Corporate Social Responsibility?Characteristics Of Top Management Team And Investment Efficiency

The phenomenon of non-efficiency investment has always been a problem that plagues most enterprises in China.It not only inhibits the sustainable development of enterprises,but also the non-efficiency investment of some enterprises will have a negative impact on the healthy development of China's economy.Therefore,the study of the factors affecting investment efficiency has become a research hotspot in the academic world for a long time.Corporate social responsibility is part of the company's strategic decision-making.A company that is responsible to all stakeholders will win support from all walks of life,thereby enhancing market competitiveness and improving its investment efficiency.It can be seen that corporate social responsibility has an important impact on the efficiency of corporate investment and the long-term development of enterprises.However,in the research on the economic consequences of social responsibility,most of the existing study focuses on the relationship between corporate social responsibility and financial performance,and whether social responsibility as a decision-making behavior of enterprises can improve the inefficient investment phenomenon of enterprises and the specific mechanism of action is still not clear enough.In addition,based on the Upper Echelons theoretical perspective,the fulfillment of corporate social responsibility is influenced by the collective decision-making of the entire senior management team.The characteristics of the senior management team will have a certain impact on the corporate social responsibility behavior.Then,Will the corporate social responsibility preferences caused by the different characteristics of the executive team further affect the investment efficiency of the company? Can an enterprise comprehensively exerting the different characteristics of senior executives have a positive impact on corporate social responsibility and investment efficiency by rationally arranging the senior management team members?Based on the above research background,this paper takes the A-share listed company evaluated by Rankings CSR Ratings(RKS)organization in 2013-2017 as the research object,and on the basis of relevant theoretical analysis,empirical data on the characteristics of senior management team,corporate social responsibility and investment efficiency are used to empirically test the impact of corporate social responsibility on investment efficiency,and further analyze the role of average tenure and CEO-TMT tenure heterogeneity in regulating the relationship between social responsibility and investment efficiency.This paper attempts to answer the following questions: 1.What are the factors that affect the investment efficiency of enterprises? 2.Can an enterprise improve its investment efficiency level by fulfilling its social responsibility? 3.What effect do average tenure and CEO-TMT tenure heterogeneity have on the relationship between social responsibility and investment efficiency?The conclusions of the study indicate that: 1.The quality of social responsibility information disclosure of listed companies in China is generally low,and the level of disclosure is uneven.2.Based on the theory of asymmetric information and principal-agent theory,the problem of financing constraints and management opportunism of enterprises is the major factor of investment efficiency.3.There is a significant positive correlation between corporate social responsibility and corporate investment efficiency,that is,corporate social responsibility behavior can improve the efficiency of corporate investment.4.The average tenure of top management team can enhance the improvement of corporate social responsibility on investment efficiency.5.CEO-TMT tenure heterogeneity can also enhance the improvement of corporate social responsibility on investment efficiency.According to the research on the relationship between executive team characteristics,corporate social responsibility and investment efficiency,the main contributions of this paper are as follow: Firstly,when analyzing the relationship between corporate social responsibility and investment efficiency,introduce the characteristics of top management team and then investigate the role of average tenure and CEO-TMT tenure heterogeneity in regulating the impact of corporate social responsibility on investment efficiency,it has expanded the influence mechanism of corporate social responsibility in the field of investment efficiency,and made certain contributions to enrich the relevant literature on enterprise inefficient investment governance.Secondly,the executive team as an important human capital factor of the enterprise,to a large extent affects the future sustainable development of the enterprise.From the perspective of top management team,according to the average tenure of top management team and CEO-TMT tenure heterogeneity,the mechanism of its role in corporate social responsibility performance and corporate investment efficiency is studied.At a time when all sectors of society are paying more and more attention to the efficiency of corporate investment,it can provide evidence about that it is possible for enterprises to improve the degree of fulfillment of corporate social responsibility,and gain sustainable development momentum for themselves by adjusting the composition of top management team members and weighing the demands of various stakeholders.