All data are downloaded from the CSMAR and CNRDS Databases in Excel format. The paper uses panel data from 2011 to 2021, excluding the ST, ST*, and financial companies. After combining them together and excluding the missing value, the valid observation number is 23822, which includes 3021 corporations from 75 industries in China's A-share stock market. The dataset includes the digital transformation score, green patent application number, environmental management disclosure score, institution pressure, and other company-related data, like companies' age, size and profitability.
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