TMT’s R&D Background and Enterprise Digital Transformation—A Perspective of Power

Digital transformation has become a core pathway for enterprises to enhance competitiveness and achieve sustainable development in the digital economy, as it reshapes resource allocation modes and optimizes operational efficiency. This paper takes Chinese A-share listed companies from 2010 to 2021 as the sample and employs text analysis to measure the R&D background of the top manager team (TMT) and enterprise digital transformation (EDT). Based on the ranking of the TMT, a power index is constructed to quantify the power of managers with an R&D background to assess the influence of the R&D background of the TMT on EDT, and a multiple regression model is used to examine the impact of the R&D background of the TMT on EDT, as well as how the power held by these managers with R&D backgrounds within the TMT affects their ability to drive enterprise digital transformation. The results indicate that the R&D backgrounds of TMT members facilitate enterprise digital transformation, which was strengthened when top managers with R&D backgrounds hold greater power. Compared with companies in the growth stage, those in the mature and decline stages experience a more pronounced impact of the TMT’s R&D backgrounds and their power on digital transformation. Additionally, companies in high-tech industries present a more significant boosting effect of managers’ R&D backgrounds and power on EDT compared to those in non-high-tech industries, owing to the closer integration of high-tech industrial development with digital innovation and sustainable technological progress. This study reveals the micro-driving mechanism of enterprise digital transformation from the perspective of top management team characteristics and provides empirical evidence for enterprises to optimize their TMT structure, allocate managerial power rationally, and promote digital transformation oriented to sustainable development.