The Impact Of CEO Overseas Experience On The Digitalization Of Enterprises

At the macro level,the digital transformation of enterprises under the global wave has been unstoppable.In recent years,China has also vigorously developed the digital economy.The level of digitalization of enterprises has steadily improved,but the overall development level is still low,mainly due to the weak industrial foundation,funding constraints,lack of digital capabilities,and insufficient digital talent reserves.There are already research on the impact of digital talent reserves on the digitalization of enterprises.On the demand side,the digitalization of enterprises can boost corporate performance through cost reduction,quality improvement,and increase efficiency,but strengthen corporate governance.On the supply side,the scale of returnees has continued to expand in recent years,and it has shown a trend of high knowledge and youth.This article starts from two perspectives of digital talents in China and the supply of returnees and to give appointment suggestions to the enterprise from two dimensions.During the reference,returnees have more advantages than local CEOs in cognitive ability and resource endowment than local CEOs.On the one hand,overseas learning or work experience can help CEOs get excellent education,broad international vision,and cutting-edge technical theory and management,on the other hand,overseas CEOs can accumulate their social network resources through the study or work of scientific research institutions,alumni,colleagues,or partners,helping returnee CEO to strive for more corporate digital technology cooperation opportunities,risk capital support,and digital construction management methods for enterprises.Therefore,this article believes that CEO overseas experience is conducive to digitalization of enterprises.This article combines the overseas experience of the CEO of the China A-share listed company from 2011 to 2020 and the digital related information of the enterprise,and adopts a two-way fixed effect model of panel data.Studies have found that CEO overseas experience can significantly promote the digitalization of enterprises,and different types of overseas learning and work experience.There will also be heterogeneity effects.In terms of selection,this article starts from the CEO age and academic qualifications.Studies have found that the CEO age has a significant negative adjustment effect on the impact of CEO’s overseas experience on the digitalization of enterprises.The CEO education level will produce non-significant one when master’s degree and below.Promoting the role,but it will produce a significant negative adjustment effect when Ph D and below.In terms of talents selection,this article starts from two perspectives of incentives and supervision.At the level of incentive,research has found that salary incentives can make a significant negative adjustment effect on the impact of CEO overseas on the digitalization of enterprises,while equity incentives can produce nonsignificant positive adjustment.In terms of talent appointment,equity incentives are better than salary incentives,at the level of supervision,research has found that the higher the concentration of equity,the more conducive to the positive impact of CEO overseas experience on the digitalization of enterprises.Heterogeneous research has found that CEO overseas experience has a stronger role in digitalizing enterprises in largescale enterprises,mature enterprises,non-state-owned enterprises,and manufacturing enterprises.Finally,the results of stability show that the research results of this article are stable.