Exploring the Relationship between Top Management Team Characteristics and Corporate Social Responsibility: A Literature Review and Bibliometric Analysis

Abstract

In the evolving landscape of corporate governance, the role of Top Management Teams (TMTs) has transcended traditional decision-making paradigms, becoming integral to the implementation of Corporate Social Responsibility (CSR). While the existing literature has identified general trends in TMT diversity, stability, and leadership styles, there is a lack of comprehensive analysis focusing on the interplay of these characteristics and their direct implications for CSR strategies. This study employs a literature review and bibliometric analysis of the existing literature up to 2023, utilizing the Scopus database to discern trends and patterns in the TMT–CSR relationship. Findings reveal that TMT characteristics, including diversity in gender, age, and professional background, significantly influence CSR strategies, enhancing organizations’ responsiveness to stakeholder needs. Notably, diverse TMTs demonstrate a greater capacity for developing comprehensive CSR initiatives, particularly when led by executives committed to sustainability and ethical practices. The analysis indicates a growing scholarly interest in this intersection, with a marked increase in publications over the past decade, highlighting the strategic importance of TMTs in shaping CSR outcomes. However, the identified research gaps suggest a need for further exploration of context-specific approaches, particularly in varying regional and industry settings, as well as longitudinal studies to capture the dynamic nature of TMT–CSR relationships over time.

1. Introduction

In the realm of modern corporate governance, the role of the Top Management Team (TMT) has evolved far beyond the confines of traditional decision-making [1,2,3]. The past decade has witnessed a profound transformation in the way businesses perceive and implement Corporate Social Responsibility [4,5], a paradigm shift that is intricately linked to the composition, leadership, and strategies of the TMT. The TMT, often regarded as the apex of an organization’s leadership hierarchy, holds a unique and pivotal position in shaping corporate behaviour, including its approach to CSR. Recent studies have shown that the structure and dynamics of the TMT are crucial determinants of an organization’s CSR performance [6,7]. Specifically, the diversity within TMTs—encompassing factors such as gender, age, and professional background—has been linked to more robust and comprehensive CSR strategies, reflecting a broader understanding of stakeholder needs [8].

The increasing focus on CSR as a critical element of corporate strategy has led to a growing body of research exploring the dynamic relationship between TMTs and CSR. Studies have demonstrated that the TMT’s characteristics—such as diversity, expertise, and commitment to social and environmental causes—can significantly influence a company’s CSR initiatives and outcomes [9,10]. Diverse teams, composed of individuals with varying backgrounds and perspectives, are often more attuned to the diverse needs of stakeholders and can devise more holistic CSR strategies. Moreover, TMTs led by executives who prioritise sustainability and ethical business practices tend to drive CSR initiatives more effectively [6]. This integration is particularly important in the current business environment, where stakeholder expectations for corporate accountability and ethical conduct are at a high level, compelling organizations to align their strategic objectives with broader social and environmental responsibilities.

The importance of CSR has escalated to the point where it is no longer seen as an optional aspect of business operations. It has become a fundamental pillar of corporate strategy, driven by the increasing scrutiny from stakeholders—including customers, investors, employees, and regulators—on companies’ CSR commitments [11]. An ethically driven CSR agenda not only enhances an organization’s reputation and brand value but also contributes to long-term financial sustainability [12].

The research gap that this study aims to address is the insufficient understanding of how particular characteristics of Top Management Teams (TMTs) affect Corporate Social Responsibility (CSR) outcomes in various organizational contexts. While the existing literature has identified general trends in TMT diversity, stability, and leadership styles, there is a lack of comprehensive analysis focusing on the interplay of these characteristics and their direct implications for CSR strategies in varying industries and geographic regions. To demonstrate the existence and importance of this gap, a search was conducted in the Scopus database, revealing an increase in publications addressing TMT and CSR over the past decade. However, many articles focus on isolated aspects without integrating the complex interactions between TMT characteristics and CSR, particularly in the context of specific industries or regional variations.

