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As companies seek to navigate these challenges, the role of chief digital officers (CDOs) has gained prominence, with increasing numbers appointed to lead digital initiatives. While extant literature has primarily explored CDOs\u2019 roles and company-internal considerations, this study takes a market view, investigating the impact of CDO appointments on companies\u2019 stock market value. Drawing on signaling theory and employing an event study with a comprehensive data sample of 307 CDO announcements and corresponding stock prices in the timeframe 2009-2020, this research delves into the conditions of CDO appointments influencing stock market reactions positively or negatively. The analysis considers the type of appointment and the power profile of CDOs, revealing nuanced insights into how these factors shape investors\u2019 perceptions of a company\u2019s future prospects. 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