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<p>Using a text-mining–based measure of digital transformation and multiple behavioral proxies of CEO risk preference for a large sample of Chinese listed firms from 2015 to 2023, we provide systematic empirical evidence that digital transformation significantly increases CEO risk aversion. Mechanism analysis shows that the reduction of firm-level uncertainty induced by digital transformation is a key channel through which CEO risk preference is suppressed. Furthermore, heterogeneity tests reveal that the behavioral effects of digital transformation vary with CEO demographic and professional attributes—such as age, tenure, compensation incentives, and technological background—as well as firm characteristics. These findings contribute to the literature on digital transformation and executive behavior by demonstrating that technological change not only restructures organizational processes but also shapes managerial risk tendencies, offering new insights into the behavioral micro-foundations of digital transformation.</p>

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The digital transformation, corporate uncertainty, and CEO risk preference

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年2月16日

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  • Xianjun Bao,
  • Minghui Lan,
  • Nan Li,
  • Yudi Zhao

摘要

Using a text-mining–based measure of digital transformation and multiple behavioral proxies of CEO risk preference for a large sample of Chinese listed firms from 2015 to 2023, we provide systematic empirical evidence that digital transformation significantly increases CEO risk aversion. Mechanism analysis shows that the reduction of firm-level uncertainty induced by digital transformation is a key channel through which CEO risk preference is suppressed. Furthermore, heterogeneity tests reveal that the behavioral effects of digital transformation vary with CEO demographic and professional attributes—such as age, tenure, compensation incentives, and technological background—as well as firm characteristics. These findings contribute to the literature on digital transformation and executive behavior by demonstrating that technological change not only restructures organizational processes but also shapes managerial risk tendencies, offering new insights into the behavioral micro-foundations of digital transformation.