The Impact of Digital‐Green Synergistic Transformation on Firm's Supply Chain Resilience: A Study Based on the Optimal Distinctiveness Theory

ABSTRACT The digital‐green synergistic transformation is of great significance for enhancing the supply chain resilience of firms. This study, based on the optimal distinctiveness theory, explores the impact of digital‐green synergistic transformation on a firm's supply chain resilience and its boundary conditions. Using China's 2022 Digital‐Green Synergistic Transformation Comprehensive Pilot Policy (Dual Synergy Pilot) as a quasinatural experiment, we employ a difference‐in‐differences estimation model and reach the following conclusions: (1) digital‐green synergistic transformation significantly enhances a firm's supply chain resilience; (2) both relational debt and strategic equity positively moderate this relationship, with the empowering effect of strategic equity being stronger; and (3) further heterogeneity analysis reveals that the effects are particularly pronounced in state‐owned firms, high‐pollution industries, and high‐tech industries. From the perspective of digital‐green synergistic transformation, this study enriches the theoretical framework for enhancing a firm's supply chain resilience and provides valuable practical insights for managers, policymakers, and investors.