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

Abstract

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

Gao Lei, Shao Yongzhao. CEO Power and Digital Transformation-An Empirical Examination of the Heterogeneous Effects of Multidimensional Power[J]. Management Review, 2026, 38(9): 220-234.

References

[1] 林洲钰,陈超红. 儒家文化对企业数字化转型的影响研究[J]. 当代经济科学, 2024,46(5):105-117 Lin Z. Y., Chen C. H. Research on the Impact of Confucian Culture on Enterprise Digital Transformation[J]. Modern Economic Science, 2024,46(5):105-117
[2] Zhu Z. J., Song T. B., Huang J. B., et al. Executive Cognitive Structure, Digital Policy, and Firms' Digital Transformation[J]. IEEE Transactions on Engineering Management, 2024,71:2579-2592
[3] Wang M., Feng L. Market Competition and Corporate Digital Transformation:The Promoting Role and Mechanism of Government Subsidies[J]. Finance Research Letters, 2025,80:107354
[4] Ding T. L., Yang L. Intellectual Property Protection and Corporate Digital Transformation:An Empirical Analysis from the Perspectives of Intellectual Property Protection and Digital Governance[J]. International Review of Economics & Finance, 2025, 100:104125
[5] 曹倩雯,曾军平. 税收营商环境优化与企业数字化转型——基于税收"放管服"改革的准自然实验[J]. 当代财经, 2025, (7):44-57 Cao Q. W., Zeng J. P. The Optimization of Tax Business Environment and Corporate Digital Transformation:A Quasi-natural Experiment Based on the Reform of Tax "De-Regulation, Supervision, and Service"[J]. Contemporary Finance and Economics, 2025,(7):44-57
[6] 王象路,罗瑾琏,姜新华,等. 高管团队信息技术背景与企业数字化转型战略——基于数字战略认知框架[J]. 科学学与科学技术管理, 2024,45(10):153-167 Wang X. L., Luo J. L., Jiang X. H., et al. Information Technology Background of Top Management Teams and Enterprise Digital Transformation Strategy:Based on the Cognitive Framework of Digital Strategy[J]. Science of Science and Management of S.& T., 2024,45(10):153-167
[7] 牛彪,于翔,丁亚楠,等. 高管薪酬差距对企业数字化转型的影响研究[J]. 管理学报, 2024,21(7):982-991 Niu B., Yu X., Ding Y. N., et al. Research on the Impact of Executive Pay Gap on Enterprise Digital Transformation[J]. Chinese Journal of Management, 2024,21(7):982-991
[8] 赵晨,周锦来,林晨. CEO忧患领导力、企业数字化转型与危机绩效[J]. 经济管理, 2024,46(9):88-105 Zhao C., Zhou J. L., Lin C. CEO Vigilant Leadership, Enterprise Digital Transformation, and Crisis Performance[J]. Business and Management Journal, 2024,46(9):88-105
[9] Zhang Z. G., Lu Y. S., Wang H. J., et al. The Impact of Management Power on Digital Transformation[J]. Asia Pacific Journal of Management, 2025,42(2):777-801
[10] 张栋,胡文龙,毛新述. 研发背景高管权力与公司创新[J]. 中国工业经济, 2021,(4):156-174 Zhang D., Hu W. L., Mao X. S. Power of R&D Background Executives and Corporate Innovation[J]. China Industrial Economics, 2021,(4):156-174
[11] Deore A., Mahlendorf M. D., Wu F. CEOs' Structural Power, Prestige Power, and Target Ratcheting[J]. Accounting, Organizations and Society, 2023,110:101469
