IDLab Seminar: How CEO Education Influences Technology Adoption and Corporate Resilience

On February 28, 2025, the International Laboratory for the Economics of Intangible Assets (IDLab) hosted a scientific seminar exploring the impact of CEO education on digital transformation and corporate financial resilience. The presentation was delivered by Aleksei Smirnov, showcasing research conducted in collaboration with Marina Zavertyaeva and Evgeniya Shenkman.

The study is based on an analysis of Russian companies listed on the Moscow Exchange (MICEX BMI) from 2008 to 2021. Using regression models, the authors examined how CEOs' educational backgrounds—ranging from economics, mathematics, and engineering to MBA and industry-specific education—affect the adoption of digital technologies and overall financial performance.

One of the key challenges of the research was isolating the pure effect of CEO education from other influencing factors. Companies often hire executives with particular educational profiles, creating a problem of endogeneity. To address this, the study employed instrumental variables, but their interpretation remains complex. During the seminar, participants suggested several refinements to improve the model and alternative approaches to enhance the robustness of the findings.

The results revealed that CEOs with an economics background are more likely to implement digital technologies, positively impacting financial indicators such as return on assets (ROA) and market value. MBA-educated CEOs also drive digital transformation at a faster pace, though this can sometimes come with short-term financial costs. Surprisingly, mathematical and engineering backgrounds were associated with a lower rate of technology adoption, which may be due to a stronger focus on optimizing existing processes rather than integrating new solutions. Industry-specific education did not show a significant impact on digitalization levels but could still play a role in certain aspects of corporate efficiency.

The seminar sparked a lively discussion among participants. A key point of debate was the accuracy of IT adoption data, as companies might declare the implementation of digital solutions without necessarily utilizing them effectively. Attendees also highlighted the importance of considering the long-term impact of technology adoption, as its financial benefits may not be immediately visible.