The Impact Of Corporate Negative Events On Social Responsibility Text Information Disclosure Strategy

In recent years,with fosun pharmaceutical "injection",changchun longevity "fake vaccine",the correction pharmaceutical "poison capsule",maotai "rashomon",drunk wine "plasticizer",by the "excessive nitrite",zijin mining negative events like "bang" exposure,caused the social public awareness of the social responsibility of listed companies.With the rapid development of science and technology,new media communication has been strengthened.New media will spread it rapidly,and the scope is very wide,many ways.Consumers have little tolerance for corporate unethical behaviour.Therefore,once a negative event related to ethics occurs in an enterprise,the impact will be huge.If the enterprise fails to take timely measures to restore the reputation,the reputation accumulated for many years will collapse in an instant.A large number of studies have shown that text information has a certain information content.Social responsibility reports,as an important carrier of non-financial information,usually disclose corporate social responsibility activities and results in corporate social responsibility reports to convey positive signals to the market and improve corporate reputation.On April 3,2014,China Securities Regulatory Commission(CSRC)issued Information Disclosure Memorandum No.21,requiring that companies that disclose their social responsibilities should analyze their social responsibilities and make detailed plans based on the characteristics of the industry.No good news should be reported but bad news should be reported.Because social responsibility report mainly exists in the form of text and graphics in the report,so the information disclosure management through text when there is a lot of discretion,social responsibility report writing negative events happened in the company will to repair after the enterprise image and make strategic disclosure,there is a lack of rigorous empirical data support.Then will an in-depth empirical study of such negative events affect the strategic disclosure of social responsibility text information? What are the reasons and mechanisms behind the impact? In this context,the research on this will have profound significance.In this paper,under the background of social responsibility of negative events,from the perspective of text information disclosure according to the theory of image restoration and impression management theory as the guide,through the method of text analysis,the social responsibility report,intonation distribution and the characteristics of information from text similarity variable dimension to quantify,based on the review of related research at home and abroad,company negative events theory expounded the influence of the text to the social responsibility information disclosure mechanism,combined with the specific market environment in our country,the other factors affecting the process were analyzed,then build the multiple point DID model,based on this model,Taking China's A-share listed companies from 2006 to 2019 as research samples,this paper conducts theoretical deduction and empirical test on the impact and mechanism of negative events on the disclosure strategy of social responsibility report similarity,tone distribution and trait information,and finally draws research conclusions.Overall,the research conclusions of this paper mainly include the following three aspects.Firstly,the text similarity of social responsibility is based on the perspective of the overall structure of text information.After the occurrence of negative corporate social responsibility events,the text similarity of the social responsibility report decreases,that is,the information content of the social responsibility report increases.Therefore,on the whole,the text information structure of the social responsibility report has been adjusted.Negative events of corporate social responsibility,by attracting extensive attention from the media and investors,further affect the reduction of the similarity of social responsibility report texts.The research of this paper also finds that when listed companies are in the group with high quality of internal control and high marketization process,the text similarity of CSR reports will be significantly reduced after the occurrence of negative corporate social responsibility events.Secondly,the intonation distribution of social responsibility text is based on the overall structure of the text information,and this paper further studies the emotional aspect of the text information.After the occurrence of negative corporate social responsibility events,enterprises increase the distribution of positive tone of social responsibility reports.Therefore,further speaking,social responsibility reports adjust the text structure from the perspective of text mood.Negative corporate social responsibility events affect the dispersion of positive tone of social responsibility reports by attracting negative media reports and neutral media reports.The study also found that when the listed companies were in the group with high quality of internal control and high proportion of institutional investors,the positive tone dispersion of CSR reports would increase significantly after the occurrence of negative events.Thirdly,the trait letter of social responsibility text is further discussed from the specific information level of text information on the basis of the emotion of text information.From the specific information of text information,when negative events,corporate social responsibility enterprises increased social responsibility report quality information disclosure,in particular the time information,character information,the disclosure of the information and address information are increasing,therefore,from the social responsibility report the detail of the text structure adjustment.The mechanism test found that after the occurrence of negative corporate social responsibility events,through the negative media coverage,and then affect the increase of social responsibility reporting characteristics of information disclosure.The research of this paper also finds that when listed companies are in the group of high internal control quality,state-owned enterprises and the group of high marketization process,the trait information disclosure of CSR report will increase significantly after the occurrence of negative events of CSR.Based on the above research contents and conclusions,this paper puts forward the following three policy suggestions:Firstly,enterprises can repair their image through social responsibility information disclosure.When negative events occur,the distribution of the companies can strategically increase positive tone of words,will affect the perception of the information users,reduce the enterprise image among the public,by increasing the quality of information disclosure,as far as possible to improve the readability of the social responsibility report,make the report readers better corporate social responsibility performance evaluation,and in this way can make the enterprise social responsibility report better convey the corporate social responsibility information to stakeholders,bring more beneficial effects for the enterprise.Secondly,external information users should improve their ability to identify social responsibility information.After the enterprise negative events,different nature of the property,characteristics of internal governance and external information environment,under the action of text information of enterprise social responsibility will be carried out in different strategic disclosure,so information users at the time of interpretation of social responsibility information should be combined with different internal and external governance and the information environment,so as to make a comprehensive and accurate evaluation.Thirdly,regulators should standardize the disclosure system of social responsibility information.Because of the social responsibility report is filled with a lot of information of text and ICONS,so management can in selective disclosure,this can make the content of the social responsibility information disclosure is hard to unify,so you need to publish relevant policy,for the specific content of social responsibility disclosure,scope,format specification,this will prevent enterprises under the specific background environment will be strategic revealed that will affect the judgment of the information users.The innovation of this paper is mainly reflected in the following three aspects:Firstly,it enriches the scope of image restoration theory.Based on the theory of image restoration,the existing research on enterprise crisis image restoration are mainly concentrated in the behavior of enterprise organization level,few scholars study the effects of text information disclosure of enterprise crisis,this article first to negative events as the background,corporate social responsibility from the perspective of text information disclosure,studied the enterprise crisis will text to the social responsibility information disclosure strategy.Secondly,it expands the quantitative dimension of social responsibility text information.Has a lot of information about the text research mainly based on financial reporting,management discussion and analysis,analysts report text carrier,for the social responsibility of text information quantitative measure of the existing research based on semantic analysis method to depict the strength and characteristics of enterprise environmental information disclosure of related indicators(xiu-min zhang,etc.,2016),to form the environmental information disclosure index(hong-tao shen,2007;Li Zhibin,2014),measured the intonation of social responsibility reports through experiments and natural language processing(Zhang Jixun et al.,2019;Huang Pingping and Li Sihai,2020).However,few literatures have measured social responsibility report text carriers from the dimensions of similarity,intonation distribution and trait information.Therefore,text research is an expansion and deepening of research on social responsibility information disclosure.Thirdly,in-depth research on corporate negative events and social responsibility text information disclosure.Social responsibility information disclosure can play a role in the enterprise crisis image restoration,the scholars have not been consistent conclusion,based on the perspective of text information disclosure,in this paper,the study found that after the enterprise negative events,corporate social responsibility information will make a strategy of change,the mechanism is influence by media reports,the research conclusion of this paper reveals the current situation of the social responsibility of text information utility,deep into the company negative events and the social responsibility of text information to disclose the relations between the two.