| In the era of digital economy,digital transformation is the only way for enterpris es to achieve rapid and sustainable development.The digital transformation of enterpr ises is a major strategic transformation project,which has a comprehensive impact on enterprises,including but not limited to production,operation,management,marketin g and other fields.The research shows that the promotion of the enterprise digital tran sformation project will be greatly affected by the enterprise management.According t o the high-echelon theory,individual executives are inevitably affected by their perso nal characteristics and cognitive limitations,which makes it difficult to make optimal decisions with the help of individual executives in the current complex economic situa tion.The senior management team can integrate the resource advantages of internal m embers,supervise,communicate and learn from each other,so as to make decisions th at are most conducive to the production,operation and long-term interests of the enter prise.The importance of the senior management team has become increasingly promi nent.The research on senior management team mainly focuses on team heterogeneity and team stability.There are many domestic literatures that have studied the impact of team heterogeneity on Digital transformation from the perspective of team heterogen eity,but few studies have been conducted from the perspective of team stability.And t eam stability is also very important for business decision-making.A moderately stable senior management team can cultivate the trust and tacit understanding of internal me mbers,thus improving the efficiency and quality of decision-making,and reducing th e short-sighted and irrational behavior of senior executives.Therefore,this paper expl ores the impact of the internal stability of the top management team on the degree of d igital transformation.This paper takes qualified A-share market enterprises in 2011-2020 as the researc h sample,and uses the combination of theoretical analysis and empirical proof to expl ore the impact of stability within the top management team on digital transformation.Firstly,based on the high-level theory,social identity theory,economic man hypothesi s and management career theory,and combining with previous studies,this paper puts forward a research hypothesis on the relationship between the stability of senior man agement team and the impact of corporate digital transformation;Secondly,select the data of listed companies in China’s A-share market from 2011 to 2020 that meet the st andards,use Stata software to conduct empirical analysis,and analyze the possible im pact mode-the role of institutional investors’ shareholding;At the same time,through heterogeneity analysis,we discuss the difference of the impact of the stability of the e xecutive team on the digital transformation of enterprises in the case of the difference between the executive education and the enterprise property rights;Finally,the robust ness of the experimental results is checked by changing the calculation method of dep endent variables and lagging the dependent variables.The study found that: first,the stability of the team has an inverted U-shaped imp act on the degree of digital transformation.When the team stability is low,the improv ement of team stability has a positive impact on the degree of digital transformation.At this time,the improvement of team stability brings more advantages than disadvant ages.The improvement of stability will improve the cohesion of the senior manageme nt team,make it easier to reach consensus,improve the efficiency and quality of decis ion-making,pay more attention to the long-term interests of the enterprise,and promo te the degree of digital transformation;When the stability reaches the critical point,th e further improvement of stability will inhibit the degree of digital transformation.Thi s is because at this time,the disadvantages brought by stability to the team have been greater than its advantages,that is,the over-stable senior management team will gradu ally expose the defects of not thinking ahead and conservative management,which is not conducive to the promotion of digital transformation projects.Secondly,the increa se of institutional investors’ shareholding ratio can weaken the impact of team stabilit y on digital transformation,and the regulatory role of this variable can make the range of positive impact of stability on the degree of digital transformation larger.Finally,t hrough the study of the micro characteristics of enterprises,this paper found that the s tability of senior management team has a more significant impact on the degree of dig ital transformation in enterprises with small differences in academic qualifications wit hin the team and non-state enterprises.The results of robustness tests show that the co nclusions of this paper are robust.This paper studies the impact of TMT characteristics on Digital transformation fr om the perspective of TMT stability.On the one hand,it provides a relatively novel re search perspective for the economic consequences of the characteristics of executive t eams,points out the role of team stability in the digital transformation of enterprises,makes the management have a deeper understanding of the economic role of the stabil ity of the executive team,and further explores the impact of different factors on the re lationship between the two.On the other hand,it provides relevant suggestions for the high-quality development of the digital economy in enterprises and the ways of enter prises to promote digitalization,so that enterprises can have more autonomy in promo ting digital transformation,help enterprises promote the process of digital transformat ion,enable enterprises to adapt to the digital economy era faster,and improve their o wn operational efficiency and competitiveness. |
