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This study explores the relationship between the overseas experience of Chief Financial Officers (CFOs) and digital transformation in Chinese listed companies, using data from 2009 to 2022. Grounded in upper echelons theory, the research examines how CFOs’ international experience influences corporate strategy and digital innovation. The results demonstrate that CFOs with overseas experience significantly drive digital transformation within firms. This finding is robust, surviving multiple tests, including instrumental variable analysis to address endogeneity and various robustness checks. Further analysis reveals that while CFOs’ overseas work experience has a strong positive impact on digital transformation, their overseas education experience has an insignificant effect. The study also identifies research and development (R&D) intensity and environmental, social, and governance (ESG) practices as key mediators that enhance the relationship between CFOs’ overseas experience and digital transformation. These findings suggest that CFOs with international experience contribute strategic vision and a global perspective, fostering innovation and sustainability within the firm. By linking CFOs’ overseas experience with innovation and sustainable development strategies, this research contributes to the theoretical understanding of how strategic leadership impacts digital transformation. The study recommends that companies prioritize the overseas experience of CFOs to gain competitive advantages and create long-term value.
Longsheng et al. (2025) studied this question.