The Impact of Board Internationalization on Corporate Digital Transformation——Based on Empirical Evidence from A-share Listed Companies
Digital transformation,as one of the important strategies of various enterprises,is of great significance for the high development of China's economy.Based on the composition of the board of directors and the data of A-share listed compa-nies in Shanghai and Shenzhen from 2011-2021,this paper explores the impact of internationalization of the board of directors on enterprise digital transformation and its internal mechanism.The research results indicate that the internationalization of the board of directors has a significant promoting effect on the digital transformation of enterprises,and this result is still valid af-ter a series of robustness and endogeneity tests.The mechanism test results indicate that the internationalization of the board of directors can jointly promote the digital transformation of enterprises by alleviating financing constraints,improving the risk-taking ability of enterprises,and enhancing internal control levels.Further research has found that the greater the intensity of market competition and external uncertainty faced by enterprises,the more significant the promoting effect of board interna-tionalization on enterprise digitization,and board internationalization can improve enterprise innovation performance by promo-ting digital transformation.Therefore,the government and relevant institutions should encourage and guide the internationali-zation of corporate boards,improve relevant laws and regulations,and make reasonable use of relevant policy tools to provide more convenient financing conditions for enterprises,help enterprises meet their funding needs for digital transformation,and assist Chinese enterprises in high-quality transformation and upgrading in the global digital transformation.
board of directorsinternationalizationdigital transformationenterprise innovation