Research On The Impact Of Top Management Team Characteristics On The Corporate Social Responsibility Disclosure Of Listed Companies

Maximization of corporate social responsibility as a new direction for future development, has been valued by the community. From the beginning of the1990s, Chinese scholars started the research on corporate social responsibility. To the twenty-first century, scholars started to research on corporate social responsibility, disclosure, evaluation and disclosure mechanisms. But there are few researches on the factors affecting disclosure, which is the antecedent of behavior of corporate social responsibility disclosure. It is known that any decision-making behavior and strategic choices in the corporate are closely related to the top managers, so is corporate social responsibility. Therefore, this paper attempts to study its effect on corporate social responsibility disclosure from the perspective of the top management team.Based on the high-level echelons theory, corporation social responsibility strategy, this paper studied the top management team and corporate social responsibility form following aspects. Firstly, this paper reviewed relevant literatures on the basis of existing theories, analyzed the relationship between the top management team characteristics and corporate social responsibility disclosure. Secondly based on the relevant literature and theory, this paper selected297listed companies to study the relationship between top management team characteristics and corporate social responsibility disclosure. The top management team characteristics included average age, average tenure, average education level, average salary, team size, heterogeneity of age, heterogeneity of tenure, heterogeneity of education and heterogeneity of salary. And the level of corporate social responsibility disclosure is evaluated by the corporate social responsibility development index (CDI). Thirdly, choose the nature of corporate ownership as the moderator and compare the differences of the relationship of top management team characteristics and corporate social responsibility disclosure.Empirical studies have found:in addition to average age, heterogeneity of age and heterogeneity of education, the remaining six independent variables have significant influence on corporate social responsibility disclosure and only the heterogeneity of salary has significantly negative effects on it. The nature of corporate ownership has regulation effect on the relationship of average age, average tenure, average education level, heterogeneity of age, heterogeneity of salary and corporate social responsibility disclosure. In the end, this paper propounded some recommendations for building the top management team and improving corporate social responsibility disclosure mechanism in China.