Executives’ Academic Experience,R&D Investment And Corporate Social Responsibility Of Heavy Pollution:The Moderating Effect Of The Institutional Environment

The deepening development of the world economy has caused environmental pollution problems that cannot be underestimated.It is the common responsibility of all countries in the world to actively promote green development,reduce emissions and reduce pollution,and address climate change.In particular,heavy polluting enterprises with low added value,high energy consumption and high emissions should consciously abide by the concept of green development,transform and upgrade,innovate and develop,and fully practice corporate social responsibility.As a key strategic decision-making behavior of an enterprise,performing social responsibility is influenced by the values,personality traits and decision-making preferences of senior management team members.Long-term academic research experience has made the senior executives of enterprises form excellent moral quality and high awareness of social responsibility,which permeates the daily production and operation activities of enterprises,and may affect the fulfillment of corporate social responsibility.However,in recent years,in the name of green development,pollution control and emission reduction,many heavy polluting enterprises have used false ways such as "covering","confusing",or "posing" to whiten their social responsibility behavior and establish a good corporate image.In fact,there are many "greenwashing" false propaganda,indiscriminate discharge and other phenomena.While causing serious environmental pollution,it also damages the lives,health and safety of community residents and enterprise employees,infringes on the legitimate rights and interests of consumers,violates the environmental protection law and affects the market order.Therefore,this paper,based on the academic experience of senior executives,studies their impact on the fulfillment of corporate social responsibility of heavy pollution,and explores its internal mechanism.In order to solve this problem,this paper takes the data of heavy polluting enterprises in China’s A-share listed companies from 2012 to 2018 as the research sample,builds A multiple regression model,and empirically tests the impact of executive academic experience on the social responsibility of heavy polluting enterprises.By introducing R&D investment as a mediating variable and institutional environment as a moderating variable,we construct a mediating effect model and a moderated mediating effect model,and further explore the internal mechanism of executive academic experience on corporate social responsibility of heavy pollution.Through the empirical analysis,the following conclusions are drawn :(1)Executive academic experience has a significant positive impact on the performance of corporate social responsibility in heavy pollution enterprises.(2)Research and development investment has a partial mediating effect on the relationship between senior executives’ academic experience and CSR fulfillment of heavy pollution enterprises.(3)Institutional environment has a positive moderating effect on the relationship between R&D investment and CSR fulfilment of heavy pollution enterprises,that is,a good institutional environment can enhance the positive effect of R&D investment on CSR fulfilment of heavy pollution enterprises.Based on polluting enterprises as the research object,this paper focus on the heavy polluting enterprises in recent years,the qualification and work experience,to hire senior executives are discussed the academic experience of targeted whether can better promote the heavy polluting enterprises fully fulfill their social responsibility,and its internal paths,added to the existing on the executives’ characteristics on corporate social responsibility to fulfill the research contents;From the perspective of R&D investment,the boundary conditions of executive academic experience on the fulfillment of corporate social responsibility of heavy pollution are analyzed.By introducing institutional environment,a moderated mediating effect model was constructed to explore the contingency effect mechanism of institutional environment differences in the relationship between senior executives’ academic experience,R&D investment and CSR fulfillment of heavy polluting enterprises,and to uncover the "black box" of the impact of senior executives’ academic experience on CSR fulfillment of heavy polluting enterprises.