This paper seeks to explore the evolving relationship between Top Management Teams (TMTs) and Corporate Social Responsibility (CSR), particularly in light of recent advancements and emerging insights in the field.

This paper presents a significant contribution to the literature, as it is the first to conduct a literature review combined with a bibliometric evaluation specifically focused on the intersection of Top Management Teams (TMTs) and Corporate Social Responsibility (CSR), supported by comprehensive database analyses that confirm the absence of similar studies. This comprehensive approach not only fills a significant gap in the existing body of research but also offers fresh insights into the intricate dynamics between TMT characteristics and CSR outcomes. The structure of this paper is designed to ensure a thorough exploration of the topic: Section 2 outlines the research methodology employed; Section 3 details the bibliometric analysis conducted; Section 4 presents the findings of the content analysis and underscores the importance of the study by identifying and addressing key research gaps; Section 5 provides an in-depth discussion of the results; and Section 6 offers the study’s conclusions. Lastly, Section addresses the limitations of the research and suggests directions for future studies.

2. Research Method

The literature review in our study employs a structured approach to investigate the research problem. We establish techniques for building a reliable research database, ensuring a comprehensive scope that adheres to rigorous standards for validity and reliability [13]. The organization of material is based on a literature review that critically assesses the quality of published work for an in-depth analysis applicable to future research projects. Our methodology involves an empirical assessment of publications focusing on top management teams (TMTs) and corporate social responsibility (CSR), utilizing theoretically grounded techniques [14]. The selection of publications involves applying comprehensive inclusion and exclusion criteria, along with quality assurance procedures. Figure 1 outlines our six-stage study technique to draw findings and determine research requirements. In the initial stage, a meticulous assessment was conducted to plan and organize subsequent steps. An analysis of relevant English-language articles employing specified titles and keywords was incorporated into the scheduling phase. The second phase involved framing and refining research objectives to ensure their alignment with the subject matter for an effective literature review methodology. The third phase focused on a literature search approach employing data clustering and database scanning, with Scopus being the primary database utilized. We chose Scopus due to its comprehensive coverage of high-impact journals across various disciplines, including management and corporate social responsibility (CSR). Scopus is recognized for its rigorous indexing criteria, ensuring the inclusion of peer-reviewed, high-quality research articles. This allowed us to maintain consistency and reliability in our analysis.

In the fourth stage, inclusion and exclusion criteria were established through a comprehensive search across key databases, resulting in the identification of thirty-four pertinent items. Subsequently, in phase five, the validity of the data was assessed, and a summary comprehension was conducted, taking into account the reliability and validity of the selected articles. Phase six involved the examination and assessment of the entire content through full-text analysis.

In conducting our literature review, we employed targeted search terms in the Scopus database to retrieve publications aligned with our investigation objectives (see Figure 2). Keywords such as “TMT with CSR”, “TMT heterogeneity with CSR”, “TMT age heterogeneity with CSR”, “TMT functional background heterogeneity with CSR”, and “TMT education heterogeneity with CSR” were strategically combined using Boolean operators ‘AND’ and ‘OR’ to refine our search results.

Emphasizing English-language publications from indexed journals, we excluded conference papers and multilingual releases to ensure the quality and relevance of the collected data (see

Table 1. Inclusion and exclusion criteria.

	Criteria	Interpretation of Criteria
Inclusion	Closely associated	Academic articles that provide in-depth explanations of topic being studied.
	Certainly associated	Few academic articles are included without detailed explanations.
Exclusion	Non associated	This topic is not associated with its description.
	Tangentially associated	The literature does not include any information or barely any information relating to this topic. The topic is only mentioned in passing and is not given primary attention.
	Lack of full-text	Authors of study lacked accessibility to whole content.

). The search, conducted on 21 October 2023, yielded a total of 34 articles, which were then exported for further analysis. Initial screening removed duplicates, unapproved research, and studies not meeting the inclusion criteria, reducing the initial count from 34 to 30 articles.

