Women Participate In Executive Teams, Corporate Social Responsibility And Corporate Performance

With the establishment of market economic system and the vigorous development of enterprises,enterprises to promote the development of the national economy has become more obvious.But most of the enterprises to fulfill their social responsibility is relatively weak,such as ignoring the interests of consumiers,neglecting the working environment of employees,polluting the ecological environment,etc.Though,our government and related organizations are also issued a series of laws and regulations require enterprises to actively fulfill the social responsibility.However,most enterprises still lack the awareness of social responsibility voluntarily.Therefore,to improve the status of the current lack of corporate social responsibility in our country,requires the joint efforts of enterprises and individuals.As is known to all,any strategic decision is decided by the enterprise management,corporate social responsibility is no exception,in recent years,more and more women to participate in economic activities and become an important part of enterprise managers.However,there is no systematic study on the relationship between women's participation in top management team and corporate social responsibility at home and abroad.So,whether the women involvement of the top management team is helpful for the enterprise to fulfill its social responsibility and how to fulfill its social responsibility will have an impact on the financial performance of the enterprise.Based on the theoretical analysis and empirical research,this paper examines the relationship between female participation in TMT,corporate social responsibility and corporate performance,it is significant to strengthen the fulfillment of social responsibility,enhance enterprise performance and issue some relevant laws and regulations.First of all,combing the relevant literature of the women's participation in the top management team,corporate social responsibility and corporate performance.Secondly,on the basis of the definition of the relevant concepts,this paper puts forward the hypothesis and constructs the model based on the Feminist Care Ethics,higher order theory,stakeholder theory and resource dependence theory.Then,using the data of listed companies of A shares issued in 2012-2014 as the sample,using descriptive statistics,correlation analysis,multiple linear regression and other methods,this paper empirically tests the hypothesis.Finally,combined with theoretical analysis and empirical results,this paper draws conclusions and puts forward policy recommendations.Empirical study shows that,(1)The higher the percentage of women participating in top management teams,the better corporate social responsibility will be.(2)There is a significant positive correlation between the proportion of female executives in TMT and corporate performance.(3)In the short term,there is a negative correlation between corporate social responsibility and corporate performance.However,corporate social responsibility has a significant positive correlation with the lag of the first and second period.(4)The participation of women in senior management team plays a role in regulating the variable role in the relationship between corporate social responsibility and corporate performance,that is when the enterprise in the proportion of female executives is higher,the more negative correlation contributes to the weakening of corporate social responsibility and corporate performance.Finally,aiming at the promotion of corporate social responsibility,promoting the enterprise performance,put forward the following suggestions:enterprises should establish social responsibility consciousness,develop appropriate social responsibility strategy and the optimal degree of management of gender diversity,an important role as the female managers.Regulators should learn from western countries,the implementation of relevant policies and improve the system of female managers and personnel of a listed company in the proportion of practice,according to the actual situation in our country is conducive to the formulation of the legal environment of female executives in the starting point.Government departments should carry out publicity to encourage enterprises to fulfill their social responsibilities.