Research On The Impact Of Chairman-CEO Heterogeneity On The Quality Of CSR Information

Under the background of economic globalization,corporations are facing increasingly fierce competition.Compared with the simple product quality and price competition,overall responsibility competition has become the key to corporations to gain competitive advantages.However,China's current situation of corporate social responsibility(CSR,the same below)information disclosure is not optimistic,different enterprises,CSR information disclosure there is a big difference.At present,the research on corporate social responsibility information disclosure mainly focuses on the external institutional environment and internal characteristics of enterprises,but seldom from the individual level of managers.However,as the top managers in the high echelon,the personal preferences of chairman and CEO largely determine the theoretical principles and behavioral decisions of enterprises,and then affect the quality of corporate social responsibility information disclosure.Therefore,based on stakeholder theory,principal-agent theory and higher-order theory,this thesis studies the impact of chairman-CEO heterogeneity on the quality of corporate social responsibility information disclosure.In view of the difficulty in measuring the quality of corporate social responsibility information disclosure,this thesis chooses listed companies with Runling Global Rating Data from 2014 to 2016 as samples,and divides the heterogeneity of chairman-CEO into two categories: separation of duties,age heterogeneity and heterogeneity of education level.In order to avoid endogenous problems,this thesis uses the propensity score matching method to test them separately,and further differentiates different enterprises.How does the heterogeneity of chairman-CEO affect the quality of corporate social responsibility information disclosure? This thesis finds that:(1)the separation of chairman and CEO has a significant positive impact on the quality of corporate social responsibility information disclosure;(2)the age heterogeneity of chairman and CEO has a significant negative impact on the quality of corporate social responsibility information disclosure;(3)the education heterogeneity of chairman and CEO has a significant positive impact on the quality of corporate social responsibility information disclosure;(4)Compared with state-owned enterprises,the quality of corporate social responsibility information disclosure of non-state-owned enterprises is poor,and the heterogeneity of chairman-CEO has a more significant impact on the quality of corporate social responsibility information disclosure.Starting from the individual level,this thesis studies the impact of chairman-CEO heterogeneity on the quality of corporate social responsibility information disclosure,which provides a new research perspective for the factors affecting the quality of corporate social responsibility information disclosure,and helps us to build a reasonable senior management structure in practice.At the same time,this thesis uses the propensity score matching method to reduce the dimension of control variables to the propensity score value of each individual,and matches the experimental group with the control group,which overcomes the problems of endogenous and sample errors.