Financial Generosity,Executive Team Heterogeneity and Corporate Digital Transformation:Empirical Evidence from Listed Manufacturing Companies in the Yangtze River Delta
Digital economy is a key element in building a new development pattern of China's econo-my,and digital transformation is a necessary way for microeconomic subjects to help the high-quality development of digital economy.Taking listed companies in the manufacturing industry in the Yangtze River Delta region from 2016 to 2021 as a research sample,we empirically test the impact of financial generosity on the digital transformation of enterprises,and explore the moderating role of heterogene-ity of the executive team in the relationship between financial generosity and the digital transformation of enterprises.The study found that financial affluence can significantly promote corporate digital transformation,and the above conclusion still holds after the robustness test and endogeneity test.Further analysis shows that heterogeneity in executives'education level,heterogeneity in overseas background,and heterogeneity in occupational background significantly enhances the facilitating effect of financial affluence on corporate digital transformation,while heterogeneity in executives'age has an inhibiting effect.The promotion effect of financial generosity on enterprise digital transformation is more significant in mature and large-scale enterprises.The study analyzed the impact of financial gen-erosity on digital transformation from the perspective of executive team heterogeneity,with a view to providing theoretical suggestions and practical references for enterprises to promote digital transfor-mation,and providing reference for enterprises to rationally allocate executive team members and opti-mize the structure of the executive team.
financial generositydigital transformationexecutive team heterogeneitymanufactur-ing enterprises
万方数据
