nguyen Phong Nguyen, 2023. "Digital approach toward environmental sustainability in supply chains: Evidence from Vietnamese firms," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(5), pages 3303-3317, October.
    46. Bergougui, Brahim & Murshed, Syed Mansoob & Shahbaz, Muhammad & Zambrano-Monserrate, Manuel A. & Samour, Ahmed & Aldawsari, Mohammed Ibrahim, 2025. "Towards secure energy systems: Examining asymmetric impact of energy transition, environmental technology and digitalization on Chinese city-level energy security," Renewable Energy, Elsevier, vol. 238(C).
    47. Feng, Yi & Wu, Fulong & Zhang, Fangzhu, 2022. "The development of local government financial vehicles in China: A case study of Jiaxing Chengtou," Land Use Policy, Elsevier, vol. 112(C).
    48. Hao, Xiaoli & Wen, Shufang & Xue, Yan & Wu, Haitao & Hao, Yu, 2023. "How to improve environment, resources and economic efficiency in the digital era?," Resources Policy, Elsevier, vol. 80(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zhao, Mingtao & Fu, Xuebao & Sun, Jun & Wang, ZhenZhen & Wang, HongJiu & Lu, Suwan & Cui, Lianbiao, 2025. "Optimal strategy of artificial intelligence on low-carbon energy transformation: Perspective from enterprise green technology innovation efficiency," Energy, Elsevier, vol. 319(C).
    2. Liu, Yingji & Shen, Fangbing & Guo, Ju & Hu, Guoheng & Song, Yuegang, 2025. "Can artificial intelligence technology improve companies' capacity for green innovation? Evidence from listed companies in China," Energy Economics, Elsevier, vol. 143(C).
    3. Fei, Jinhua & Pu, Zhengning & Tavera, Christophe, 2024. "The power of patent transfer: The impact of green technology acquisition on non-residential CO2 emissions under the intervention of government actions," Journal of Asian Economics, Elsevier, vol. 94(C).
    4. Wang, Baoyi & Khan, Inayat & Ge, Chenlu & Naz, Huma, 2024. "Digital transformation of enterprises promotes green technology innovation – The regulated mediation model," Technological Forecasting and Social Change, Elsevier, vol. 209(C).
    5. Chin, Tachia & Li, Zhisheng & Huang, Leping & Li, Xinyu, 2025. "How artificial intelligence promotes new quality productive forces of firms: A dynamic capability view," Technological Forecasting and Social Change, Elsevier, vol. 216(C).
    6. Fu, Tong & Qiu, Zhaoxuan & Yang, Xiangyang & Li, Zijun, 2024. "The impact of artificial intelligence on green technology cycles in China," Technological Forecasting and Social Change, Elsevier, vol. 209(C).
    7. Che, Shuai & Tao, Miaomiao & Silva, Emilson & Sheng, Mingyue Selena & Zhao, Congyu & Wang, Jun, 2024. "Financial misallocation and green innovation efficiency: China's firm-level evidence," Energy Economics, Elsevier, vol. 136(C).
    8. Li Wang & Hongyu Yang, 2024. "Digital technology innovation and corporate ESG performance: evidence from China," Economic Change and Restructuring, Springer, vol. 57(6), pages 1-32, December.
    9. Fang Chen & Wenge Liu, 2025. "Does Industrial Robot Adoption Reduce Pollution Emission? Evidence from China," Sustainability, MDPI, vol. 17(13), pages 1-19, July.
    10. Kartal, Mustafa Tevfik & Magazzino, Cosimo & Taşkın, Dilvin & Depren, Özer & Ayhan, Fatih, 2025. "Efficiency of green bond, clean energy, oil price, and geopolitical risk on sectoral decarbonization: Evidence from the globe by daily data and marginal effect analysis," Applied Energy, Elsevier, vol. 392(C).
    11. Xu, Chongchong & Lin, Boqiang, 2025. "The AI-sustainability Nexus: How does intelligent transformation affect corporate green innovation?," International Review of Financial Analysis, Elsevier, vol. 102(C).
    12. Zhang, Weike & Zeng, Ming, 2024. "Is artificial intelligence a curse or a blessing for enterprise energy intensity? Evidence from China," Energy Economics, Elsevier, vol. 134(C).
    13. Yang, Yang & Xiao, Zheng, 2024. "Examining the interaction effect of digitalization and highly educated employees on ambidextrous innovation in Chinese publicly listed SMEs: A knowledge-based view," Technology in Society, Elsevier, vol. 78(C).
    14. Wang, Jingyi & Guan, Hongjun & Zhao, Aiwu, 2024. "Regional productivity in the energy structure transition of the Yellow River Basin in China - estimation based on a restricted cost function," Applied Energy, Elsevier, vol. 375(C).
    15. Henri A. Schildt & Markku V.J. Maula & Thomas Keil, 2005. "Explorative and Exploitative Learning from External Corporate Ventures," Entrepreneurship Theory and Practice, , vol. 29(4), pages 493-515, July.
    16. Ran, Qiying & Yang, Xiaodong & Yan, Hongchuan & Xu, Yang & Cao, Jianhong, 2023. "Natural resource consumption and industrial green transformation: Does the digital economy matter?," Resources Policy, Elsevier, vol. 81(C).
    17. He, Zhenyu & Tang, Yuwei, 2023. "Local environmental constraints and firms’ export product quality: Evidence from China," Economic Modelling, Elsevier, vol. 124(C).
    18. Chukwuemeka Chinonso Emenekwe & Robert Ugochukwu Onyeneke & Chinedum Uzoma Nwajiuba & Ifeoma Quinette Anugwa & Obioma Uchenna Emenekwe, 2025. "Determinants of consumption-based and production-based carbon emissions," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 27(5), pages 10303-10339, May.
    19. Deng, Yumiao & Fang, Mengmeng & Ma, Sichao & Wang, Fanzhi & Wu, Wanting, 2025. "The impact of bank FinTech on green credit allocation: Evidence from China," Finance Research Letters, Elsevier, vol. 71(C).
    20. Rongwu Zhang & Wenqiang Fu & Yingxu Kuang, 2022. "Can Digital Economy Promote Energy Conservation and Emission Reduction in Heavily Polluting Enterprises? Empirical Evidence from China," IJERPH, MDPI, vol. 19(16), pages 1-21, August.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:appene:v:392:y:2025:i:c:s0306261925007408. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/405891/description#description .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.