- 期刊
CEO's Overseas Background and Enterprise Digital Transformation
摘要
Digital transformation is an effective path for high quality development of Chinese enterprises. As the main strategic decision maker of the enterprise, CEO's strategic height and global awareness have an important influence on the digital transformation of the enterprise. Taking Chinese A-share listed companies from 2008 to 2020 as research samples, this paper explores the impact of CEO's overseas background on enterprise digital transformation from the perspective of enterprise strategy making. The results show that the overseas background of CEO has a significant role in promoting the digital transformation of enterprises. The conclusion still holds after Heckman two-stage model, instrumental variable method, PSM-OLS and other methods are used to test the possible endogeneity problems. The mechanism test shows that CEO with overseas background will have an impact on the digital transformation of enterprises through two channels: easing financing constraints and increasing innovation investment. The heterogeneity analysis found that compared with the non-shareholding returnee CEO, the returnee CEO with shareholding had a more significant positive impact on the digital transformation of enterprises. Compared with the central and western regions, CEO with overseas background has a more significant positive impact on the digital transformation of enterprises in the eastern region. The research conclusion has certain reference value for finding an effective way to break the dilemma of enterprise digital transformation and boost the high-quality development of economy.