A Research On The Impacts Of Top Management Team Characteristics On Corporate Donation

After the Wenchuan earthquake,enterprises in various industries make large-scale donations,corporate donations cause social concern.Traditionally,people think that corporate donation is a way to fulfill corporate social responsibility,also is the highest level of social responsibility.Nowadays,people regard donation of enterprises as the basis for evaluating enterprises.Enterprises also regard donation as a kind of strategic to win the reputation of enterprises.Therefore,corporate donation is not only the development of social welfare,but also the way to get the various resources.On the one hand,from the statistical data,there are more enterprises to join the charity,the scale of donations has increased year by year;in the other hand,the behavior of corporate donations are also affected by internal and external factors,such as politics,the corporate controller,the size of the firm's assets,the characteristics of the executive team,and so on.As a part of corporate strategy,top management team is responsible for corporate strategy.Therefore,this paper want to answer a question that how the top management team affects the donation of enterprises.Based on Principal-agent Theory,Upper Echelons Perspective,Maslow's hierarchy of needs,this paper shows the relationship between the top management team and corporate donations.By the research of donation and top management team,this paper make the hypothesis,to study the influence of top management team characteristics on corporate donations.The subjects of this study are the listed company in Shanghai Stock Exchange and Shenzhen Stock Exchange.The data is from the annual financial statements of the listed companies in CSMAR database.Tobit regression model is used to explain the relationship between the top management team,such as the average age,the level of average education,the level of salary and the number of top management team,and the donations of enterprise.Then,the results of empirical studies,(1)the average age of top management team is not related to the corporate donation;(2)the average education level of top management team is significantly negatively correlated with the corporate donation;(3)the level of salary is positively correlated with the corporate donation(4)There is a significant positive correlation between the number of senior management team shares and the corporate donation;(5)The controller of corporate affect on the influence of top management team on the corporate donations.