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Top Management Teams’ Academic Experience and Firms’ Corporate Social Responsibility Voluntary Disclosure

Published online by Cambridge University Press:  13 April 2020

Zhiming Ma ,
Hong Zhang ,
Weiguo Zhong Open the ORCID record for Weiguo Zhong [Opens in a new window]  and
Kaitang Zhou
Zhiming Ma
Affiliation:
Peking University, China
Hong Zhang*
Affiliation:
Wuhan University, China
Weiguo Zhong
Affiliation:
Peking University, China
Kaitang Zhou*
Affiliation:
Wuhan University, China
*
Corresponding authors: Hong Zhang (ihongzhang@163.com) and Kaitlang Zhou (zhoukaitang@whu.edu.cn)
Corresponding authors: Hong Zhang (ihongzhang@163.com) and Kaitlang Zhou (zhoukaitang@whu.edu.cn)
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Abstract

Corporate social responsibility (CSR) disclosure is becoming increasingly important for modern corporations. Focusing on voluntary CSR disclosure and drawing on upper echelons theory, we propose that voluntary CSR disclosure is the manifestation of managerial preferences (e.g., managers’ professional ethical values and standards). Specifically, we argue that top executives with an academic background tend to have higher professional and ethical standards than their non-academic counterparts. These standards lead them to act with self-restraint and to perceive CSR disclosure as an opportunity rather than a threat. Compared with non-academic executives, therefore, top executives with an academic background provide stakeholders with more CSR information. Based on a sample of publicly listed firms in China, we find a significant difference in voluntary CSR disclosure between firms led by academic executives and firms without academic top executives. This difference is smaller for firms that are state-owned, firms that are audited by large audit firms, and firms with greater analyst coverage. We contribute to the literature on CSR voluntary disclosure by providing an in-depth analysis of the effects of top management teams’ academic backgrounds.

摘要

摘要

社会责任披露对现代企业而言越来越重要。聚焦企业自愿披露社会责任这一现象，基于高阶理论，本文认为企业社会责任自愿披露表现出高管的偏好（例如高管的职业道德价值标准）。具体来说，我们认为平均而言具有学术经历的高管团队比不具备学术经历的高管团队具有更高的职业和道德标准，进而使得此类高管团队所领导的企业更加自律，并将企业社会责任的披露视为机会而不是威胁。因此，具有学术经历的高管团队所在的企业将向利益相关者提供更多的企业社会责任信息。基于中国上市公司样本，我们发现，由具有学术经历高管团队所领导的企业与那些不具备学术经历的高管团队所领导的企业在社会责任自愿披露行为上存在显著差异。这一差异在国有企业、由最大的会计师事务所审计的企业以及被更多分析师跟踪的企业中更小。通过深入分析高管团队的学术背景特征的影响，本文推动了企业社会责任自愿披露的研究。

Аннотация

АННОТАЦИЯ

Раскрытие информации в сфере корпоративной социальной ответственности (КСО) становится все более важным для современных корпораций. На основании теории высших эшелонов, мы уделяем основное внимание вопросу добровольного раскрытия информации о КСО и предполагаем, что добровольное раскрытие информации о КСО является проявлением управленческих предпочтений (например, профессиональных этических ценностей и норм у руководителей). В частности, мы утверждаем, что высшие руководители с академическим образованием, как правило, имеют более высокие профессиональные и этические нормы, чем их коллеги без академического образования. Эти нормы заставляют их действовать сдержанно и воспринимать раскрытие информации о КСО как возможность, а не как угрозу. Поэтому, по сравнению с руководителями без академического опыта, высшие руководители с академическим образованием предоставляют заинтересованным сторонам больше информации по КСО. На основании выборки из компаний, зарегистрированных на бирже в Китае, мы обнаруживаем значительное различие в добровольном раскрытии информации о КСО между компаниями, которые возглавляют руководители с академическим образованием, и компаниями без руководителей с академическим опытом. Это различие меньше для компаний, которые находятся в государственной собственности; компаний, которые проверяются крупными аудиторскими фирмами, а также компаний с большими ресурсами по анализу коммерческой деятельности. Мы вносим важный вклад в научную литературу по добровольному раскрытию информации о КСО, проводя подробный анализ того, какую роль играет академический опыт команд высшего звена.

Resumen

RESUMEN

La divulgación de la responsabilidad social empresarial (RSE) se está volviendo cada vez más importante para las corporaciones modernas. Enfocándonos en la divulgación voluntaria de la RSC y basándonos en la teoría de los niveles superiores, proponemos que la divulgación voluntaria de la RSE es la manifestación de las preferencias gerenciales (es decir, los valores y estándares éticos profesionales de los gerentes). Específicamente, argumentamos que los altos ejecutivos con una formación académica tienden a tener mayores estándares profesionales y éticos que sus contrapartes no académicas. Estos estándares los lleva a actuar con autocontrol y a percibir la divulgación de la RSE como una oportunidad en lugar de una amenaza. En comparación con los ejecutivos no académicos, por consiguiente, los altos ejecutivos con una formación académica proporcionan a los grupos de interés más información de la RSE. Con base en una muestra de empresas que cotizan en la bolsa China, encontramos una diferencia significativa en la divulgación voluntaria de la RSE entre las empresas lideradas por ejecutivos académicos y las empresas sin altos ejecutivos académicos. Esta diferencia es menor para empresas que son de propiedad estatal, las empresas que son auditadas por grandes firmas de auditoría, y empresas con una mayor cobertura de analistas. Contribuimos a la literatura sobre la divulgación voluntaria de RSE proporcionando un análisis a profundidad de los efectos de la formación académica en los equipos de alta dirección-

Keywords

academic backgroundanalyst coverageaudit firmscorporate social responsibility disclosureownershiptop executives高管团队学术经历企业社会责任披露产权性质会计师事务所分析师关注академический опытанализ коммерческой деятельностиаудиторские фирмыраскрытие информации о корпоративной социальной ответственностисобственностьвысшие руководителиformación académicacobertura de analistasfirmas de auditoríadivulgación de responsabilidad social empresarialpropiedadaltos ejecutivos
Type
Article
Information
Management and Organization Review , Volume 16 , Issue 2 , May 2020 , pp. 293 - 333
Copyright
Copyright © 2020 The International Association for Chinese Management Research

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Footnotes

Accepted by: Senior Editor Mooweon Rhee

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