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

Frontiers in psychology, 2023-12, Vol.14, p.1281553-1281553 [Peer Reviewed Journal]

Copyright © 2023 Wang, Shao, Han and Li. ;Copyright © 2023 Wang, Shao, Han and Li. 2023 Wang, Shao, Han and Li ;ISSN: 1664-1078 ;EISSN: 1664-1078 ;DOI: 10.3389/fpsyg.2023.1281553 ;PMID: 38125866

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  • Title:
    Celebrity CEOs, digital transformation and firm performance in China: the moderating role of controlling shareholders and institutional investors
  • Author: Wang, Rui ; Shao, Dong ; Han, Xinliang ; Li, Yinyue
  • Subjects: celebrity CEO ; controlling shareholder ; digital transformation ; firm performance ; institutional investor ; Psychology
  • Is Part Of: Frontiers in psychology, 2023-12, Vol.14, p.1281553-1281553
  • Description: business 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. To investigate the impact of celebrity chief executive officers (CEO) on firm performance through digital transformation. Using data from companies listed on the main boards of the Shanghai and Shenzhen Stock Exchanges between 2017 and 2021, this study explored the relationship between celebrity CEOs, digital transformation, and firm performance. Celebrity CEOs significantly enhanced a firm's digital transformation. However, this effect weakened when controlling shareholders and institutional investors held more shares. Additionally, the study showed that celebrity CEOs can improve firm performance through digital transformation. These findings were robust across a range of sensitivity analyses. This study contributes to understanding celebrity CEOs' decision-making motivations and economic impacts from a psychological perspective while also providing valuable insights for driving digital transformation within companies.
  • Publisher: Switzerland: Frontiers Media S.A
  • Language: English
  • Identifier: ISSN: 1664-1078
    EISSN: 1664-1078
    DOI: 10.3389/fpsyg.2023.1281553
    PMID: 38125866
  • Source: GFMER Free Medical Journals
    PubMed Central
    ROAD: Directory of Open Access Scholarly Resources
    DOAJ Directory of Open Access Journals
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