Does Top Management Team Media Exposure Affect Corporate Social Responsibility?

Abstract

This study examines the impact of top management team (TMT) media exposure on corporate social responsibility (CSR) and the moderating effect of TMT characteristics based on the upper echelons theory and stakeholder theory. Based on the observations of 5,352 firms between 2010 and 2019, multiple regression analysis is conducted to empirically test whether TMT media exposure can promote CSR. TMT media exposure is further divided into paper media and online media to reveal the impact of different types of TMT media exposure on CSR. Some robustness tests are also conducted to strengthen the regression results. The results found that a high level of TMT media exposure promotes social responsibility. In addition, the TMT power and political connections negatively moderate the relationship between TMT media exposure and CSR. The main contribution of this study is to develop a TMT media exposure model to assess the impact of TMT media exposure on CSR, providing a theoretical contribution to the existing literature and enriching the research in the CSR context from the perspective of the TMT characteristic moderating role.