Subsequent phases included sorting publications by type, focusing on the 30 peer-reviewed journal articles. A meticulous full-text examination ensured alignment with the inclusion criteria, specifically content related to TMTs and CSR. Exclusion criteria eliminated articles in languages other than English, as well as those from conferences, periodicals, reports, books, and editorials. This rigorous process resulted in a final selection of 28 relevant research articles for our literature review.

The data from selected studies were rigorously analysed leading to the development of the investigation. To comprehensively assess study findings, we conducted a bibliometric assessment using tools VOSviewer (version 1.6.19) and Bibliometrix^® (version 4.1) for scientific mapping and statistical evaluation.

3. Bibliometric Analysis

3.1. Informative Evaluation of Yearly Publications

In this section, we analyze the trends in the research on top management team (TMT) characteristics and their impact on corporate social responsibility (CSR) based on a sample of 28 articles collected from the field. Figure 3 illustrates the number of articles published annually from 2013 to 2023 on the topic of TMT characteristics and CSR. The horizontal axis represents the year of publication, while the vertical axis shows the total number of articles. From 2013 to 2020, the research in this field was still in its early stages, with a relatively low number of publications each year. However, as time progressed, the field began to evolve gradually. In 2021, the number of publications fluctuated, reaching a peak in 2022 with seven articles. By the end of 2023, there is a potential for an increase in research articles related to TMT characteristics and CSR.

3.2. Country Distribution of Publications

Figure 4, generated using VOSviewer, illustrates the top ten countries that have made significant commitments to research in the area of TMT characteristics and corporate social responsibility (CSR).

The analysis reveals that the largest number of authors contributing to this body of literature is from China. The United States follows as the second-highest contributor, with six published papers. The United Kingdom ranks third, with four published articles. Additionally, Australia stands out with three publications in this research area.

3.3. Countries Network

Figure 5, generated using Bibliometrix (version 4.1), provides a visual representation of the cooperation, output, and distribution of research on TMT characteristics and CSR across nations and regions. The figure displays numerous global and local alliances, with darker colors corresponding to a higher number of documents from those countries and regions.

The analysis reveals that the top contributors to this research area are the United States and China. Regions with more intense colors (darker blue) show more international collaboration. This indicates that country has collaborated with other countries more frequently e.g., China and UK. In comparison, lighter blue zones indicate lower levels of collaboration and fewer co-authored works. Lines such as the one between UK and Pakistan, China and Hong Kong in our illustration depict specific collaborations between these countries. The thickness of the line signifying strength of collaboration.

The visual representation highlights the global nature of research on TMT characteristics and CSR, with various nations and regions working together to advance knowledge in this area. The strong collaboration among the top contributors, such as China and the United States, suggests that research in this field is a global effort, with researchers from different countries working together to explore the relationship between top management team characteristics and corporate social responsibility.

3.4. Sankey Schematics

To enhance the understanding of the interplay among three key variables, a three-field Sankey diagram was utilized [15]. This diagram, depicted in Figure 6, illustrates the distribution of relevant variables over time. In the diagram, each plot is positioned adjacent to a rectangle, with the height of each rectangle representing the strength of the relationships between the variables. The taller the rectangle, the more closely connected the nodes are to one another.

The Sankey diagram specifically illustrates the relationships among authors’ keywords (DE), publication sources (SO), and authors’ countries (AU_CO). The analysis indicates that China, the United Kingdom, and the United States are the primary contributors to publications addressing this topic. Notably, China emerges as the largest contributor, with its researchers publishing in prominent journals such as the Journal of Business Ethics, Sustainability (Switzerland), and the Journal of Business Research.

3.5. Co-Occurrence Network of Keywords

Figure 7 presents a co-occurrence analysis of terms conducted using VOSviewer software. In this network, each node represents a distinct term, with the size of the node indicating the frequency of the keyword’s usage; larger nodes correspond to more frequently used terms.

