Research On The Top Management Team Heterogeneity,Monetary Compensation And Corporate Social Responsibility

The endless stream of negative events that harm consumers,employees and the natural environment continues to occur,forcing the government to introduce a series of laws and regulations to promote corporate social responsibility.Corporate social responsibility refers to the obligation of enterprises to increase social welfare in addition to the responsibility of maximizing the interests of shareholders.Corporate social responsibility is not only a means to maximize shareholder wealth,but as one of the ultimate goals of the enterprise.Modern enterprises are built on the separation of ownership and management rights,and are run by professional executive teams.The heterogeneity of top management team influences the cognition and values ??of the company.As a kind of incentive,top management monetary compensation will have an impact on the formulation and implementation of corporate strategy.In 1984,Hambrick and Mason,proposed the "high-level echelon theory",and scholars applied their research framework to the study of corporate social responsibility.Based on the relationship between top management team heterogeneity and corporate social responsibility,this paper introduces monetary compensation factors to study the impact of top management team heterogeneity and monetary compensation on corporate social responsibility.This paper takes the 2014-2017 Shanghai-Shenzhen A-share listed company as the research object,and scores the listed company's social responsibility report with the Rankins CSR Ratings as the corporate social responsibility index.Starting from the high-level echelon theory,stakeholder theory,principal-agent theory and incentive theory,the method of multiple linear regression is used to analyze the relationship between top management team heterogeneity,monetary compensation and corporate social responsibility.The empirical results show that: First,the age heterogeneity of the top management team negatively affects corporate social responsibility.There is no significant relationship between the gender,education level and term heterogeneity of the top management team and corporate social responsibility.Second,topmanagement monetary compensation is positively affecting corporate social responsibility.Third,top management team monetary compensation enhances the negative impact of top management team age heterogeneity on corporate social responsibility.Top management team monetary compensation enhances the positive impact of top management team heterogeneity on corporate social responsibility,monetary compensation has weakened the positive relationship between top management team gender heterogeneity and corporate social responsibility.The influence of monetary compensation on the relationship between top management team heterogeneity and corporate social responsibility is not significant.Finally,based on the empirical results of this paper,we propose to establish a reasonable heterogeneous top management team to improve the level of corporate social responsibility,and to influence corporate social responsibility through the design of a reasonable monetary compensation system.