Impact of CEO's Digital Technology Orientation and Board Characteristics on Firm Value: A Signaling Perspective

IF 9.3 1区管理学 Q1 BUSINESS

Journal of Management Pub Date : 2023-10-06 DOI:10.1177/01492063231200819

Igor Filatotchev, Gianvito Lanzolla, Evangelos Syrigos

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Abstract

Integrating signaling research with the institutional perspective on capital markets, we argue that, in conditions of radical technological change, investor perceptions about firm value are enhanced by the CEO's orientation toward digital technologies that exceeds the firm's industry peers. This base relationship is moderated by board characteristics so that the board members’ digital expertise and knowledge diversity enhance the effect of the CEO's relative digital technology orientation on firm value. Furthermore, the monitoring power of independent board members who do not have digital expertise negatively moderates our baseline hypothesis, whereas board monitoring exerted by independent board members with digital expertise has a positive moderating effect. To test our theory, we use advanced natural language processing techniques to develop the CEO's relative digital technology orientation construct combined with a unique, hand-collected set of measures associated with board members’ digital expertise and knowledge diversity in a sample of S&P 500 companies. Our article offers novel insights on how technology-related signals associated with the CEO's communications to shareholders interact with board characteristics in determining investor perceptions of the firm's value in conditions of high technological uncertainty.

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CEO数字技术取向和董事会特征对企业价值的影响:信号视角

将信号研究与资本市场的制度视角相结合，我们认为，在激进的技术变革条件下，CEO对数字技术的倾向会增强投资者对公司价值的认知，而数字技术超越了公司的行业同行。这种基础关系受董事会特征的调节，董事会成员的数字专长和知识多样性增强了CEO相对数字技术取向对公司价值的影响。此外，不具有数字专业知识的独立董事会成员的监督权力负向调节我们的基线假设，而具有数字专业知识的独立董事会成员的董事会监督具有正向调节作用。为了验证我们的理论，我们使用先进的自然语言处理技术，结合一套独特的、手工收集的与标准普尔500指数公司董事会成员的数字专业知识和知识多样性相关的措施，开发了CEO的相对数字技术导向结构。我们的文章提供了新颖的见解，即在高度技术不确定性的条件下，与首席执行官与股东沟通相关的技术相关信号如何与董事会特征相互作用，从而决定投资者对公司价值的看法。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Management Multiple-

CiteScore

22.40

自引率

5.20%

发文量

期刊介绍： The Journal of Management (JOM) aims to publish rigorous empirical and theoretical research articles that significantly contribute to the field of management. It is particularly interested in papers that have a strong impact on the overall management discipline. JOM also encourages the submission of novel ideas and fresh perspectives on existing research. The journal covers a wide range of areas, including business strategy and policy, organizational behavior, human resource management, organizational theory, entrepreneurship, and research methods. It provides a platform for scholars to present their work on these topics and fosters intellectual discussion and exchange in these areas.

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