Analysis of variable correlation coefficients.

Fulfilling corporate social responsibility (CSR) is crucial for society’s sustainable development. Executives’ academic experience significantly affects their awareness of social responsibility, value orientation, professional ability, and network resources. Thus, it is critical in CSR-related corporate decision-making. This paper explores the impact of executives’ academic experience on the fulfillment of CSR. It focuses on non-financial, Special treatment enterprises (ST), and ST* enterprises listed in the A-share market from 2012 to 2021. It utilizes a fixed-effects analysis model to examine the relationship between executives’ academic experience and CSR fulfillment. The CSR score and executives’ academic experience were positively correlated. This paper also explores the intermediary role of compensation incentives and the moderating effect of marketization level. Both compensation incentives and the level of marketization positively moderated the relationship between executives’ academic experience and CSR fulfillment. Meanwhile, the robustness results showed that the experimental findings still held after replacing the explained and explanatory variables. This paper contributes to the advancement of the Upper Echelons Theory and provides empirical evidence for the society’s sustainable development.

履行企业社会责任（Corporate Social Responsibility, CSR）对于社会的可持续发展至关重要。高管的学术经历会显著影响其社会责任意识、价值取向、专业能力与社会网络资源，因此在与CSR相关的企业决策中发挥着关键作用。本文聚焦高管学术经历对企业履行CSR的影响展开研究，样本选取2012至2021年A股市场上市的非金融类特别处理（Special Treatment, ST）及退市风险警示（*ST）企业，采用固定效应分析模型检验高管学术经历与企业CSR履行水平之间的关联。研究发现，企业CSR得分与高管学术经历呈显著正相关关系。此外，本文还探讨了薪酬激励的中介作用与市场化程度的调节效应，结果显示薪酬激励与市场化程度均对高管学术经历与企业CSR履行之间的关系起到正向调节作用。同时，稳健性检验结果表明，在更换被解释变量与解释变量后，本文的核心研究结论依然成立。本文拓展了高层梯队理论（Upper Echelons Theory）的研究范畴，并为社会可持续发展提供了实证支撑。