Culture Of Merchant Groups,Interlocking Director Network And Social Responsibility Of Private Enterprises

In this paper,by constructing an interlocking director network of private listed companies under the influence of modern merchant group culture,this paper studies the relationship between the network characteristics of private listed companies embeded in the interlocking director network and corporate social responsibility performance;In addition,there are differences between different merchant group cultures,so this article further studies the relationship between the characteristics of interlocking director network of private listed companies and their social responsibility performance under the influence of different commercial benevolent orientation cultures.Through social network analysis,the following conclusions are drawn: among the private listed companies in the five modern merchant groups,there is a widespread phenomenon of director connections;With the increase in the number of private listed companies,the scale of the interlocking director network within the five merchant groups continues increase;Through social network visualization,it can be found that most of the interlocking director network links appear within the same merchant group;Through QAP correlation analysis,it is found that the merchant attribute relationship between enterprises is highly correlated with the interlocking director relationship;Through QAP regression analysis,it is found that the social responsibility information disclosure behavior of the company has a significant co-group effect,but the co-group effect of corporate charitable donations is not significant.After multiple regression analysis,the following conclusions are drawn: the importance of the company in the interlocking director network and the control advantages of resources and information can affect the company’s social responsibility information disclosure behavior.Specifically,a higher network centrality and structural hole index both can promote the disclosure of independent social responsibility reports;The importance of the company in the chain of directors network and the control advantages of resources and information can affect the charitable donation behavior of the company.Specifically,a higher network centrality and structural hole index can promote enterprises to make charitable donations;After incorporating the cultural characteristics of the benevolence orientation,this study found that for companies embedded in different benevolence orientation cultures,the relationship between the network characteristics of private listed companies embeded in the interlocking director network and corporate social responsibility performance is different.Specifically,the higher the average ESG score of the merchant group which the company belongs,the stronger the company’s network centrality and structural hole index will promote the disclosure of independent social responsibility reports by the company,and the promoting effect of charitable donations is also stronger.This article takes the enterprises under the influence of modern merchant group culture as the research object,involving the five modern merchant groups,and conducts in-depth research on the inter-company interlocking director network within the merchant group.On this basis,this article further includes the cultural factors of merchant groups,and conducts research on corporate social responsibility disclosure and charitable donations from the perspective of interlocking director network.This article not only enriches the empirical research of the merchant group,but also could be a useful supplement to the research of corporate governance.