Study On The Relationship Between Top Management Characteristics And Corporate Performance On Listed Companies In The Culture And Recreation Industry

Culture industry is the important supporter to promote the development of socialist culture in the market economy, and also is the important factor to accelerate economic restructuring and shift of development mode.Although the government has provided good market conditions and policy environment,there is much room for the full recognition on culture industry in the academy.In consideration of the facts that no widely accepted concept of culture industry exists and the availability of data,this paper selects listed companies as study sample,which are companies classfied as R category (culture, sports and recreation industry) or culture industry category by CSMAR.Due to no exist of sports limited companies,the paper calls culture and recreation industry as culture industry.Based on the consideration about the relationship between top management characteristics and corporate performance,the paper takes top management characteristics as the entry point to study its impact on corporate performance,hoping to enrich the theory study of performance impacts and have realistic guiding meanings on the development of listed companies in culture industry.The paper selects A-stock listed companies belonging to culture and recreation industry on SSE and SZSE during the period from2010to2012, and divides the top management characteristics into two parts,including top management personal characteristics and top management control characteristics as study sample.The top management personal characteristics include sex,age,degree,time,policy history and occupation experience,while the top management control characteristics comprises board size,ration of independent directors(IDP for short) and top management share-holding rate(stock for short).To begin with,the paper states study results in the current academy and relevant theory analysis covering Upper Echelons Theory,Human Resources Theory,Leadership Trait Theory and Agency Theory.And then the paper puts up some hypothesis,selects variables and build models to do empirically tested work and get the corresponding research conclusions. The empirical study results indicate corresponding research conclusions as follows.Top management sex has a significant positive correlation with corporate performance,while top management age.degree,policy history have significant negative correlations with corporate performance in culture and recreation listed companies.Although top management time and occupation experience have negative correlations with corporate performance,it does not go through tests of significance.At the same time,board size and IDP have significant negative correlations with corporate performance in culture and recreation listed companies.The stock impact on corporate performance in culture and recreation listed companies has an interval effect.In detail,when the top management share-holding rate situates between33.90%and84.97%, the top management share-holding rate has a significant positive correlation with corporate performance,in addition,the two variables have significant negative correlation.In combination with proposed hypothesis and descriptive statistical analysis,the paper analyzes empirical results and reasonably speculate causes responsible for the difference between empirical results and proposed hypothesis.And also,the paper points out the application range of corresponding conclusions.According to empirical study conclusions,the paper proposes corresponding countermeasures and suggestions from three aspects,covering the recruitment and evaluation for top management,board size and the interval effect between top management share-holding rate and corporate performance in culture and recreation listed companies.