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More Stable, More Sustainable: Does TMT Stability Affect Sustainable Corporate Social Responsibility?

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  • Jun Huang
  • Zhixin Duan
  • Mingsheng Hu
  • Yun Li

Abstract

Building on the TMT behavioral integration of upper echelon theory, this study explores whether the stability of top management team (TMT) affects sustainable corporate social responsible activities (CSR). We also examine how the TMT stability-sustainable CSR relationship is moderated by CEO power. Analyzing a dataset of publicly listed firms in China for the period of 2009–2017, we provide evidence that a relatively stable TMT engages in sustainable CSR. This finding supports the argument that a stable TMT focuses on long-term sustainable development. Moreover, the positive effect of TMT stability on sustainable CSR is pronounced only for firms with weak CEO power. Further analysis shows that a positive association between TMT stability and sustainable CSR occurs for firms in CSR-sensitive industries and in an environment with low economic uncertainty. We then confirm that TMT stability positively affects sustainable CSR by improving team cohesion, which in turn contributes to higher firm performance and lower operational risk.

Suggested Citation

  • Jun Huang & Zhixin Duan & Mingsheng Hu & Yun Li, 2022. "More Stable, More Sustainable: Does TMT Stability Affect Sustainable Corporate Social Responsibility?," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 58(4), pages 921-938, March.
    • Handle: RePEc:mes:emfitr:v:58:y:2022:i:4:p:921-938
    DOI: 10.1080/1540496X.2020.1852926
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    Cited by:

    1. Feng Xiong & Yaxin Shao & Haotian Fan & Yi Xie, 2023. "Analysis of the Motivation behind Corporate Social Responsibility Based on the csQCA Approach," Sustainability, MDPI, vol. 15(13), pages 1-29, July.
    2. Zukun Tan, 2024. "Top Management Team Stability and Corporate Innovation Sustainability," Sustainability, MDPI, vol. 16(11), pages 1-27, May.
    3. Delin Meng & Yanxi Li & Lan Wang, 2024. "Seeking legitimacy? “Ownerless” companies and environmental performance," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(11), pages 27375-27408, November.
    4. Patrycja Hąbek & Fizza Saeed, 2024. "Exploring the Relationship between Top Management Team Characteristics and Corporate Social Responsibility: A Literature Review and Bibliometric Analysis," Sustainability, MDPI, vol. 16(19), pages 1-16, October.
    5. Hai Huang & Shengbin Hao & Yu Chen, 2023. "The more the better? Service transition for shaping sustainable development in manufacturing firms and the role of top management team attributes," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(6), pages 3255-3270, November.
    6. Yao, Wenyun & Yang, Hang & Shi, Xiulian & Song, Zilong, 2024. "Top management team stability and debt concentration," International Review of Financial Analysis, Elsevier, vol. 91(C).

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