When Do Appointments of Chief Digital or Data Officers (CDOs) Affect Stock Prices?
This article investigates the stock market reaction to appointments of newly created chief digital or data officer (CDO) positions. The analysis is based on a sample of 112 CDO appointment announcements by publicly traded companies listed in the US stock market from 2004 to 2017. We ground our argum...
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| Veröffentlicht in: | IEEE transactions on engineering management 2022-08, Vol.69 (4), p.1308-1321 |
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| container_title | IEEE transactions on engineering management |
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| creator | Zhan, Xinrui Mu, Yinping Nishant, Rohit Singhal, Vinod R. |
| description | This article investigates the stock market reaction to appointments of newly created chief digital or data officer (CDO) positions. The analysis is based on a sample of 112 CDO appointment announcements by publicly traded companies listed in the US stock market from 2004 to 2017. We ground our arguments in signaling theory along with the institutional entrepreneurship and synergy and redundancy perspective to understand the factors that could influence the market reaction to CDO appointments. Although the results show that the stock market reacts neutrally to announcements of newly created CDO positions, the market does react positively under certain conditions. The market reacts positively when appointing firms exhibit high growth prospects. The article supports the redundancy perspective, and the results show that the market reacts positively when a potentially conflicting and overlapping role such as chief information officer (CIO) is absent in appointing firms. Our analysis also shows that when CIO is absent, the market reacts more positively to outsider CDO relative to insider CDO, thereby indicating the interaction between redundancy and institutional entrepreneurship perspectives. |
| doi_str_mv | 10.1109/TEM.2020.2984619 |
| format | Article |
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The analysis is based on a sample of 112 CDO appointment announcements by publicly traded companies listed in the US stock market from 2004 to 2017. We ground our arguments in signaling theory along with the institutional entrepreneurship and synergy and redundancy perspective to understand the factors that could influence the market reaction to CDO appointments. Although the results show that the stock market reacts neutrally to announcements of newly created CDO positions, the market does react positively under certain conditions. The market reacts positively when appointing firms exhibit high growth prospects. The article supports the redundancy perspective, and the results show that the market reacts positively when a potentially conflicting and overlapping role such as chief information officer (CIO) is absent in appointing firms. 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The analysis is based on a sample of 112 CDO appointment announcements by publicly traded companies listed in the US stock market from 2004 to 2017. We ground our arguments in signaling theory along with the institutional entrepreneurship and synergy and redundancy perspective to understand the factors that could influence the market reaction to CDO appointments. Although the results show that the stock market reacts neutrally to announcements of newly created CDO positions, the market does react positively under certain conditions. The market reacts positively when appointing firms exhibit high growth prospects. The article supports the redundancy perspective, and the results show that the market reacts positively when a potentially conflicting and overlapping role such as chief information officer (CIO) is absent in appointing firms. Our analysis also shows that when CIO is absent, the market reacts more positively to outsider CDO relative to insider CDO, thereby indicating the interaction between redundancy and institutional entrepreneurship perspectives.</description><subject>Appointments & personnel changes</subject><subject>Big Data</subject><subject>Business</subject><subject>Cadmium compounds</subject><subject>Chief data officer (CDO)</subject><subject>Chief information officers</subject><subject>Corporate officers</subject><subject>Digital transformation</subject><subject>Entrepreneurship</subject><subject>event study</subject><subject>II-VI semiconductor materials</subject><subject>Pricing</subject><subject>Redundancy</subject><subject>Securities markets</subject><subject>signaling</subject><subject>Stock markets</subject><subject>Stock prices</subject><issn>0018-9391</issn><issn>1558-0040</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2022</creationdate><recordtype>article</recordtype><sourceid>RIE</sourceid><recordid>eNo9kE1LAzEQhoMoWKt3wUvAix62TrLZ7eYkZbd-QKWiFY8hTSd2a7tZk_Tgv3dLi6dhmOedGR5CLhkMGAN5Nxu_DDhwGHBZiJzJI9JjWVYkAAKOSQ-AFYlMJTslZyGsulZkHHrk7XOJDa0cHbWtq5u4wSYG6iwtlzVaWtVfddRr6jytdNR0am1t0Ad6U1bTcEtH1qKJ9D06801ffTcL9-fkxOp1wItD7ZOPh_GsfEom08fncjRJDJcsJnNrxGIxL0AbnHONFiQUmknNsgUiMFuYBUsNDNNcM2ExS8Ewk4LEvIPzPO2T6_3e1rufLYaoVm7rm-6k4vkwAyEytqNgTxnvQvBoVevrjfa_ioHamVOdObUzpw7musjVPlIj4j_efcdBFOkftalocg</recordid><startdate>20220801</startdate><enddate>20220801</enddate><creator>Zhan, Xinrui</creator><creator>Mu, Yinping</creator><creator>Nishant, Rohit</creator><creator>Singhal, Vinod R.</creator><general>IEEE</general><general>The Institute of Electrical and Electronics Engineers, Inc. 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| subjects | Appointments & personnel changes Big Data Business Cadmium compounds Chief data officer (CDO) Chief information officers Corporate officers Digital transformation Entrepreneurship event study II-VI semiconductor materials Pricing Redundancy Securities markets signaling Stock markets Stock prices |
| title | When Do Appointments of Chief Digital or Data Officers (CDOs) Affect Stock Prices? |
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