A Study On The Relationship Among The Education Background Of Top Management Team,Corporate Social Responsibility Information Disclosure And Financial Performance

The competition among enterprises has shifted from pure product,service and price to comprehensive strength competition including brand image and human capital under the background of economic restructuring,.Among them,the level of education of senior management team largely determines the size of human capital stock of enterprises.At the same time,various stakeholders pay more and more attention to corporate social responsibility behavior.More and more corporate executives begin to create a good corporate image by disclosing social responsibility information in order to enhance competitive advantage and improve performance level.Moreover,highly educated executives tend to look at the problem more dialectically,and find that the disclosure of social responsibility information increases the cost of enterprises behind the hidden greater economic effects.Therefore,this paper makes an in-depth study on the relationship between the education background of top management team,corporate social responsibility information disclosure and financial performance.The purpose is to prove the economic value of top management team construction and disclosure of social responsibility information,and to find a new way to improve corporate financial performance.This paper uses the data of a-share main board-listed companies issued by Shanghai and Shenzhen stock exchanges from 2009 to 2017 in the CSMAR database to empirically study the impact of the education background of senior management team and corporate social responsibility information disclosure on financial performance.The research logic is as follows:firstly,the research object is clarified through literature review and its concept is defined.Secondly,based on higher-order theory,stakeholder theory,resource-based theory,legitimacy theory and signal transmission theory,this paper proposes the research hypothesis through theoretical analysis.Then the empirical test of the executive team education background on financial performance,corporate social responsibility information disclosure on financial performance and the impact of both on financial performance.The findings are as follows:1)the educational background of the senior management team has a significant positive impact on corporate financial performance.2)corporate social responsibility information disclosure has a significant positive impact on corporate financial performance.Disclosure will also generate some financial expenses,but the effect is weaker than the improvement of financial performance.3)there is a positive interaction between the education background of the executive team and the disclosure of corporate social responsibility information,which jointly positively affects the financial performance.For enterprises that disclose social responsibility information,the education background of the executive team has a more significant impact on the financial performance.The research results of this paper can provide reference for enterprises to select talents and form senior management teams.They can also encourage enterprises to voluntarily undertake social responsibility and disclose social responsibility information from the perspective of obtaining economic benefits,so as to improve business performance and enhance comprehensive competitiveness.