The proximity between keywords also reflects their relationship. A smaller gap between two nodes signifies a stronger association between the corresponding keywords. Notably, the term “corporate social responsibility” appears most frequently in the analysis and demonstrates a strong connection with the characteristics of the top management team (TMT).

4. Full-Text Analysis

Table 2. Literature analysis summary.

Study	Independent Variable (IV)	Dependent Variable (DV)	Moderating/ Mediating Factors	Sample/Context	Key Findings
[16]	TMT age and tenure heterogeneities	Firm risk	CSR (Moderator)	Non-financial listed companies (Malaysia)	TMT heterogeneity positively moderates CSR’s impact on firm risk
[17]	Board and TMT gender diversity	CSR	CSR (Mediator)	248 for-profit organizations in Australia	Gender diversity correlates positively with CSR, improving organizational efficiency and employee productivity
[18]	Financial experts on TMT	CSR	-	Chinese enterprises	Financial experience benefits CSR, especially in non-state-owned firms
[19]	TMT gender diversity	Environmental standards adoption	Gender parity, executive power, CSR committees	490 firms (China, India, Pakistan)	Positive relation between TMT diversity and ISO 14001 adoption
[20]	TMT media exposure	CSR	TMT power, political connections	5352 firms (2010–2019)	Media exposure promotes CSR, but TMT power negatively moderates the effect
[21]	Management Position in TMT	Corporate Social Irresponsibility (CSI) and CSR	Firm size, firm age, service intensity, resource slack	1569 businesses (63 sectors)	MP positively influences CSR, complemented by other aspects of CSI and CSR competency
[22]	Female managers in TMT	CSR performance	-	Manufacturing SMEs (201–2015)	Nonfamily SMEs outperform family firms in CSR, linked to female managers in TMT
[23]	TMT industrial and functional experience	CSP	TMT faultlines (Moderator)	212 high-polluting Chinese enterprises	Functional experience heterogeneity has an inverted U-shaped impact on CSR and CSP
[6]	stability of TMT	CSR	CEO power	China’s publicly traded companies from 2009 to 2017	TMT stability has a favourable impact on sustainable CSR.
[24]	TMT stability	CSR performance	Aspiration gap, slack resources	Chinese listed corporations (2010–2019)	TMT stability positively impacts CSR; moderated by aspiration gap and slack resources
[25]	Teacher occurrence in TMT	CSR scores and ranks	TMT and firm-level controls	Chinese A-share listed businesses	Teacher presence in TMT positively affects CSR scores and ranks
[26]	CSR efforts	Shareholder perceptions of TMT	CSR industry norms (Moderator)	S&P 1500 firms, shareholder simulations	CSR efforts shape perceptions of TMT’s moral character and remuneration acceptance
[27]	TMT composition	Firm performance	GHG emission strategy (Mediator), Organizational slack (Moderator)	Taiwanese public companies	TMT tenure and educational background heterogeneity negatively affect firm performance
[28]	Gender diversity of TMT	CSR	Marketization level (Moderator)	17,032 manager-year observations from Chinese firms	Negative relation between CSR and female managers, moderated positively by marketization level
[29]	Managerial entrenchment	CSR	Women in TMT (Moderator)	300 UK listed firms (2005–2017)	Positive correlation between managerial entrenchment and CSR, moderated by women in TMT
[30]	TMT and CEO considerations	CSP	CSR reporting (Mediator)	Publicly traded firms with CSR reports	CSR reports mediate the reduction of corporate social irresponsibility (CSI)
[31]	Chief Sustainability Officer (CSO) in TMT	Corporate social performance (CSP)	-	S&P 500 companies (2005–2014)	Presence of CSO improves CSR performance and reduces CSiR
[32]	TMT career development	CSR	Firm ownership (Moderator)	Chinese manufacturing enterprises	TMT’s international experience and educational background are linked to CSR success
[33]	TMT tenure	Firm employee CSR	-	U.S. airlines (1998–2013)	Inverse U-shaped relation between TMT tenure and employee-related CSR
[34]	CEO or TMT experience	CSR (environment, community, product, employee relations, diversity)	TMT and CEO-level controls	100 U.S. industrial machinery companies (1998–2008)	TMT output experience complements CEO experience, with no impact on environmental CSR
[35]	TMT age heterogeneity	CSR	TMT interaction and education (Moderator)	Chinese listed companies (2008–2012)	Inverse U-shaped relation between CSR and TMT age heterogeneity, moderated by TMT interaction but not education
[36]	Chief officer of CSR	TMT impact on firm performance	-	U.S. listed businesses	Hiring a CSR chief officer improves financial performance, especially if female
[37]	Women in TMT	CSR disclosure	-	88 Indonesian banks	Female executives positively influence CSR disclosure
[38]	TMT age, tenure, education, stock options	CSR	-	U.S. airlines (1998–2013)	Age and stock options are crucial for CSR, with stock options having a negative impact
[39]	Board and TMT composition, ownership	CSP	Firm size (Control)	471 Chinese firms	Positive relation between board/TMT composition and CSR performance
[40]	TMT process	Firm performance (FP)	CSR (Mediator)	203 lodging firms in Southeast China	TMT process and CSR mediate the positive link between TMT process and firm performance
[41]	TMT position	CSR		85 companies from the US and Scandinavia	CSR TMT positions are more common in Scandinavian companies than in US organizations.
[42]	Board gender diversity and foreign ownership	CSR performance	Interaction of gender diversity and foreign ownership (Moderator)	Chinese listed firms and stock exchange databases, CSR reports	Board gender diversity and foreign ownership both positively impact CSR performance.

