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This study aims to examine how degree of servitization and breadth of servitization affect the firm performance, and the moderating roles of corporate social responsibility (CSR) and green innovation.

The hypotheses are tested using panel data regression models from 2010 to 2020 based on 10,539 firm-year observations from 2,362 Chinese listed manufacturers.

Considering the classification of servitization, the results show that both degree and breadth of servitization have positive impacts on firm performance. In addition, CSR strengthens these impacts, while green innovation only strengthens the impact of degree of servitization on firm performance.

This study suggests that manufacturers should obtain greater profits by actively implementing the servitization strategy, and effectively take their social responsibility by achieving value co-creation with stakeholders. Also, they should carry out green innovation, develop green products and provide eco-friendly services.

This study contributes to the servitization literature by deepening the understanding of the value creation effect of services based on the service-oriented logic. Also, this study contributes to the sustainability literature stream by revealing the moderating roles of CSR and green innovation based on the stakeholder theory.

In order to effectively promote the deep integration of artificial intelligence and the real economy and empower real enterprises to improve quality and efficiency, this study regards the CEO as a high-end innovation resource and aims to empirically test the impact of scholar-type CEOs on the industrial artificial intelligence (AI) transformation of manufacturing enterprises.

Grounded on the upper echelons theory, this paper preliminarily selects A-share manufacturing listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange that are affiliated to enterprise groups from 2014 to 2020 as samples. Furthermore, the Logit regression is conducted to analyze the influence of scholar-type CEOs about industrial AI transformation.

The results show that scholar-type CEO plays a significant role in promoting industrial AI transformation. The parent-subsidiary corporations executives' ties positively moderates the impact of scholar-type CEOs on industrial AI transformation. Further, internal control quality plays a partial mediating role between scholar-type CEOs and industrial AI transformation. Compared with private enterprises, scholar-type CEOs play a stronger role in promoting industrial AI transformation of state-owned enterprises.

First, this paper expands the research related to the influencing factors of industrial AI transformation based on upper echelons theory and clarifies the influencing mechanism of scholar-type CEOs affecting industrial AI transformation from the perspective of executives' behavior. Second, this study further enriches the research framework on the economic consequences of scholar-type CEOs and provides a useful supplement to the research literature in the field of upper echelons theory. Third, this paper is not limited to a single enterprise but involves the management practice of resource allocation within the enterprise groups, further clarifies the internal logic of the decision-making of industrial AI transformation of listed companies within the framework of enterprise groups, providing theoretical reference for the scientific design of the governance mechanism of parent-subsidiary companies.