| Based on Upper Echelons theory and Stakeholder theory,the core proposition is to probe into the relationship between executive heterogeneity and firm performance and to give consideration to the micro mechanism involved in CSR performance.According to the research paradigm of "TMT Heterogeneity –TMT Decision Behavior – Decision Outcome",this paper clarifies the mechanism of CSR fulfillment between executive team heterogeneity and corporate performance improvement,and to some extent clarifies the internal relationship between executive heterogeneity,CSR fulfillment and corporate performance improvement.Utilizing the data of quoted corporation in the A-share market from 2010 to2019,this paper empirically tested the relationship among executive heterogeneity,corporate social responsibility and corporate performance from the four dimensions of gender,age,educational background and salary.The empirical results make it clear that the relation between heterogeneity in age and salary level dimension and corporate performance is significantly negative,gender heterogeneity is positively correlated with corporate performance.Educational background heterogeneity has no significant correlation with corporate performance.Heterogeneity of gender dimensions is positively and significantly correlated with CSR.Age heterogeneity and salary heterogeneity are significantly negatively correlated with CSR;Educational background heterogeneity has no significant correlation with CSR.Corporate social responsibility plays a mediating role in the relationship between executive heterogeneity and corporate performance,namely,the transmission mechanism of executive team heterogeneity on corporate performance exists by influencing the performance of corporate social responsibility information.At the same time,two-component sample regression based on corporate ownership and regional differences is conducted to empirically test the ownership otherness and regional otherness of the influence of top manager diversity on firm performance and CSR.Finally,through the comparative study of short-term and long-term performance of enterprises,it is concluded that the heterogeneity of executive team in salary level has a negative impact on short-term performance and a positive influence on long-term performance.All in all,the conclusions of this paper provide evidence support for senior management echelon construction and personnel adjustment,corporate social responsibility strategy selection and other aspects. |
