Research On The Impact Of Management Shareholding On Corporate Social Responsibility

With the rapid development of China's economy,the external competition that the enterprises face is becoming increasingly fierce.Some companies ignore the balance of interests of stakeholders because of blind pursuit of profits,which led to a series of social accidents.At the same time,with the development and progress of society,people's awareness of rights and fairness has gradually increased,and various sectors of society have also put forward higher requirements for the quality of economic development.A pair of contradictions arise from the above problems.Stakeholder Theory points out that the development of an enterprise is the result of multi-party efforts.Therefore,we should not only aim at maximizing the interests of shareholders,but also take into account the interests of other stakeholders.One of the better ways is to make enterprises take social responsibility,and whether an enterprise takes social responsibility will be affected by internal and external factors.Under the modern enterprise system,the separation of the two powers has become the main feature of the corporate governance structure.Management as an actual operator will have an important influence on the relevant decisions of the company,and the management's holding of the company's equity can restrict the management's behavior to a certain extent.Not only that,analysts,as external influence factors that are closely related to the enterprise,will also affect the enterprise's behavior while paying attention to the enterprise.So do these two have an impact on corporate social responsibility behavior? How will it affect the company's commitment to social responsibility? The thesis is to study these two issues.The article takes China's A-share listed companies as research objects from 2010 to 2018,and builds a total indicator of corporate social responsibility through the principal component analysis method.Based on the research on the relationship between management shareholding and corporate social responsibility,the analyst coverage is included in the scope of the study.And then we study the impact of analyst coverage on corporate social responsibility and the relationship between management shareholding and corporate social responsibility.Through empirical analysis,the paper finds that there is a significant positive correlation between management shareholding and corporate social responsibility,that is,an increase in management shareholding helps promote corporate social responsibility commitment.Through regression analysis of analyst coverage and corporate social responsibility,this paper finds analyst coverage promotes corporate social responsibility commitment;on this basis,the crossover terms of the analyst coverage and management holdings is added to the model and the regression coefficients is found to be positive,indicating that the analyst coverage is helpful to improve the positive impact of management shareholding on corporate social responsibility.Finally,according to the research conclusions,the article puts forward corresponding countermeasures and suggestions,in order to promote the improvement of China's corporate social responsibility performance level,and then promote the high-quality development of social economy.