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This study integrates the contradictory predictions of human-capital and social-network perspectives about the relationship between executives" international experience and speed of career advancement. We postulate that these perspectives are rather complementary, and that the relationship between international experience and time to the top follows a U-shaped form. Initially, the acquisition of international experience speeds-up executives" career progress until a threshold where the social-network costs of crosscountry mobility outweigh the human-capital benefits. Our results support the U-shaped relationship. They also show that this relationship is influenced by factors at different layers of contextsuggesting that contextual aspects play an important, contingent role.

This study explores the role and facilitating actions of top managers in response to the digital transformation. Building on 27 in‐depth interviews with top managers and close associates from large German firms, we find that top managers respond to the digital transformation by engaging in three key actions: understanding digitalization, setting the formal context for digitalization, and leading change. Moreover, findings emphasize that top management team support is essential in firms' digital transformation. Overall, this study contributes novel insights about the consequences of top managers for firms and establishes an initial foundation for investigating top managers in the digital age.

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