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

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  • Ma, Zhiming
  • Zhang, Hong
  • Zhong, Weiguo
  • Zhou, Kaitang

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.

Suggested Citation

  • Ma, Zhiming & Zhang, Hong & Zhong, Weiguo & Zhou, Kaitang, 2020. "Top Management Teams’ Academic Experience and Firms’ Corporate Social Responsibility Voluntary Disclosure," Management and Organization Review, Cambridge University Press, vol. 16(2), pages 293-333, May.
  • Handle: RePEc:cup:maorev:v:16:y:2020:i:2:p:293-333_5
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    Cited by:

    1. Zhe Li & Bo Wang & Dan Zhou, 2022. "Financial experts of top management teams and corporate social responsibility: evidence from China," Review of Quantitative Finance and Accounting, Springer, vol. 59(4), pages 1335-1386, November.
    2. Zhao, Tianjiao & Chan, Kam C., 2023. "Corporate social network and corporate social responsibility: A perspective of interlocking directorates," International Review of Financial Analysis, Elsevier, vol. 88(C).
    3. Thanya Weerasinghe & Dileepa Samudrage & Nuwan Gunarathne, 2023. "The influence of top management team diversity on Sustainable Development Goals (SDG) reporting: Evidence from Sri Lanka," Business Strategy and the Environment, Wiley Blackwell, vol. 32(8), pages 5922-5934, December.

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