| On July 21,2020,Chinese President Xi Jinping talked about it at the entrepreneur Symposium: Enterprises have economic responsibility,legal responsibility,social responsibility and moral responsibility.Any enterprise existing in society is a part of the society.Only entrepreneurs who sincerely repay the society and earnestly fulfill their social responsibilities can be truly recognized by the society and meet the requirements of the times.In the more than 40 years of exploration of corporate social responsibility in China,there have been twists and turns of "Melamine Scandal" and "Changchun Changsheng vaccine",as well as the progress of large-scale donations by major enterprises to natural disaster affected areas.However,according to the Research Report on corporate social responsibility in China(2017),The overall level of corporate social responsibility in China is still in its infancy.Fulfilling social responsibility for enterprises is not only a behavior beneficial to society,but also a strategic investment to improve their competitiveness,long-term benefits can be adjusted and sustainable competitive advantages can be obtained.Therefore,it is important and urgent to fulfill social responsibility to contribute to the sustainable development of enterprises and society.Improving the overall level of corporate social responsibility in China is an arduous task faced by the government,enterprises and society.Then,as a representative of the enterprise and an important member of making strategic decisions,how will the CEO’s concern to his own career affect the performance of corporate social responsibility? As an external factor,can the institutional environment change the enterprise decisions made by the CEO based on his professional concerns?As a unique organizational form in China,will "units within the system" affect the cognition and values of their employees,thus affecting CEOs with work experience within the system?In order to solve the above problems,based on the existing research,this paper selects Chinese A-share listed companies from 2009 to 2019 as the research samples,taking CEO career concerns,institutional environment,CEO work experience within the system and corporate social responsibility as the research variables,combined with principal-agent theory,high-order theory,career concerns theory and branding theory,By constructing a multiple regression model for empirical test,the following research results are obtained:(1)CEO career concerns has an inverted "U" relationship with corporate social responsibility,and the performance level of corporate social responsibility of new CEOs,young CEOs,retiring CEOs and old CEOs is lower than that of CEOs in the middle of their career;(2)There is a positive relationship between institutional environment and corporate social responsibility performance,and plays a regulatory role between CEO career attention and corporate social responsibility performance.In areas with rapid marketization process,the inverted "U" relationship is restrained,and the overall level of social responsibility performance is high;(3)CEO’s work experience within the system does not significantly alleviate the relationship between career concerns and corporate social responsibility performance,but in the sample of state-owned or collective enterprises,CEO career concerns and corporate social responsibility have a negative relationship,and the level of social responsibility performance increases with the increase of age;In the sample of work experience of Party and government organs,CEO career concerns has a positive relationship with corporate social responsibility,and the performance level of social responsibility decreases with the increase of age;The work experience sample of public institutions combines the characteristics of the sample of state-owned or collective enterprises and the sample of Party and government organs and the CEO’s career concern has an inverted "U" relationship with corporate social responsibility.Based on the above research conclusions,this paper obtains the following research enlightenment:(1)improve the manager market system,incorporate the long-term strategic performance such as corporate social responsibility into the manager evaluation criteria,and combine the long-term and short-term to jointly promote the sustainable development of enterprises;(2)Strengthen corporate governance and strengthen supervision at the beginning and end of managers’ tenure to prevent managers from paying too much attention to career prospects and their own interests and ignoring the long-term development of the enterprise;(3)The selection and employment of managers shall be considered in many aspects,combined with the work experience of senior executives and the regional institutional environment of the company,and strive to give full play to the advantages of the institutional environment,managers and the company to jointly promote the promotion of the company’s value and regional economic development;(4)Establish a check and balance mechanism for CEOs,and consider age,tenure heterogeneity and work experience heterogeneity when configuring senior management team members,so as to restrict CEOs from making decisions that are not conducive to the performance of corporate social responsibility and the promotion of corporate value due to personal cognitive bias and professional concerns;(5)Change the concept of social responsibility within the enterprise,establish a social responsibility management system,and seek cooperation with the government and external social stakeholders to improve the overall level of corporate social responsibility in China. |
