Digital transformation as a mediating mechanism between stakeholder pressure and ESG practices: The moderating role of digital leadership

NGUYEN PHONG NGUYEN

Assoc. Prof., School of Accounting, University of Economics Ho Chi Minh City

Email: [email protected]

Abstract

The study used partial least squares structural equation modeling (PLS-SEM) version 4.1.1.6 to analyze the data from a two-stage survey of 329 mid-level managers in Vietnamese manufacturing enterprises. The results highlight the unique mediating role of digital transformation on the relationship between stakeholder pressures and ESG implementation. The findings also confirm the moderating role of digital leadership in boosting the impact of stakeholder pressures on digital transformation. Grounded on stakeholder theory and upper echelon theory, this study elucidates the notable link between stakeholder pressures, digital transformation, and digital leadership. Besides, it offers insightful perspectives for Vietnamese manufacturing enterprises when integrating and utilizing these factors above to successfully implement ESG.

Keywords: Digital leadership, digital transformation, ESG implementation, stakeholder pressures, Viet Nam

(This article was published in the Vietnam Economic&Financial Review, Vol 2, Issue 3, June 2026)

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