| Digital transformation has become a major trend in global economic development.The 14 th Five-Year National Informatization Planning proposed to establish a sound governance system for digital development in a standardized and orderly manner;the Report of the 20 th Party Congress once again emphasized "accelerating the construction of digital China".In this context,digital transformation is becoming the primary choice for enterprises.Therefore,under the current situation,it is of great practical significance to explore the influencing factors of enterprise digital transformation from the micro perspective based on the internal perspective of enterprises.Generally speaking,CEO has obvious right to speak in enterprise decision-making.Similarly,they play an important role in promoting strategic strategies such as digital transformation,In particular,CEOs with compound professional experiences are not only an important path to shape composite talents,but also help CEOs develop a comprehensive thinking structure,depth of social capital and breadth of management vision.Therefore,can CEOs with compound professional experience take advantage of their advantages to play a positive governance effect and promote the digital transformation of enterprises? At present,there are relatively few studies on the influence of CEO compound career experience on the digital transformation of enterprises,which needs further discussion and improvement.Based on this,this paper takes China’s listed companies in Shanghai and Shenzhen A-shares from 2008-2022 as the research object,manually collates the CEO career experiences of listed companies in Shanghai and Shenzhen A-shares using word frequency statistics,and constructs a unique dataset of CEO career experiences by selecting five main dimensions: enterprise,industry,functional department,organization and geographical type--Compound Career Experience Index,as a measure of CEO rich career experience,and examined the relationship between CEO’s composite career experience and corporate digital transformation through empirical analysis.The results of the study show that(1)CEO with compound career experience is significantly and positively related to corporate digital transformation,CEOs with rich career experience drive corporate digital transformation.(2)Financing constraints play a moderating role.Compared with high financing constraints,when enterprises are faced with low financing constraints,the CEO compound career experience has a stronger role in promoting the digital transformation of enterprises.(3)The intensity of board supervision plays a moderating role.When the intensity of board oversight is high,the relationship between CEO with compound career experience and corporate digital transformation is significantly positive;when the intensity of board oversight is low,the relationship between CEO composite career experience and corporate digital transformation is not significant.(4)After further distinguishing the nature of enterprise property rights and the results showed that the CEO composite career experience significantly contributed to the digital transformation of enterprises in non-state-owned enterprises,and the above relationship was not significant in state-owned enterprises.After distinguishing between the regional digital ecological levels,the regression results show that in the high digital ecological level group,CEO composite career experience has a significant positive relationship with corporate digital transformation;however,in the low digital ecological level group,the relationship is not significant.This paper studies expands the relevant literature on the influencing factors of enterprise digital transformation and the influencing consequences of CEO compound career experience.Empirical tests prove that CEO with compound professional experience,as an excellent human capital,has a positive governance effect on enterprises and provides empirical evidence for the selection and appointment of enterprise executives. |
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