, which lists key articles from the literature review along with significant authors, presents evidence from a literature review indicating that the intersection of TMT and CSR research extends beyond traditional boundaries, encompassing both developed and developing economies. A total of 28 studies were identified through the search process and included in the literature analysis after a rigorous evaluation. The studies are summarized in Table 2, detailing independent variables (IVs) related to TMTs, dependent variables (DVs) associated with CSR, control variables, as well as any moderating or mediating factors and key findings.

The content analysis of these studies revealed several significant insights into the relationship between TMTs and CSR (see

Table 3. Key insights on TMT characteristics and CSR impact.

Topic	Findings	Citations
Diversity in TMT and CSR	Studies suggest a positive correlation between gender diversity in TMT and CSR outcomes, indicating that diverse perspectives in leadership contribute to better CSR performance.	[22,42]
Media Exposure and CSR	TMT media exposure positively influences CSR initiatives, moderated by TMT power and political connections, highlighting the importance of strategic communication in CSR.	[20]
Educational Background and CSR Performance	Educational background heterogeneity in TMT may negatively impact CSR and business performance, indicating a need for a balanced mix of educational backgrounds for effective CSR strategies.	[35]
TMT Stability and CSR	TMT stability is associated with sustainable CSR practices, with stable TMTs contributing positively to CSR performance, emphasizing the importance of consistent leadership in shaping corporate responsibility.	[6,24]
Role of Chief Sustainability Officer (CSO)	The presence of a CSO in TMT is linked to higher CSR and reduced corporate social irresponsibility, underscoring the strategic role of dedicated sustainability leadership in shaping CSR outcomes.	[31]
Impact of Functional Background in TMT	The functional background of TMT members plays a crucial role in shaping various aspects of CSR, such as community relations and employee diversity, with diverse functional expertise contributing to a comprehensive CSR strategy.	[34]
Influence of Ownership and Financial Expertise	The ownership structure of a company can modify the connection between TMT characteristics and CSR efforts, with financial expertise in TMT being particularly beneficial for CSR in non-state-owned and cash-rich organizations.	[18,32]
TMT Tenure and CSR	TMT tenure has an inverse U-shaped association with CSR, where moderate tenure is associated with positive CSR outcomes, while extremes in tenure may hinder CSR efforts.	[33,38]
Global Context Matters	Regional differences are evident, emphasizing the importance of considering unique contexts of different countries when analyzing the relationship between TMT characteristics and CSR.	[37,38,41]
Role of CSR Reporting	CSR reporting serves as a crucial mediator in reducing the likelihood of corporate social irresponsibility, with companies with transparent CSR reporting mechanisms likely to demonstrate more responsible behavior.	[30]
TMT Gender Diversity Boosts CSR	Groundbreaking research establishes a positive association between TMT gender diversity and CSR outcomes.	[29]
TMT Heterogeneity and Firm Risk	CSR moderates the link between total TMT heterogeneity and firm systematic risk.	[16]
Financial Experience Influence	Senior executives’ financial experience positively impacts CSR.	[5,18]

