	Variable Name	Symbol	Variable Definition
Dependent Variable	Total Factor Productivity	TFP	The OP and LP methods are employed for computing the dependent variable, which represents the total factor productivity of the companies The GMM method is used for robustness testing ( Lu & Lian, 2012 ; Yang, 2015 ).
Independent Variable	Digital Technology	DT	To measure the extent of enterprise digital technology adoption, we refer to the works of Wu et al. (2021) , Yuan et al. (2021) , Zhao et al. (2021) , and Wu et al. (2022) . Python programming language is utilized to develop web-crawling programs for collecting and organizing textual content from the management discussion and analysis section of annual reports of all A-share listed companies. Relevant keywords related to enterprise digital technology are matched and the total frequency of their occurrence (DT) is calculated.
		DT_F	A custom digital dictionary established by Wu et al. (2021) is solely used to calculate the frequency of occurrence of digital technology keywords.
		DT_X	A custom digital dictionary established by Yuan et al. (2021) is solely used to calculate the frequency of occurrence of digital technology keywords.
		DT_Z	A custom digital dictionary established by Zhao et al. (2021) is solely used to calculate the frequency of occurrence of digital technology keywords.
		DT_W	A custom digital dictionary established by Wu et al. (2021) is solely used to calculate the frequency of occurrence of digital technology keywords.
		DT_FX	A custom digital dictionaries developed by Yuan et al. (2021) , Zhao et al. (2021) , and Wu et al. (2022) are separately used to calculate the frequency of occurrence of digital technology keywords.
Control variables	Company Size	Size	The natural logarithm of total assets.
	Debt-to-Asset Ratio	LEV	The ratio of total liabilities to total assets.
	Profitability	ROA	The return on assets.
	Fixed Asset Ratio	Fix	The ratio of fixed assets to total assets.
	Inventory Level	Stock	The ratio of inventory to total assets.
	Cash Holdings	Cash	The ratio of initial cash and cash equivalents to total assets.
	Free Cash Flow Ratio	FC	The ratio of enterprise free cash flow to total assets.
	Company Age	Age	The age of the company at the time of listing.
	Ownership Property	SOE	A dummy variable is used to indicate state-owned enterprises (1) and non-state-owned enterprises (0).
	Equity Balance	Balance	The difference between the maximum and minimum shareholding percentages of the largest shareholder is divided by the sum of these percentages to compute the governance balance variable.
	Dual Chairman and CEO	Dual	A dummy variable is used to indicate companies where the chairman also holds the position of general manager (1) and companies where they are separate (0).
	Management Shareholding Proportion	MgtHolding	The proportion of management’s shareholding relative to all shareholders is calculated.
	Board Size	Board	The number of directors on the board.
	Proportion of Independent Directors	Inddirector	The proportion of independent directors relative to all board members.
	Audited by the “Big Four” Accounting Firms	Four	A dummy variable is used to indicate companies audited by the “Big Four” accounting firms (1) and others (0).
	Time Fixed Effects	Time	Year-specific dummy variables.
	Individual Fixed Effects	Firm	Individual firm-specific dummy variables.