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Considering rapid digitalization development, this study examines the impacts of digital technology innovation on social responsibility in platform enterprises.

The study applies the event study method and cross-sectional regression analysis, taking 168 digital technology innovations for social responsibility issued by 88 listed platform enterprises from 2011 to 2022 to study the impact of digital technology innovations for social responsibility announcements of different announcement content and platform attributes on the stock market value of platform enterprises.

The results show that, first, the positive stock market reaction is produced on the same day as the digital technology innovation announcement. Second, the announcement of the platform’s public social responsibility and the announcement of co-innovation and radical innovation bring more positive stock market reactions. In addition, the announcements mentioned above issued by trading platforms bring more positive stock market reactions. Finally, the social responsibility attribution characteristics of the announcement did not have a significant differentiated impact on the stock market reaction.

Most scholars have studied digital technology innovation for social responsibility through modeling rather than second-hand data to empirically examine. This study uses second-hand data with the instrumental stakeholder theory to provide a new research perspective on platform social responsibility. In addition, in order to explore the different impacts of digital technology innovation on social responsibility, this study has classified digital technology innovation for social responsibility according to its social responsibility and digital technology innovation characteristics.

This study explores the impact of carbon neutrality policies on Chinese stock market from a supply chain perspective. Specifically, the carbon policy refers to the Action Plan for Carbon Dioxide Peaking Before 2030 (the Plan) in China.

This paper is based on the resource dependence theory (RDT) and applies the event study methodology to explore the impact. It uses the cross-sectional regression model to reveal the moderating effect of supply chain characteristics on the stock market reaction with a data set of 354 listed companies in A-shares (excluding ChiNext and SME board).

The promulgation of the Plan shows a significant negative stock market reaction. Customer concentration, out-degree centrality and smart supply chains (SSCs) have a significant negative moderating effect. In-degree centrality and supplier concentration have a significant positive moderating effect. Furthermore, the conclusions concerning out-degree centrality, supplier concentration and SSCs are counterintuitive.

For policymakers, the study results provide a reference for evaluating the carbon neutrality policy. For managers, this study provides theoretical support for strategically adjusting and designing supply chain structures in the context of advocating peak carbon dioxide emissions and carbon neutrality.

This paper is the first attempt that includes the supply chain structure factors into the impact of carbon neutrality policies on the stock market.

This study aims to empirically examine the effect of supply chain innovation (SCI) announcements on shareholder value within the context of Industry 4.0 and Industry 5.0.

This study uses an event study method to examine the effect of SCI announcements on shareholder value of the 156 listed companies in China.

First, SCI announcements have a positive effect on shareholder value. Second, SCI with an integrated form more positively affects shareholder value than SCI with an independent form. SCI at the strategy level more positively affects shareholder value than SCI at the operation level. Technology-type SCI more positively affects shareholder value than process-type SCI. Third, this study finds that investors pay more attention to the SCI of companies in the service industry than that of in the manufacturing industry. Finally, the post-hoc analysis finds that digital SCI more positively affects shareholder value than intelligent SCI.

First, most scholars use questionnaire data rather than second-hand data to conduct empirical research to explore the impact of SCI on performance. Second, although scholars focus on performance comprehensively, including operational, financial, relational and environmental performance, no scholars use an event study to explore the impact of SCI on the stock market. Third, no scholars have explored the differential impact of SCI in different industries. Forth, few scholars have classified SCI according to the characteristics to explore the differential impact of SCI. Finally, the differences between SCI of Industry 4.0 and SCI of Industry 5.0 have been described, but no scholars have used empirical research to explore the differences.