). These insights collectively suggest that a combination of diverse, stable and strategically aligned TMTs along with the presence of dedicated sustainability leadership plays a critical role in shaping CSR outcomes. The findings also highlight the need for context-specific approaches, considering regional variations and industry characteristics. Highlighting distinctions across studies, Kachouri et al. [29] emphasized the moderation effect of women in TMTs on CSR relationships. Lu et al. [28] explored the connection between female top managers and CSR, echoing the significance of TMT gender diversity. Similarly, research on women’s leadership in SMEs reveals a positive link between female managers in TMTs and CSR practices, with a focus on TMT gender diversity. Ma and Huang’s work [23] on TMT experiencing heterogeneity reveals the positive influence of functional experience on CSR. Lee and Moon [33,38] looked into TMT tenure heterogeneity, emphasizing its impact on CSR decisions. Lee et al.’s [38] examination of TMT age heterogeneity identified its significant role in positively shaping CSR strategies. Sun et al. [21] recommended exploring additional CSR dimensions (CSI and CSR capability) in conjunction with TMT’s Media Power (MP). Jiang et al. [20] scrutinized TMT media exposure’s impact on CSR, concluding that heightened exposure promotes CSR initiatives. The evolving dynamics of TMT’s Media Power concerning CSR warrant further exploration.

This literature review synthesizes existing knowledge and sets the stage for future research by identifying key relationships, variations, and areas for further study within the relationship between TMTs and CSR. The content analysis highlights a positive association between TMT stability and CSR practices, while also identifying gaps in the current literature that require further exploration. Current studies predominantly focus on the demographic and functional characteristics of the TMT members, neglecting individual personality traits that may affect decision-making processes related to CSR. Understanding the interplay between personality traits and group dynamics could optimize TMT composition for better CSR outcomes. While TMT diversity is acknowledged, the literature lacks an examination of how TMT dynamics, such as expertise and ethnicity diversity, influence CSR initiative development and implementation. The relationship between CEOs and TMTs within the CSR context has not been sufficiently studied. Investigating how CEO–TMT interactions impact CSR performance could provide critical insights into sustainability initiatives. Additionally, there is limited research on how TMTs balance long-term CSR objectives with short-term profitability pressures, highlighting the need for the exploration of strategies to manage conflicting priorities. The literature also lacks depth in analyzing how TMTs navigate evolving CSR-related regulatory frameworks and societal expectations. Insights into TMT adaptability are crucial for firms seeking to remain competitive in a dynamic environment. Furthermore, research on the impact of cultural diversity within TMTs on CSR practices is insufficient, indicating a need for focused studies on cross-cultural dynamics and their influence on CSR performance. Finally, there is a limited investigation into how TMT performance measures and accountability systems affect CSR outcomes. Understanding the evaluation and incentive structures that influence TMTs’ CSR commitments is vital for fostering a culture of accountability within organizations, underscoring the importance of evaluating TMT mechanisms in relation to sustainability goals.

Table 4. Identified research gaps.

