Digital Finance and Corporate ESG Performance: The Mediating Role of Financing Constraints and Green Innovation-Evidence from Thai Listed Companies

This study examines the impact of digital finance on corporate Environmental, Social, and Governance (ESG) performance in Thailand. Drawing upon stakeholder theory, agency theory, signaling theory, and the resource-based view, we propose a conceptual framework that integrates financing constraints and green innovation as mediating mechanisms. Using panel data from 523 companies listed on the Stock Exchange of Thailand (SET) covering the period 2018-2024, yielding 3,320 firm-year observations, we employ multiple regression analysis to test the proposed hypotheses. The research addresses significant gaps in the existing literature by: (1) investigating the digital finance-ESG relationship in the underexplored context of Thai capital market, (2) examining the dual mediating pathways through which digital finance influences sustainability outcomes, and (3) considering the moderating role of family ownership structure. This study contributes to the growing body of knowledge on sustainable finance and provides practical implications for policymakers and corporate managers seeking to leverage digital financial technologies for sustainable development in emerging markets.