Celebrity CEOs, digital transformation and firm performance in China: the moderating role of controlling shareholders and institutional investors

Wang, Rui; Shao, Dong; Han, Xinliang; Li, Yinyue

doi:10.3389/fpsyg.2023.1281553

Front. Psychol.

2023

DOI: 10.3389/fpsyg.2023.1281553

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Celebrity CEOs, digital transformation and firm performance in China: the moderating role of controlling shareholders and institutional investors

Rui Wang,

Dong Shao,

Xinliang Han

et al.

Abstract: Backgroundbusiness leaders’ social status significantly impacts companies’ strategic direction and performance. Digital transformation, an important tool for companies to enhance competitiveness and resilience, plays an important role in the relationship between executive background and firm performance.ObjectiveTo investigate the impact of celebrity chief executive officers (CEO) on firm performance through digital transformation.MethodUsing data from companies listed on the main boards of the Shanghai and Sh… Show more

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2024

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Cited by 3 publications

References 86 publications

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Impact of CEO’s scientific research background on the enterprise digital level

Luo,

Cui,

et al. 2024

Humanit Soc Sci Commun

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Leveraging the Chinese capital market, we investigate the relationship between a CEO’s scientific research background and the level of digitalization within enterprises. Our results demonstrate robust findings indicating that a CEO’s scientific research background significantly enhances the level of enterprise digitalization. Moreover, we observe that this correlation is more pronounced in companies controlled by non-state-owned enterprises, those operating within a more advanced digital economy, and those engaged in high levels of regional integration. Furthermore, we establish that the positive impact of a CEO’s research background on a company’s digitalization level is primarily driven by fostering the organization’s innovation drive. Overall, our research suggests that CEOs with scientific research backgrounds are instrumental in encouraging a culture of innovation within their firms, thereby enhancing enterprise digitalization performance. This study contributes to the literature by exploring the factors influencing enterprise digitalization levels through the lens of managerial experience and analyzing the economic implications of management experience on enterprise digital transformation. Methodologically, we have refined and enhanced the measurement approach for assessing enterprise digitalization levels. Practically, our findings underscore the importance of promoting cross-industry and cross-regional exchanges of high-caliber talent for executives, enterprises, and governmental entities alike.

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Impact of CEO’s scientific research background on the enterprise digital level

Luo,

Cui,

et al. 2024

Humanit Soc Sci Commun

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Celebrity leaders and corporate greenwashing

Cao,

Li,

Zhang

et al. 2024

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PurposeThis study aims to elucidate the causal relationship between corporate greenwashing and celebrity leaders.Design/methodology/approachThis study considers winning the National Model Worker Award as an external shock for producing celebrity leaders and conducts a difference-in-difference (DID) estimation with listed companies from 2009 to 2022 in the Chinese context.FindingsThe findings indicate an increase in greenwashing of companies with celebrity leaders in the post-award period. Stakeholder pressure can moderate the effect of celebrity leaders on corporate greenwashing.Originality/valueThis study enriches the research on the antecedents of greenwashing and the impacts of celebrity leaders. The findings advance the understanding of the real effect of celebrity leaders on environmental, social and governance (ESG) efforts and provide new insights into how celebrities respond to legitimacy pressures.

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A Study on the Impact of Enterprise Digital Evolution on Outward Foreign Investments

Yang,

Gan,

Luo

et al. 2024

Sustainability

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In the age of the digital economy, digital evolution has emerged as a central focus in academic research. The achievement is of paramount importance for augmenting their international investments. This research utilizes data from publicly listed manufacturing firms in China from 2010 to 2021 to examine the influence of enterprise digital evolution on outbound foreign investments. The research findings reveal that enterprise digital evolution has a significant positive impact on the outward foreign investments of enterprises and exhibits heterogeneity in terms of region, company size, and industry type. Mechanism tests reveal that the impact of enterprise digital evolution on outward foreign investments can be realized through four pathways: enhancing ESG performance, reducing debt financing costs (COD1) (representing the proportion of interest costs to the total of long and short-term debts), company age, and debt financing costs (COD2) (denoting the proportion of financial expenses to the total of long and short-term debts). In the context of digitization, enterprise digital evolution continues to hold positive significance for outward foreign investments, contributing to the enrichment of the theoretical research on the subject to a certain extent.

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Celebrity CEOs, digital transformation and firm performance in China: the moderating role of controlling shareholders and institutional investors

Cited by 3 publications

References 86 publications

Impact of CEO’s scientific research background on the enterprise digital level

Impact of CEO’s scientific research background on the enterprise digital level

Celebrity leaders and corporate greenwashing

A Study on the Impact of Enterprise Digital Evolution on Outward Foreign Investments

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