	Gap	Rationalization
Personality Traits and CSR Influence	Limited exploration of how individual attributes, particularly personality traits within TMT members, influence CSR.	Understanding the interplay between individual-level characteristics and group decision-making can optimize TMT composition for enhanced CSR outcomes.
TMT Dynamics, Composition, and CSR Initiatives	Incomplete comprehension of how TMT dynamics, and composition (including expertise and ethnicity diversity), impact the development and application of CSR initiatives.	Further research is essential to unravel the nuanced ways in which diverse TMTs shape CSR strategies and decision-making processes.
CEO–TMT Relationship and CSR Impact	Limited exploration of the CEO–TMT relationship in the context of CSR efforts.	Investigating the impact of CEO–TMT interactions on CSR performance and sustainability initiatives can provide crucial insights into fundamental business dynamics.
Balancing CSR Objectives and Short-Term Profits	Scarcity of research on how TMTs navigate the balance between long-term CSR objectives and short-term profits.	Exploring how TMTs manage this dilemma can shed light on factors influencing CSR adoption within the challenging landscape of conflicting priorities.
TMTs Navigating Regulatory Shifts and Societal Standards	Limited analysis of how TMTs adapt to evolving CSR-related regulatory frameworks and societal standards.	Understanding how TMTs acquire new skills, share information, and modify CSR tactics over time is crucial for firms navigating a dynamic CSR landscape.
Cross-Cultural Dynamics in TMTs and CSR Practices	Insufficient exploration of how TMTs with diverse cultural backgrounds influence CSR performance and handle cross-cultural challenges in a global setting.	Recognizing the impact of cross-cultural variations on TMT roles and CSR practices is vital for businesses operating in diverse global environments.
TMT Performance Measures and CSR Accountability	Limited investigation into the impact of TMT performance measures and accountability systems on CSR outcomes.	Gaining insights into TMTs’ CSR performance evaluation and incentive systems can enhance the understanding of sustainability commitment within organizations.

outlines the research gaps identified, which, if addressed, could deepen our understanding of how TMTs influence CSR activities and outcomes, ultimately helping firms to develop more effective CSR strategies.

5. Discussion

This literature review employing bibliometric analysis has provided a comprehensive overview of the evolving landscape of TMTs with CSR. Through an examination of the existing literature, several noteworthy trends and patterns have emerged, shedding light on the dynamic relationship between these two domains. The bibliometric analysis revealed a growing scholarly interest in TMTs and CSR with a notable increase in publications over the last decade. The interdisciplinary nature of this research is evident, as scholars from diverse fields contribute to our understanding of how TMTs engage with CSR. The multifaceted nature of CSR within TMTs encompasses not only environmental responsibility but also ethical sourcing, community engagement, diversity and inclusion practices. According to several studies, a firm’s level of CSR engagement can be strongly impacted by TMT heterogeneity, which includes age, tenure, gender, and functional/industrial experience. Shakil et al. [16] and Ali et al. [17] revealed a positive correlation between CSR and TMT age and gender diversity. Specifically, the former study indicated that CSR acts as a moderator in the link between TMT heterogeneity and company risk. Furthermore, it was shown by Li et al. [18] and Saeed et al. [19] that enhanced CSR performance is associated with TMT financial knowledge and gender diversity. Political connections and TMT power seem to play a significant impact as well. According to Jiang [20], exposure to TMT media promotes CSR; however, TMT power and political connections adversely temper this link. Equivalently, Sun and Govind [21] contend that the marketing power of TMTs can affect both irresponsibility and corporate social responsibility. Moreover, the stability and composition of TMTs appear to be important factors. Numerous research, such as those by Zheng and Lin [24] and Liu et al. [25] show that TMT stability and the presence of people with particular backgrounds like instructional experience have a good effect on CSR performance. As noted by Hu et al. [32] and Zheng and Lin [24], a number of moderating and mediating factors such as company ownership, organizational slack and performance aspiration gaps have an impact on the relationship between TMT features and CSR. It seems that having a Chief Sustainability Officer (CSO) inside the TMT is crucial since research by Fu [31] indicated that having a CSO on board can boost CSR. The examined studies show a complex relationship between TMT features and CSR, emphasizing how important it is to take into account a variety of TMT-related elements when analysing a firm’s CSR performance and involvement, as well as moderating and mediating influences.

