Universität zu Köln

Drechsler, Katharina ORCID: 0000-0003-3089-0748, Wagner, Heinz-Theo and Reibenspiess, Victoria (2019). Risk and return of chief digital officers’ appointment – An event study. In: Proceedings of the 40th International Conference on Information Systems, AIS Association for Information Systems. ISBN 978-0-9966831-9-7

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Abstract

ICIS 2019 Proceedings. 7, Munich, Germany, Dec. 15-18. © 40th International Conference on Information Systems, ICIS 2019. All rights reserved. The challenges of the digital transformation have led many firms to create the position of the chief digital officer (CDO). Prior literature has shown that firms may benefit from CDOs, who champion digital innovation and promote digital initiatives. Yet, the conditions under which shareholders value CDOs' appointment are unknown. Using an event study methodology we examine investors' reactions to firms announcing CDOs' appointment and consider interaction effects with organizational and individual characteristics. Our analysis shows that stock markets react positively to the announcement of CDOs' appointment, especially when firms assign a specialist role, CDOs' appointment does not lead to the parallel existence of CDO and chief information officer, and CDOs exhibit an educational background or professional experience in areas other than IT. By connecting with existing literature on IS-related senior management appointments, we demonstrate under which conditions CDOs play a strategic role for managing the digital transformation in organizations.

Item Type:	Book Section, Proceedings Item or annotation in a legal commentary
Creators:	Creators Email ORCID ORCID Put Code Drechsler, Katharina UNSPECIFIED orcid.org/0000-0003-3089-0748 UNSPECIFIED Wagner, Heinz-Theo UNSPECIFIED UNSPECIFIED UNSPECIFIED Reibenspiess, Victoria UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-650134
Title of Book:	Proceedings of the 40th International Conference on Information Systems
Date:	2019
Publisher:	AIS Association for Information Systems
ISBN:	978-0-9966831-9-7
Language:	English
Faculty:	Faculty of Management, Economy and Social Sciences
Divisions:	Faculty of Management, Economics and Social Sciences > Business Administration > Information Systems > Chair for Information Systems and Systems Development
Subjects:	Data processing Computer science Management and auxiliary services
Uncontrolled Keywords:	Keywords Language innovation, CIO, Digital Innovation, event study, Event Study, digital transformation, cio, digital, Chief Digital Officer, cdo, chief digital officer, CDO, digital strategy, Digital Strategy, Digital Transformation, strategic signal, Strategic Signal UNSPECIFIED
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/65013