The Research On The Effect Of The Top Management Team On The Corporate Social Responsibility Investment

With the trend of the economic globalization and the establishment and thecorporate social values, the Corporate Social Responsibility (CSR) has become a hotissue in a number of fields. Especially, the study of CSR has integrated the theoreticalcontribution and the practical experiment from all disciplines, such as economics,management, organizational behavior and sociology since20thcentury. It has attractedthe attention from scholars, business executives, policy makers and others in worldwide.And China’s rapid economic development has surprised the whole world since thereform and opening. The concepts and policies of the scientific development, circulareconomy and building a harmonious social, will make a profound impact on China’seconomic development. For Chinese business managers, it has also changed themethods and emphasis. They tend to focus on the long-term benefits and even theeffectiveness of the whole society. Therefore, to make the strategy on CSR seems to bemore and more important in the management. This paper attempts to combinetheoretical and empirical ways to study the factors that influence the CSR expenditure,so as to explore the internal factors which motivated them to make the CSR expenditurestrategy.Firstly, this paper reviews relevant literatures of the top management teamcharacteristics and the CSR. And then based on the high order theory and stakeholdertheory, this paper analyzes the CSR expenditure from the economic perspective. On thebasis of literature review and the theoretical analysis, this paper constructs a two-stageresearch framework, which breaks through the traditional points that CSR is anon-economic indicators. In this way, the CSR expenditure is connected to thecorporation growth opportunity. In the first stage, this paper evaluates the CSRfulfillment of the sample corporate. And in the second stage, this paper makes anempirical analysis on the relationship of the top management team characteristics andthe CSR expenditure.This paper selects A-share listed companies of the manufacturing industry from2010to2012and gets383samples in total. The study shows that China’s listedcompanies have initial results in CSR and most of them tend to fulfill the CSR actively.The paper finds that the characteristics of education level, industry experience, salariesand team size have significantly positive effects on the CSR expenditure, but there is adifference in promoting effects. For the companies with different positive degrees inCSR, salaries and team size have the same significantly positive effects on the CSRexpenditure. However, the positive effects of education level and industry experiencewill reduce if the company doesn’t fulfill the CSR actively. Finally, this paper proposes some suggestions for corporate practical based on the theoretical analysis and empiricalconclusions.