Management Review ›› 2026, Vol. 38 ›› Issue (9): 220-234.

• Accounting and Financial Management • Previous Articles    

CEO Power and Digital Transformation-An Empirical Examination of the Heterogeneous Effects of Multidimensional Power

Gao Lei1,2, Shao Yongzhao1   

  1. 1. School of Accounting, Inner Mongolia University of Finance & Economics, Hohhot 010070;
    2. Intelligent Finance & Accounting Innovation Lab, Inner Mongolia University of Finance & Economics, Hohhot 010070
  • Received:2025-02-17 Published:2026-10-09

Abstract: Digital transformation, viewed as a key “CEO-driven initiative,” fundamentally reshapes traditional management authority. Using panel data from A-share listed companies in Shanghai and Shenzhen from 2015 to 2022, this study explores the differentiated impacts of CEO power on corporate digital transformation. The findings are as follows: (1) CEO power, expert power, and reputational power promote digital transformation, whereas organizational and ownership power inhibit it. (2) Confucian culture moderates the relationship between CEO power and digital transformation. (3) mechanism analysis reveals that expert power and reputational power foster digital transformation by enhancing innovation efficiency and human resource input, while organizational power and ownership power weaken this mechanism. (4) Heterogeneity tests indicate that these effects vary across industries, cultural contexts, and regions. In high-tech sectors, the positive impact of CEO, expert, and reputational power is stronger, while the negative effect of organizational power is weaker. In regions with strong Confucian influence, the positive effect of CEO power is less pronounced, mainly in terms of organizational power and ownership power. In western regions, the positive role of expert power and reputational power is more evident, with weaker inhibitory effects from organizational power and ownership power. These findings enrich understanding of how heterogeneous CEO power shapes digital transformation and offer insights for rational power allocation and strategic decisions in the digital economy.

Key words: CEO power, digital transformation, Confucian culture