Effects Of CIO's Managerial Capital On Firm's Digital Strategic Orientation

In the complex and changeable information era,there are increasing number of advanced technologies,opportunities and challenges coexisting in the industry.Whether a company can grasp the opportunity and successfully carry out digital transformation has become a key factor that affects corporate's performance and even determines its survival.Considering the huge risks and profits of digital transformation,CIOs play an important role in this process.At present,more and more scholars have begun to explore the role of CIOs in promoting digital strategies,but few studies have combined the characteristics of digital strategies to explore the characteristics of CIOs and their relationship.The characteristics of CIOs that are in line with digitalization represent that they have digitally related information,knowledge,and resources,and play a driving role in the formulation and implementation of digital strategies.This study is based on the strategic choice theory,and explores in depth how CIO's management capital affects the digital strategic orientation.The CIO's management capital includes composite education,professional experience,and integrated relationship.At the same time,this article also explores the moderating role of technology-experienced board members in the relationship between CIO management capital and digital strategic orientation.After reviewing the literature,this study puts forward hypotheses based on theory.This research is based on multiple data sources-Osiris,LinkedIn and SEC.A total of 160 US listed companies and 618 enterprise-year observations were collected.Based on the LDA model,this study proposes a new measurement of digital strategic orientation.Subsequently,objective data were used to measure each variable,and regression models were used for hypothesis testing.Data analysis tools such as Python,SPSS,and STATA were mainly used.Through data analysis and hypothesis testing,most of the hypotheses in this study are supported.Among them,the composite education has a positive impact on the digital strategic orientation.The relationship between integrated relationship and the digital strategic orientation is an inverted U-shaped relationship,but the professional experience and the digital strategic orientation is a U-shaped relationship.In addition,technology-experienced board members negatively moderates the positive relationship between composite education and digital strategic orientation,and the moderation to the U-shaped and inverted U-shaped relationships show that both relationships have become steeper,which has strengthened these two relationships.Next,this research analyzes and discusses the results of the study,points out the possible explanations of unsupported hypotheses,and summarizes the contributions of both theory and practice.Finally,the paper points out the limitations of this research and possible future research directions.