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| The Moderating Effect of Ownership Concentration and Leadership Structure on the Relationship between Interlocking Director and Corporate Social Responsibility |
| YI Fengpeng，XU Erming，ZHANG Han |
| 1.Beijing Institute of Graphic Communication， Beijing， China； 2.Tsinghua University， Beijing， China； 3.Shantou University， Shantou， Guangdong， China；4.Capital University of Economics and Business， Beijing， China |
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Abstract This study investigates the effect of interlocking director on corporate social responsibility, and further explores the moderating effect of ownership concentration and CEO duality based on institutional theory and agency theory. Using a sample of listed firms during the period 2011~2014,we find that interlocking director has a significantly positive effect on focal firm’s total corporate social responsibility. However, the positive effect on economic responsibility and environment responsibility is stronger than that on social responsibility. The impact of interlocking director on total corporate social responsibility becomes stronger with the increase of ownership concentration. However, ownership concentration’s moderation effect varies among different responsibilities. It strengthens the effect of interlocking director on economic responsibility, but it weakens the effect of interlocking director on environment responsibility. CEO duality moderates the relationship between interlocking director and corporate social responsibility without significance.
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Received: 27 November 2017
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