Double-edged sword of industrial internet of things: Empirical evidence from green transformation of enterprises.

The industrial revolution based on the Internet of Things brings new opportunities and challenges for enterprises' green and sustainable development. Therefore, this study explores the relationship between the Industrial Internet of Things (IIOT) and the Green Transformation of Enterprises (GT) based on the data of China's A-share listed companies from 2009 to 2023 using two-way fixed, mediated effect, and moderated effect models. The results show that for every unit increase in IIOT, the GT increases by 28.89 percent on average, indicating that IIOT can break down information barriers and effectively promote GT. However, after disaggregating the GT, it was found that the IIOT guided companies to implement the Symbolic Green Transformation (SGT) instead of adopting the Realistic Green Transformation (RGT). This strategic choice preference is more pronounced among firms that are larger, in energy-intensive industries, in regions with weaker environmental regulations and higher levels of development. The intermediary mechanism test proved that the IIOT can drive firms to implement comprehensive GT through paths that enhance investment attractiveness, productivity, technological innovation, and pay gaps. In particular, the masking effect reminds us that smart technology is a "double-edged sword". The negative effects of smart technologies hinder the implementation of RGT. Further analysis reveals an inverted U-shaped relationship between IIOT and RGT preferences. In addition, in companies that focus on Environmental, Social and Governance (ESG) performance and avoid financial speculation, the dark side of intelligent technology is suppressed. The findings of this study enrich the research scope of smart technology, GT, and provide important insights for enterprises in emerging economies to rationally utilize IIOT to seek green and sustainable development under the wave of rapid development of smart technology.