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| Influence of CEO Power on Digital Transformation of Family Firms |
| ZHANG Cuizi，JIANG Luan，LING Yupeng，LU Jingfu |
| 1. South China Normal University, Guangzhou, China; 2. Beijing Normal University, Zhuhai, Guangdong, China |
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Abstract Based on the data of Chinese Shanghai and Shenzhen A-share family firms from 2010 to 2020, this study theoretically constructs and tests the mechanisms and contexts of the role of CEO power in the digital transformation of family firms. The empirical study indicates that: CEO power has a significant positive impact on the digital transformation of family firms; long-term orientation plays a partially mediating role in the relationship between CEO power and digital transformation of family firms; having a family member as CEO positively moderates the relationship between CEO power and long-term orientation of firms, and also reinforces the mediating role of long-term orientation. Further analysis finds that the mediating effect of long-term orientation mechanism is more pronounced when the agency problem is not severe. The test of firm life-cycle grouping also adds further evidence that the facilitation effect of CEO power on digital transformation of family firms is more significant in the maturity period.
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Received: 14 March 2022
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