[12] 章凯,吴志豪,陈黎梅. 领导与权力分界视野下威权领导本质的探索研究[J]. 管理学报, 2022,19(2):187-196 Zhang K., Wu Z. H., Chen L. M. Understanding Authoritarian " Leadership" by Differentiating between Leadership and Power Behaviors[J]. Chinese Journal of Management, 2022,19(2):187-196
[13] 包艳,廖建桥. 权力距离研究述评与展望[J]. 管理评论, 2019,31(3):178-192 Bao Y., Liao J. Q. Power Distance:A Literature Review and Prospect[J]. Management Review, 2019,31(3):178-192
[14] Bai T., Zhou A. J., Zhou S. S., et al. Negative Performance Feedback, CEO Power and Internationalization[J]. Journal of World Business, 2025,60(3):101626
[15] 谭洪涛,陈瑶. 集团内部权力配置与企业创新——基于权力细分的对比研究[J]. 中国工业经济,2019,(12):134-151 Tan H. T., Chen Y. Power Allocation and Enterprise Innovation within Group-A Comparative Study Based on Power Subdivision[J]. China Industrial Economics, 2019,(12):134-151
[16] 陈志斌,汪官镇. CEO自由裁量权与企业投资效率[J]. 会计研究, 2020,(12):85-98 Chen Z. B., Wang G. Z. CEO Discretion and Enterprise Investment Efficiency[J]. Accounting Research, 2020,(12):85-98
[17] Finkelstein S. Power in Top Management Teams:Dimensions, Measurement, and Validation[J]. Academy of Management Journal, 1992,35(3):505-538
[18] 柯东昌,李连华. 管理者权力与企业研发投入强度:法律环境的抑制效应[J]. 科研管理, 2020,41(1):244-253 Ke D. C., Li L. H. Managerial Power and R&D Investment Intensity of Enterprise:The Inhibitory Effect of Legal Environment[J]. Science Research Management, 2020,41(1):244-253
[19] Combs J. G., Ketchen D. J., Perryman A. A., et al. The Moderating Effect of CEO Power on the Board Composition-Firm Performance Relationship[J]. Journal of Management Studies, 2007,44(8):1299-1323
[20] Blagoeva R. R., Mom T. J. M., Jansen J. J. P., et al. Problem-Solving or Self-enhancement? A Power Perspective on How CEOs Affect R&D Search in the Face of Inconsistent Feedback[J]. Academy of Management Journal, 2020,63(2):332-355
[21] 陈晓辉,杨水利,叶建华. CEO权力影响公司股价特质波动吗?——基于公司治理和风险承担双重视角[J]. 运筹与管理, 2020,29(7):156-164 Chen X. H., Yang S. L., Ye J. H. Does CEO Power Influence the Idiosyncratic Risk?-Based on the Dual Perspective of Corporate Governance and Risk Taking[J]. Operations Research and Management Science, 2020,29(7):156-164
[22] 朱焱,王广. 技术型高管权力与非技术型高管权力对企业绩效的影响——来自中国A股上市高新技术企业的实证检验[J]. 会计研究, 2017,(12):73-79 Zhu Y., Wang G. Does the Technical Executives Power Has a Greater Influence on the Firm Performance than the Non-technical Executives Power?-Empirical Evidence from Chinese A-share Listed High-tech Firms[J]. Accounting Research, 2017,(12):73-79
[23] 虞义华,赵奇锋,鞠晓生. 发明家高管与企业创新[J]. 中国工业经济, 2018,(3):136-154 Yu Y. H., Zhao Q. F., Ju X. S. Inventor Executives and Innovation[J]. China Industrial Economics, 2018,(3):136-154
[24] 于李胜,蓝一阳,王艳艳. 盛名难副:明星CEO与负面信息隐藏[J]. 管理科学学报, 2021,24(5):70-86 Yu L. S., Lan Y. Y., Wang Y. Y. The Curse of Reputation:Superstar CEOs and Bad News Hoarding[J]. Journal of Management Sciences in China, 2021,24(5):70-86
[25] Li E., Martin J. S. Capital Formation and Financial Intermediation:The Role of Entrepreneur Reputation Formation[J]. Journal of Corporate Finance, 2019,59:185-201
