Digital transformation requires both cognitive transformation and financial investment, that is, the complementarity between digital cognition and digital investment. The effects of digital investment and cognition of firms largely depend on the background structure of their top management teams (TMT). According to the upper echelons theory, TMT background structure affects organizational cognition and behavior, thus can serve as a critical factor to intervene how digitalization can bring values for firms operating traditional business. In this study, the panel data of 208 public listed firms in the pharmaceutical industry over the period from 2010 to 2019 were collected. The moderating effects of TMT functional background heterogeneity and financial background dominance on the digital input-output linkage were tested. Results show that digital investment and digital cognition are interdependent and complementary; they reinforce each other and jointly enhance the firm’s growth value. Furthermore, TMT functional background heterogeneity significantly strengthens the complementarity of digital investment and digital cognition of a firm; however, such an interactive effect is attenuated as the number of TMT members with financial backgrounds increases.