In digital economy,firm’s digital transformation is an important means of achieving high-quality development.Adopting career concerns theory,we examine rookie CEOs’impact on firms’digital transformations,using Chin...In digital economy,firm’s digital transformation is an important means of achieving high-quality development.Adopting career concerns theory,we examine rookie CEOs’impact on firms’digital transformations,using Chinese A-share listed firms from 2007 to 2019.(1)Rookie CEOs disclose more digital transformation information,but invest less in substantial transformation,i.e.,“more words but less investment”.(2)Under high performance pressure and difficult digital transformation,rookie CEOs are more likely to adopt the above strategy.(3)Internal and external governance mechanisms help effectively monitor and mitigate such behaviors.(4)The above strategy helps CEOs decrease short-term,but not long-term,dismissal probabilities.Our findings elucidate firms’digital transformation practices and the decision styles of CEOs with different experience levels.展开更多
基金support from the National Social Science Fund of China(19BJY019)the National Natural Science Foundation of China(72272164,71872196).
文摘In digital economy,firm’s digital transformation is an important means of achieving high-quality development.Adopting career concerns theory,we examine rookie CEOs’impact on firms’digital transformations,using Chinese A-share listed firms from 2007 to 2019.(1)Rookie CEOs disclose more digital transformation information,but invest less in substantial transformation,i.e.,“more words but less investment”.(2)Under high performance pressure and difficult digital transformation,rookie CEOs are more likely to adopt the above strategy.(3)Internal and external governance mechanisms help effectively monitor and mitigate such behaviors.(4)The above strategy helps CEOs decrease short-term,but not long-term,dismissal probabilities.Our findings elucidate firms’digital transformation practices and the decision styles of CEOs with different experience levels.
