经济与管理研究2023，Vol.44Issue(12)：117-141,25.DOI:10.13502/j.cnki.issn1000-7636.2023.12.007
企业应用数字技术能缓解管理层短期主义吗?
Can Application of Digital Technology in Firms Alleviate Managerial Short-termism?
摘要
Abstract
Managerial short-termism is a major concern in industry and academia.With the wide application of digital technology,whether firms can effectively apply digital technology to improve the quality of internal governance will directly affect the high-quality development of China's digital economy.Therefore,it is urgent to explore the internal logical and explanatory mechanism of the impact of digital technology on managerial short-termism to bridge the existing research divergence and help firms apply digital technology reasonably,promote high-quality development of firms,and improve the governance level of China's digital economy. This paper examines the impact of the application of digital technology in firms on managerial short-termism with the sample of A-share listed companies in the Shanghai and Shenzhen stock markets from 2007 to 2021.The findings are as follows.First,the application of digital technology has a significant U-shaped relationship with managerial short-termism.The application of digital technology can curb managerial short-termism,and when it exceeds a certain threshold,digital technology will aggravate managerial short-termism.Second,corporate transparency and managerial risk preferences are important mechanisms for digital technology to influence managerial short-termism.Specifically,digital technology exerts the influence through the inverted U curve.Third,the state-owned enterprises will substitute the restraining effect of digital technology on managerial short-termism,and the good financial situation will strengthen this restraining effect.Finally,digital technology can promote corporate social responsibility and total factor productivity by affecting managerial short-termism through the inverted U-curve,which is beneficial for improving corporate economic and social benefits. Based on the agency theory,this paper discovers the nonlinear impact of digital technology on managerial short-termism and its underlying mechanism,thereby expanding the research on the governance effects of digital technology and the influencing factors of managerial short-termism.In addition,it explores the economic consequences and situational factors of the impact of digital technology on managerial short-termism,providing practical guidance for listed companies to rationally grasp the digital transformation and apply digital technology,alleviate managerial short-termism,and improve corporate governance quality.关键词
数字技术/管理层短期主义/代理理论/公司透明度/管理层风险偏好Key words
digital technology/managerial short-termism/agency theory/corporate transparency/managerial risk preference分类
管理科学引用本文复制引用
张天宇,徐向艺..企业应用数字技术能缓解管理层短期主义吗?[J].经济与管理研究,2023,44(12):117-141,25.基金项目
国家自然科学基金面上项目"金字塔结构下母子公司'双向治理'形成机理与协同效应研究"(71872101) （71872101）
山东省社会科学规划研究重点项目"数字技术嵌入视角下山东省上市公司中小股东积极主义治理机制研究"(23BGLJ04) （23BGLJ04）
