CFO narcissism plays an essential role in the corporate digital transformation. This study empirically examines the relationship between CFO narcissism and corporate digital transformation using non-financial listed companies in the Shanghai and Shenzhen stock markets from 2010 to 2021 as a research sample. We found that CFOs' narcissistic tendencies promoted a risk-taking spirit, stronger decision-making power, and higher expectations for decision-making results, thus promoting corporate digital transformation. Narcissistic CFOs tend to seek greater power and invest in innovative projects, thereby promoting digital transformation by increasing their power and corporate innovation capabilities. Further heterogeneity tests reveal that the promoting effect of CFO narcissism on digital transformation in companies is more significant in non-state-owned, large, high-leverage enterprises, and when there is a higher level of economic policy uncertainty. Finally, the economic consequences test found that CFO narcissism further amplifies the value-added effect of firms' digital transformation on total factor productivity. This study broadens the applied research on the upper echelons theory and enriches the research on the factors influencing enterprise digital transformation. It provides a decision-making reference for companies to select and hire CFOs and empirical evidence to promote corporate digital transformation and help companies achieve high-quality development.

中文翻译：

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CFO 自恋与企业数字化转型✰

CFO 自恋在企业数字化转型中发挥着至关重要的作用。本研究以2010年至2021年沪深股市非金融上市公司为研究样本，实证检验CFO自恋与企业数字化转型的关系。我们发现，CFO的自恋倾向促使其冒险精神、决策力更强、对决策结果的期望更高，从而促进企业数字化转型。自恋的CFO倾向于寻求更大的权力并投资于创新项目，从而通过增强权力和企业创新能力来推动数字化转型。进一步的异质性检验表明，在非国有、大型、高杠杆企业，以及经济政策不确定性较高的情况下，CFO自恋对企业数字化转型的促进作用更为显着。最后，经济后果测试发现，CFO自恋进一步放大了企业数字化转型对全要素生产率的增值效应。本研究拓宽了高层理论的应用研究，丰富了企业数字化转型影响因素的研究。为企业选聘CFO提供决策参考和推动企业数字化转型、帮助企业实现高质量发展的经验证据。