Research on the Impact of Executive External Pay Disparity on Corporate Innovation in the Context of Digital Transformation
Digital transformation represents a critical micro-level change in the era of the digital economy,providing a new research context for examining executive incentives and corporate innovation.Using A-share listed companies from 2011 to 2022 as a sample,this empirical study investigates the impact of executive external pay disparity on corporate inno-vation and the role played by digital transformation.The research reveals that an increase in executive external pay disparity significantly enhances the efficiency of corporate innovation,and digital transformation plays a positive moderating role.Further exploration indicates that executive external pay disparity influences corporate innovation efficiency by increas-ing risk-taking and promoting reputation maintenance.Digital transformation has a significant positive moderating effect on reputation maintenance mechanisms.In the expanded analysis of innovation efficiency,the moderating effect of digital trans-formation is primarily manifested in reinforcing the positive impact of executive external pay disparity on innovation output.Lastly,heterogeneous analysis suggests that digital transformation has a more significant positive moderating effect in state-owned enterprises,manufacturing and service industries,and regions with a higher degree of marketization.This article,from the perspective of the digital context,adds a new dimension to the study of innovation incentives.
Digital TransformationInnovation EfficiencyExternal Pay DisparityInnovation Incentives
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NSTL
万方数据
