The Impact Of TMT Heterogeneity On CSP

At present,China ’s economic development has entered a new normal stage,economic development requires a shift from the traditional extensive high-pollution and high-energy consumption model to an intensive sustainable development model.Chinese government has also increasingly emphasized the harmony of people,nature and society in economic development,Domestic enterprises have responded to the call and explored the way of business transformation,and have gradually attached importance to the impact of their own business activities on society and the fulfillment of social responsibilities.Corporate social performance,as an indicator to evaluate the social responsibility of enterprises,has attracted attentions of many scholars.Among them,the research on the impact of the demographic background characteristics of the top management team on corporate social performance based on the high-level echelon theory has become a hot topic.However,how the top management team acts on corporate social performance and how transmission and impact mechanisms are still not inconclusive.Based on the Upper Echelons Theory,the demographic background characteristics of the top management team will affect the choice of corporate strategy,including whether the company conducts diversification strategies.Combined with the stakeholder theory,it can be seen that the diversification strategy of the company is related to the performance of corporate responsibility.Based on this,this paper introduces the variable of diversification strategy to explore the mechanism of the heterogeneity of the top management team on corporate social performance.According to the logical chain of“top management team heterogeneity—strategic choice—corporate social performance ”,this paper studies the main effect of top management heterogeneity on corporate social performance and the mediating effect of diversification strategy in the process of top management team heterogeneity on corporate social performance by introducing the mediating variable of diversification strategy,and tries to reveal the internal relationships among the three.Based on the annual panel data of 745 enterprises listed on Shanghai and Shenzhen Stock Exchanges from 2017 to 2021,this study selects and constructs relevant variables according to the existing scholars ’ research,mainly through factor analysis,panel data regression analysis,Bootstrap mediation effect test and other methods to test and analyze the research hypothesis of this paper.The conclusions of this paper are as follows :(1)Gender heterogeneity and occupational background heterogeneity are significantly negatively correlated with corporate social performance;(2)There is a significant positive correlation between educational background heterogeneity and corporate social performance;(3)There is no significant correlation between age heterogeneity,tenure heterogeneity and corporate social performance;(4)There is a significant positive correlation between corporate diversification strategy and corporate social performance;(5)Corporate diversification strategy has an intermediary effect between TMT heterogeneity and corporate social performance,that is,TMT heterogeneity can affect corporate social performance by affecting the implementation of diversification strategy.Specifically,it plays an intermediary role in the mechanism of TMT gender heterogeneity and corporate social performance,but plays a masking role in the influence path of educational background and professional experience heterogeneity on corporate social performance.Finally,combined with the empirical analysis results of this paper,relevant suggestions are put forward from the aspects of structural optimization of top management team,strategic choice and improvement of corporate social performance.