The key basis encompasses the impact of TMT characteristics on CSR decision-making, the role of TMTs in embedding CSR into organizational culture and the influence of TMT diversity on the breadth and depth of CSR initiatives. These findings underscore the nuanced nature of the relationship between them, acknowledging that the composition and dynamics of TMTs significantly impact the strategic direction of CSR within organizations. Our study analysis has revealed a growing scholarly interest in the intersection of both, emphasizing the strategic role that top leadership plays in driving CSR. The increasing number of publications over the last decade signifies a recognition of the pivotal role that top executives play in shaping and implementing CSR. The review highlights the importance of TMT commitment, values and leadership styles in fostering a culture of social responsibility within organizations. Furthermore, the literature suggests that TMTs with a strong CSR orientation contribute not only to ethical and sustainable business practices but also to organizational resilience and stakeholder trust. However, the review also identifies gaps in the literature, indicating areas for future research.

6. Conclusions

In conclusion, our literature review complemented by bibliometric analysis, sheds light on the relationship between TMTs and the CSR concept. The synthesis of diverse scholarly contributions has revealed a nuanced understanding of how TMT characteristics, such as diversity, experience, age, etc., influence a firm’s engagement with CSR initiatives. The bibliometric analysis not only provided a historical perspective on the evolution of research in this domain but also identified key themes, influential authors and emerging trends. This synthesis underscores the growing importance of TMT in shaping CSR strategies and outcomes, emphasizing the need for organizations to strategically align their leadership teams with sustainable and socially responsible practices. The findings suggest that TMTs play a pivotal role in driving CSR. Moreover, our review highlighted the significance of TMT characteristics in influencing corporate social performance. Recognizing the role of TMTs in fostering a socially responsible corporate culture is not only crucial for organizational success but also for contributing positively to societal well-being and environmental sustainability. Ultimately, this study underscores the imperative for businesses to elevate CSR from a peripheral activity to a strategic imperative, with TMTs serving as key catalysts for meaningful and impactful corporate social responsibility initiatives. In conclusion, this literature review contributes valuable insights into evolving discourse on them, emphasizing the strategic significance of top management in shaping organizational social responsibility. As organizations navigate an ever-changing business landscape, the role of TMTs in championing CSR becomes increasingly crucial, not only for organizational success but also for creating positive societal impact.

7. Future Research Directions with Limitations

Future research should employ longitudinal designs to capture the dynamic nature of TMT–CSR relationships over time. This would allow for a more nuanced understanding of how TMT characteristics evolve and impact CSR practices in the long term. This would enable a more tailored understanding of the relationship within different business contexts. Given the diversity of industries and their distinct CSR challenges, future research could explore how TMT characteristics influence CSR practices in specific sectors. The majority of studies included in our review have focused on specific geographic regions, potentially limiting the generalizability of findings to a broader global context. Future research could explore cross-cultural variations in TMT–CSR dynamics. The bibliometric analysis provides a snapshot of the research landscape up to the present date and as such, it does not capture recent developments or emerging trends in TMT and CSR literature. One limitation of this literature review is the potential for publication bias, as it relies on existing literature. Studies with positive or statistically significant results may be more likely to be published, potentially skewing overall findings. The included studies in this review vary widely in terms of methodologies, measurement tools and sample characteristics. This heterogeneity may pose challenges in comparing and synthesizing findings across studies. Future research should delve deeper into specific industries, and geographic contexts and consider longitudinal studies to capture the dynamic nature of TMT–CSR interplay. Future research could benefit from expanding the scope to include other relevant databases, such as Web of Science (WoS), to ensure even broader coverage of the literature. The scope of CSR-related keywords could be expanded in future research to include more specific terms such as ESG risks, sustainability performance, and corporate governance reporting. This will allow for a more comprehensive analysis of CSR dimensions, thereby enhancing the understanding of its interplay with TMT characteristics.