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| Interlocking Directorate Networks, Financial Constraints and the Social Responsibility of Private Enterprises |
| LI Xiaoqing，FUNG H G，ZHU Qingxiang，LIU Zhixiong |
| 1. Hebei University of Technology, Tianjin, China; 2. University of Missouri-St. Louis,St. Louis, USA; 3. China University of Political Science and Law, Beijing, China |
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Abstract Based on a multiple theory perspective, this study uses social network analysis to examine the influence of interlocking directorate networks on the corporate social responsibility (CSR) of private, entrepreneurial firms. Several results are noted. First, the interlocking directorates have a positive effect on CSR when they are in the center of social network or spanning structure holes. Second, interlocking networks (network centrality and structure hole) improve financial constraints, which in turn mediate the relationship between interlocking directorate networks and CSR. Third, political connections strengthen the influence of interlocking directorate networks on CSR. Finally, the political connections with the central government have much a stronger effect on the relationship between interlocking directorate networks and CSR than those with the local government. While political connections of “deputies to NPC”or “members ofCPPCC”enhance the influence of interlocking directorate networks on CSR, there is no significant moderating effect for official political connections on the relationship between interlocking directorate networks and CSR.
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Received: 23 October 2019
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