数字化投资与认知互补增效——高层梯队理论视角

Complementarity of digital investment and cognition:From the upper eche⁃lons theory perspective

数字化转型需要企业认知转变与资金投入的共同推动,即数字化认知与数字化投资的互补增效,而高管团队的结构特征在其中扮演重要作用.根据高层梯队理论,高管团队的背景结构影响传统企业的数字化认知,成为数字化投资能否为企业增效的关键影响因素.本研究基于208家医药上市企业2010年—2019年的非平衡面板数据,分析并检验了高管团队职能背景异质性和金融背景主导性对企业数字化投入产出的调节作用.结果表明企业的数字化投资与数字化认知相互依赖、互补增进,两者共同推动企业成长性价值;高管团队职能背景异质性能够强化两者的互补效应,而高管团队中金融背景成员的增加会弱化该效应.

Digital transformation requires both cognitive transformation and financial investment,that is,the complementarity between digital cognition and digital investment.The effects of digital investment and cogni⁃tion of firms largely depend on the background structure of their top management teams(TMT).According to the upper echelons theory,TMT background structure affects organizational cognition and behavior,and serves as a critical factor to intervene how digitalization can bring values for firms operating traditional business.In this study,the panel data of 208 public listed firms in the pharmaceutical industry over the period from 2010 to 2019 were collected.The moderating effects of TMT functional background heterogeneity and financial back⁃ground dominance on the digital input⁃output linkage were tested.Results show that digital investment and dig⁃ital cognition are interdependent and complementary:they reinforce each other and jointly enhance the firm’s growth value.Furthermore,TMT functional background heterogeneity significantly strengthens the complemen⁃tarity of digital investment and digital cognition of a firm;however,such an interactive effect is attenuated as the number of TMT members with financial backgrounds increases.