Corporate Social Responsibility, Corporate Governance And Management Risk Exposure

In recent years,with the influence of the financial crisis,it is more and more important for the real economy to develop smoothly under the influence of external environment.With the background of our economic transformation and industrial structure restructuring,we can improving the managerial risk-taking as an opportunity to promote the value of enterprises and the development of industry.Based on the traditional agency theory,the different preferences to the risk between management and shareholders lead to the interest of scholars studying this matter.The higher managerial risk-taking can help enterprises to obtain higher return on investment,improve future financial performance,enhance long-term competitive advantage,accelerate the accumulation of capital in the whole society,and realize long-term economic growth.In addition,the government publishes different policies and guidance documents about CSR,which enhances the CSR issues at the national level and causes widespread discussion in the community.Based on this,this paper focus on the impact of CSR on managerial risk-taking,to provide data support on the implementation of CSR,to rich the relevant literature on factors of enterprise risk-taking,and then to provide some suggestions.This paper selects both normative research method and empirical research method to make definitions of related concepts,based on the principal-agent theory,stakeholder theory and signaling theory.After reviewing the literature,we find that many scholars have done many researches on the two aspects of corporate social responsibility and risk taking.However,few studies have been conducted to explore the impact of CSR on managerial risk-taking.Therefore,this paper constructs a model of CSR and managerial risk-taking,and integrates the moderating variables of corporate governance to test the moderating effect of CSR and managerial risk-taking.In evidence,this paper takes Shanghai and Shenzhen two A shares of the listed companies form 2009 to 2015 as samples,and carries on the descriptive statistics,the correlation coefficient analysis and regression analysis to the sample data to test the research hypotheses.The results show that CSR has a significant positive impact on the managerial risk-taking,and different corporate governance mechanisms have different effects on the relationship between the two.Most of the hypotheses in this paper are verified.Firstly,the higher score of CSR,the higher managerial risk-taking.Secondly,the proportion of independent directors,the size of the board of directors,the top three executive compensation and the proportion of senior managers have positive impact of CSR on the managerial risk-taking.Thirdly,the proportion of the largest shareholder may weaken the impact of CSR on the managerial risk-taking,and the regression result of the duality of chairman and general manage is not significant.