A Research on the Social Responsibility and Protective Umbrella and Scapegoat Effect of Top Management Turnover
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Abstract Taking the A-shares listed companies that disclosed the social responsibility report in Shanghai and Shenzhen stock exchanges during 2010-2017 as examples, the paper studies the relationship between the corporate social responsibility (CSR),corporate social irresponsibility(CSI) and different types of top management turnover (TMT). The results show that:(1) CSR and CSI have no impact on the change of chairman. (2) CSR reduces the possibility of change of chief executive officer (CEO), chief financial officer (CFO) and secretary of the board, indicating that CSR has a protective umbrella effect on senior management positions. (3) CSI has increased the possibility of changes of the CFO and the secretary of the board, but has no effect on the change of CEO. This abnormal phenomenon may have the scapegoat effect that weak executives are the scapegoat for strong ones. Further research finds that CSI increased the possibility of CEO being in office but CFO out of office and CEO unchanged but secretary of the board change, thus verifying the scapegoat” effect, which can be strengthened by the duality and shareholding ratio.
XU Liping,XU Xiansu,LIU Ning. A Research on the Social Responsibility and Protective Umbrella and Scapegoat Effect of Top Management Turnover. Economic Survey, 2020, 37(5): 0116.
2020, Vol. 37 
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