Digital Transformation Information Disclosure and Corporate Sustainable Development Performance：The Mediating Effects of Green Collaborative Innovation

A key tool for communicating corporate digital progress in the context of the deep integration of the digital and real economies is the disclosure of corporate digital transformation information. The authenticity of this information is essential for directing resource allocation, closing the digital divide, and concretely promoting sustainable development. This study builds a catering index based on data from China's A-share listed companies from 2014 to 2023 to identify catering behaviors in the process of digital transformation information disclosure and investigates their impact on corporate sustainable development performance. The results show that catering behaviors do occur in listed companies' digital transformation information disclosure, and that these behaviors reduce the positive impact of digital transformation information disclosure on corporate sustainable development performance. Mechanism analysis reveals that catering behaviors impair sustainable development performance by undermining the positive effect of digital transformation information disclosure on green collaborative innovation. Furthermore, heterogeneity analysis shows that the dampening effect of catering behaviors is more pronounced for firms in industries with low environmental sensitivity and high competition, as well as for small-sized and state-owned enterprises. From the perspective of innovation collaboration, this study provides empirical support for standardizing information disclosure procedures and improving the governance of the innovation ecosystem by revealing the internal mechanism by which digital transformation affects sustainable development.