Abstract
With the explosive development of internet, enterprises are facing the challenge of dealing with massive data and coping with growing digital requirements that both are continuously generated by the customers. A new breed of executive- CDO, chief digital officer and chief data officer- is emerging as a senior manager to solve the above problems thus creating firm value. This paper provides empirical evidence on the performance effects of appointments of CDOs. The analysis is based on a sample of 97 CDO appointments that are publicly announced during 2004–2015 period. We find that the impact of CDOs on shareholder value is highly related to the presence of CIOs (chief information officer). Focusing on the potential risk of job overlap between CDOs and CIOs, this study identifies firm-specific conditions in which appointing a CDO contribute or harm the firm value. Using the event study methodology and abnormal stock returns associated with the appointments of CDOs provides support for the hypothesized effects of presence of CIOs.
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