[26] Lee G., Cho S. Y., Arthurs J., et al. Celebrity CEO, Identity Threat, and Impression Management:Impact of Celebrity Status on Corporate Social Responsibility[J]. Journal of Business Research, 2020,111:69-84
[27] Harrison J. S., Boivie S., Sharp N. Y., et al. Saving Face:How Exit in Response to Negative Press and Star Analyst Downgrades Reflects Reputation Maintenance by Directors[J]. Academy of Management Journal, 2018,61(3):1131-1157
[28] 张兴亮,夏成才. 非CEO高管患寡还是患不均[J]. 中国工业经济, 2016,(9):144-160 Zhang X. L., Xia C. C. Are Non-CEO Managers Worried about Pay Scarcity or Inequality[J]. China Industrial Economics, 2016,(9):144-160
[29] 金智,徐慧,马永强. 儒家文化与公司风险承担[J]. 世界经济, 2017,40(11):170-192 Jin Z., Xu H., Ma Y. Q. Confucianism and Corporate's Risk Taking[J]. The Journal of World Economy, 2017,40(11):170-192
[30] 唐梦兰,李维安,张海红. CEO自由裁量权对企业绿色创新的影响——经济利益相关者关系的调节作用[J]. 科学学与科学技术管理, 2025,46(5):148-166 Tang M. L., Li W. A., Zhang H. H. Research on the Influence of CEO Discretion on Enterprise Green Innovation:The Moderating Effect of Economic Stakeholder Relationship[J]. Science of Science and Management of S.& T., 2025,46(5):148-166
[31] 张玉明,张馨月. 董事网络与企业数字化转型[J]. 管理评论, 2024,36(3):171-184 Zhang Y. M., Zhang X. Y. Director Network and Enterprise Digital Transformation[J]. Management Review, 2024,36(3):171-184
[32] 权小锋,吴世农. CEO权力强度、信息披露质量与公司业绩的波动性——基于深交所上市公司的实证研究[J]. 南开管理评论, 2010,13(4):142-153 Quan X. F., Wu S. N. CEO Power, Information Disclosure Quality and Corporate Performance Variability:Empirical Evidence from the Listed Companies in SZSE[J]. Nankai Business Review, 2010,13(4):142-153
[33] Islam A., Singh H., Sultana N., et al. When It's Not Personal but Positional:The Upside of CEO Power[J]. Accounting & Finance, 2024,64(3):2949-2989
[34] 张翠子,蒋峦,凌宇鹏,等. CEO权力对家族企业数字化转型的影响研究[J]. 管理学报, 2023,20(3):339-348 Zhang C. Z., Jiang L., Ling Y. P., et al. Influence of CEO Power on Digital Transformation of Family Firms[J]. Chinese Journal of Management, 2023,20(3):339-348
[35] 陈元,贺小刚,徐世豪. 家族控制与企业数字化转型[J]. 经济管理, 2023,45(5):99-115 Chen Y., He X. G., Xu S. H. Family Control and Corporate Digital Transformation[J]. Business and Management Journal, 2023,45(5):99-115
[36] 吴非,胡慧芷,林慧妍,等. 企业数字化转型与资本市场表现——来自股票流动性的经验证据[J]. 管理世界, 2021,37(7):130-144 Wu F., Hu H. Z., Lin H. Y., et al. Enterprise Digital Transformation and Capital Market Performance:Empirical Evidence from Stock Liquidity[J]. Journal of Management World, 2021,37(7):130-144
[37] 刘剑民,张莉莉,杨晓璇. 政府补助、管理层权力与国有企业高管超额薪酬[J]. 会计研究, 2019,(8):64-70 Liu J. M., Zhang L. L., Yang X. X. Government Subsidy, Management Power and State-owned Executives' Excess Remuneration[J]. Accounting Research, 2019,(8):64-70
[38] 温忠麟,叶宝娟. 中介效应分析:方法和模型发展[J]. 心理科学进展, 2014,22(5):731-745 Wen Z. L., Ye B. J. Analyses of Mediating Effects:The Development of Methods and Models[J]. Advances in Psychological Science, 2014,22(5):731-745