Tmt Heterogeneity,corporate Social Responsibility & Corporate Performance

With the development of economic globalization & the deepening macroeconomic background of Chinese reform and opening's process,domestic companies in emerging markets have accelerated their pace of integration with internationalization,participated in international competition,and continuously adjusted their organizational strategies to gain recognition from the international community and occupy a place in a fierce international competition.At the same time,corporate social responsibility has attracted worldwide attention since the 1990 s.Actively undertaking social responsibilities such as public welfare undertakings and environmental protection has gradually become the consensus of the international community.It has also become the expectation of all sectors of the society.Under the circumstances,CSR has become an inevitable choice of organizational strategy and a hot topic in the academic community.As the core subject of strategic decision-making and operation of the company,the TMT's differences of background characteristics would affect their vision and thinking concept.There is also a difference in the degree of their awareness and attention to social responsibilities,and these differences will inevitably affect the organization and management of enterprises,and ultimately affect the organization's profitability and economic value.Most of the previous research revolved around the relationship between the TMT heterogeneity & corporate social responsibility or corporate social responsibility & corporate performance,but few studies combined the three.Therefore,based on the Upper Echelon Theory,this paper attempted to explore the relationship among the TMT heterogeneity,corporate social responsibility & corporate performance,in order to enrich the relevant research,and inspired the organization to further standardized corporate social responsibility behavior and strengthen top management team for the company.This paper first systematically reviewed the research literature about the concept,influencing factors,effect results and related relationships of the TMT heterogeneity,corporate social responsibility and corporate performance.Secondly,we selected the listed company of Chinese A-Shares on the Main Board as the research sample and collected data of CSR score,TMT's characteristics,and financial indicators from 2013-2016.Thirdly,we did the empirically test to verified the impact of TMT heterogeneity on CSR and corporate performance,and the impact of CSR on corporate performance.The mediating role of CSR between TMT heterogeneity and corporate performance,the moderating role of corporate nature between the TMT heterogeneity and CSR.Finally,we drew the following conclusions:1.The gender heterogeneity affects corporate performance & CSR positively,and CSR is a mediation variable between the gender heterogeneity and corporate performance;2.The heterogeneity of TMT age affects corporate performance & CSR negatively,and CSR is a mediation variable between the age heterogeneity and corporate performance;3.The heterogeneity of TMT tenure affects corporate performance negatively but have a positive effect on CSR performance;4.The heterogeneity of overseas background of TMT affects corporate performance &CSR positively,and CSR is a mediation variable between the overseas background heterogeneity and corporate performance;5.Corporate social responsibility has a positive effect on corporate performance;6.Compared with non-state firms,the heterogeneity of TMT gender,age,overseas backgrounds in state-owned enterprises have a greater impact on corporate social responsibility.