## 5 Empirical Test and Result Analysis
### Influencing Mechanism Analysis
#### 5.4.1 Reduce Managerial Myopia Behavior  
\"Technology for goodness\" is a long-term development of eidos. Digital transformation can increase managers' rational decision-making thinking and reduce managers' short-sighted behavior, thus promoting the long-term development of enterprises. According to the 'digital technology to good' effect discussed in the third part of the theoretical mechanism and hypothesis, the digital transformation of enterprises is conducive to the formation of long-term development concepts of enterprises. The cognitive managerial theory holds that the direct cause of managers' overconfidence or myopia lies in their own cognitive bias. [PERSON] et al. found that overconfident managers will more easily believe in the future profit commitment of enterprises with inflated profits, which aggravates the investment risk of the enterprises they manage [60]. According to the theory of the managerial endowment effect, the cognition of enterprise managers will change on the basis of the experience generated by their interaction with their own environment. The powerful information effect of digital technology broadens the information source channels of enterprise managers, which increases the opportunities for managers to obtain new endowments to a certain extent. Therefore, it will enable managers to examine the development of enterprises with a longer-term perspective in the future so as to overcome their original short-sighted behavior.  
In terms of measuring managerial myopia, this paper refers to the measurement method of [PERSON] et al. [61] and uses the word frequency analysis method to calculate the MD & A document size, the total number of MD & A words, the total number of MD & A words, and the total number of MD & A sentences through the annual report of listed companies. Based on the above calculation results, the managerial myopia index is calculated.  
Columns (1) and (2) in Table 9 report the regression results of the mediating effect without adding control variables. The results show that _Ludigital_ is \(-0.0045\) for _Myopia_, which is significant at the 1% level, so there is a significant negative correlation between digital transformation and managerial _Myopia_. The regression coefficients of _Ludigital_ and _Myopia_ to ESG were \(0.0165\) and \(-0.0783\), respectively, which were significant at 1% and  
\begin{table}
\begin{tabular}{c c c c c c c c} \hline  & **(1)** & **(2)** & **(3)** & **(4)** & **(5)** & **(6)** & **(7)** \\ \hline \multirow{4}{*}{_Duel_} & HZESG & _ESG_ & _ESG_ & _ESG_ & _ESG_ & _ESG_ & _ESG_ \\ \cline{2-8}  & & & & & \(-0.0472\) *** & & & \\ \cline{2-8}  & & & & (0.0070) & & & & \\ \hline \multirow{4}{*}{_Market_} & & & & & 0.0101 *** & & & \\ \cline{2-8}  & & & & (0.0016) & & & & \\ \hline \multirow{2}{*}{\_.cons} & 2.5980 *** & 1.0940 *** & 1.1140 *** & 1.0210 *** & 0.5850 *** & 0.9960 *** & 0.9800 *** \\ \cline{2-8}  & (0.3190) & (0.1660) & (0.2090) & (0.0806) & (0.1010) & (0.1280) & (0.0736) \\ \hline Industry & control & control & control & control & control & control & control & control \\ \hline Year & control & control & control & control & control & control & control \\ \hline \(N\) & 9767 & 8563 & 5706 & 8215 & 4702 & 3478 & 9767 \\ \hline \(R^{2}\) & 0.141 & 0.288 & 0.284 & 0.288 & 0.344 & 0.283 & 0.305 \\ \hline adj. \(R^{2}\) & 0.135 & 0.283 & 0.278 & 0.282 & 0.336 & 0.273 & 0.301 \\ \hline \end{tabular}
\end{table}
Table 8: _Cont._5% levels. Therefore, the mediating effect is established. Columns (3) and (4) report the regression results of the mediating effect of adding control variables, and the results are consistent with the above.