Research On The Impact Of Top Management Team Characteristics On Corporate Social Responsibility Performance Of Listed Companies

The report of the 19 th National Congress of the Communist Party of China(CPC)pointed out that under the background of the "new era",strengthening the consciousness of corporate social responsibility and taking the initiative to undertake corporate social responsibility is not only the inevitable choice to promote the development of enterprises.It points out the direction to enhance the core competitiveness of enterprises and shape the image of a responsible big country.The research on corporate social responsibility has also become a hot issue for scholars at home and abroad,but most of the research level stays at the organizational level such as corporate governance,and lacks the research on the motivation factors of corporate social responsibility.As the maker and implementers of the social responsibility strategy at the top of the pyramid,the cognitive basis and values of the top management team affect their perception of the problem of corporate social responsibility.In addition,with the vigorous development of the information industry,the media,as an external pressure factor,plays a binding and supervisory role in corporate behavior,and plays a more significant role in promoting the performance of corporate social responsibility.The focus of this paper is to explore whether the top management team in order to maintain the reputation of the enterprise,whether to take into account media attention and other public opinion factors,so as to promote the positive performance of corporate social responsibility behavior.Based on the high-order echelon theory,stakeholder theory,corporate reputation theory and corporate governance theory,this paper studies the executive team and corporate social responsibility performance from the following two aspects: first,After defining the basic concepts of the research object,this paper systematically combs and reviews the relationship between the characteristics of top management team,media attention and corporate social responsibility.Second,on the basis of theoretical research,the listed companies of Shanghai and Shenzhen A shares in China,which were rated by Runling Global rating from 2015 to2017,are taken as the research object.An empirical study on the performance of corporate social responsibility(CSR)by using STATA14.0 software is carried out on the characteristics of top management teams in 538 selected sample enterprises.The study found that: First,the characteristics of the top management team significantly affect the performance of corporate social responsibility,in which the education level,tenure,and salary are all significantly positively correlated,the leadership structure is significantly negatively correlated,and second,the media attention is high.At the time,the higher the level of top management team characteristics on the level of corporate social responsibilityperformance,the stronger the role of media attention.In view of the research conclusions,this paper puts forward management suggestions from the enterprise,media and government levels,in order to alleviate the current situation of China's corporate social responsibility awareness.In terms of research limitations,the incompleteness of the sample data may cause errors in the accuracy of the research results,and the lack of inclusion of the network communication data media in the measurement of media attention may have an impact on the results of the research.