Corporate Governance, External Oversight And Social Responsibility Information Disclosure

In recent years, with a series of missing social responsibility events being exposed, the community begins to pay more attention to the fulfilling of corporate social responsibility. Particularly, in September2006, the Shenzhen Stock Exchange released "listed company social responsibility guidelines". This reflects a trend that government begin to regulate the disclosure of corporate social responsibility information gradually. The environment of corporate governance and external oversight which corporate social responsibility fulfilling faces has significant changes. Based on social responsibility theory, stakeholder theory and agency theory, this article mainly researches how corporate governance and external oversight influence corporate social responsibility, and how corporate social responsibility influence corporate governance performance reversely. This study aims at understanding the affecting factors of corporate social responsibility and its economic consequences, and providing some guidance for social responsibility practice.This paper uses multiple regression method, selects1915samples of383listed companies2006-2010five-year panel data from Shenzhen Stock Exchange, and researches how corporate governance and external oversight influence corporate social responsibility, and how corporate social responsibility influence corporate governance performance.Results of the research how corporate governance and external oversight influence corporate social responsibility show that:(1) CEO compensation and the proportion of independent directors were significantly positively related to SDI. Board size and corporate profile were significantly negatively related to SDI.(2) CEO compensation, heavy polluting industries and last standard audit opinion were significantly positively related to CSR.Results of the research how corporate social responsibility influence corporate performance show that:(3)Composite indicator SDI was not significantly related to return on total assets(ROA) and Tobin’s Q.(4) Responsibility contribution to staff, responsibility contribution to creditor, responsibility contribution to government and responsibility contribution to dealer were significantly positively related to company’s return on total assets(ROA). Corporate profile and responsibility contribution to client and consumer are negatively related to ROA. Responsibility contribution to client and consumer have significant positively correlation to Tobin’Q. Responsibility contribution to creditor have significant positively correlation to Tobin’Q.