A Study On The Impact Of Media Focus On Corporate Social Responsibility Information Disclosure

The research of corporate social responsibility originated in the early 20th century, it has experienced a-hundred-year development and improvement, increasingly become one of the focus of attention of academics and practitioners. With the increasing development of economic globalization, the inherent flaws of the market economy has been further highlight and the phenomenon that corporate social responsibility is missing occur frequently, especially the situation which in heavy pollution industry is prominent, which resulted that social public that actively fulfill their social responsibility show more concern and expectations in the aspect of heavy pollution. Therefore, in the impact of such environment, as part of the microscopic main body of economic development, heavy pollution enterprises want to achieve sustainable development, they must have the courage to shoulder more social responsibility and should actively publish the information of corporate social responsibility. As one of the external supervision mechanisms, the media attention has the external effects on the enterprises that fulfill the social responsibility and information disclosure. The research focus of the paper is to explore mechanism that media attention has effect on the disclosure of corporate social responsibility information. There are functions, then under the two variable quantity that is executive reputation mechanism and government intervention, whether the influence of the media attention to the social responsibility information disclosure still continue.Firstly, this paper sets theory based on the information asymmetry, signal transmission, stakeholders, legality, sustainable development and media agenda and then briefly summarizes basic meaning and formation of corporate social responsibility and the disclosure of corporate social information. Secondly, according to the theoretical analysis, this article presents theoretical assumptions and builds a basic model. The paper mainly chooses 2012 heavy pollution industries in Shanghai and Shenzhen listed companies as search object. By the way of keywords search to manually achieve social responsibility information (CSDI) and media attention, and building reputation mechanism (Reputation) and (GI) the government intervention index; finally, this paper makes empirical research in order to test the following inspection:(1) Media attention can promote the level of corporate social responsibility information disclosure(CSDI).(2) Positive news can also contribute to corporate social responsibility information disclosure(CSDI).(3) Negative news on corporate social responsibility information disclosure(CSDI) positive effect is stronger than the positive news.(4) Executive reputation of media attention and the influence of corporate social responsibility information disclosure(CSDI) has the adjustment effect.(5) The intervention of Government has adjustment effect on the influence of corporate social responsibility information disclosure(CSDI).Studies have shown that:first, in heavy pollution industries, the more the media attention, the greater external constraints enterprise suffers, will actively fulfill their social responsibility information disclosure in order to ease the external pressure of public opinion. Second, the positive news coverage is beneficial to establish good corporate image, so the company is willing to disclose more information on social responsibility. Third, the report of negative news like a stone waves stirred up, companies will be more willing to disclose more social responsibility information to dispel public doubts. And compared to the positive report, negative reports on the role of enterprises are more obvious. Fourth, in the effect of executive reputation, the media attention has a positive effect on the corporate social responsibility information disclosure. Last, under the premise of government intervention, the significance that media attention to corporate social responsibility information disclosure is higher. It shows that the exhaustive effect of government intervention is more obvious.Therefore, this paper proposes the following policy recommendations to ensure that the media supervision on information disclosure of corporate social responsibility is more effective. Enterprises should strengthen the consciousness of social responsibility information disclosure, understand the important meaning that the enterprise fulfill social responsibility and disclosure of information. Media organizations should adjust their own state of mind, stick to their professional ethics to make sure that the fairness and justice of media report, while should the fight against with all parties to effectively protect the main body of media right. In our countiy, we should gradually improve the professional manager market, and form executives of effective competition mechanism and gradually get rid of the selection mechanism that executives were appointed. The government should further improve the legal environment and make the mandatory rules and regulations to strengthen the supervision and administration work.