Empirical Study Of Listed C₄Companies On The Relation Between Social Responsibility Information Disclosure And Market Reaction

At present, the environmental pollution is increasingly serious, labor disputes and issues of production and security happen frequently, product quality and safety issues repeatedly exposed as well as social donation issues cause much murmuring, the enterprises who just maximize shareholder value and only pursue profit as the sole objective and action standards, cannot meet the needs of the rapidly developing economy, and it is imperative for the integration of social responsibility in corporate governance objectives. With the growing phenomenon of neglect of social responsibility, various events harming the public interest arouse the attention of the government and the public. It is necessary for the companies to disclose CSR of themselves under various social pressures.The emergence of the social phenomena of all kinds of damage to the interests of the community promotes the development of corporate social responsibility information disclosure. Our corporate social responsibility information disclosure theory is still in the exploratory stage, but practitioners have begun to try to disclose corporate social responsibility information systematically. Previous studies have found that there are many problems in the disclosure of social responsibility information, for example, there is no uniform disclosure, a single form of disclosure and the unreal disclosure of theinformation hinder the development of social responsibility information disclosure. Through the analysis of corporate social responsibility based on economics, law, management and ethics, implement and improvement of corporate social disclosure of information can improve the business, social and market value. Corporate voluntary disclosure of corporate social responsibility information is the predominant form, so the theoretical circles should be strengthened for practitioners to provide theoretical support for the study of social responsibility information disclosure. In empirical research, based on the theory-based stakeholders, there have scholars study the impact of corporate social responsibility information disclosure on corporate financial performance, the value of the company, as well as effectiveness of information, through the contribution rate of the corporate stakeholders. But the study is not related to the quality and quantity of corporate social responsibility information disclosure. Based on stakeholder theory, this paper reveals an overview of the domestic corporate social responsibility information disclosure, through the classification statistics and analysis of corporate social responsibility information, then combined with our weak market efficiency hypothesis, has in-depth study of the stock market impact. Through the study of its value, theorists and practitioners can better promote the development of corporate social responsibility information disclosure to provide an effective basis.This article consists of the following five parts:Firstly, the introduction. This section describes the research background, the theory and practical significance of this paper, and also points out the innovation of this paper.Secondly, the theoretical basis and the literature review. This section first describes the theoretical support of the corporate social responsibility, including stakeholder theory, the theory of social responsibility and environmental cost management theory, and then draws from the literatures divided into the theoretical researches and empirical researches of the corporate social responsibility information disclosure.Thirdly, the statistical analysis of corporate social responsibility information disclosure. This section describes the selected sample and research methods, and makes descriptive statistics of listed companies selected as samples, then expose the status quo of corporate social responsibility information disclosure of listed companies. Fourthly, the empirical analysis of relation between social responsibility information disclosure and market performance of listed corporate. The method of the multiple regression is used in this part to analyze the relation between social responsibility information disclosure and corporate market reaction.At last, the findings and recommendations of the empirical research. This section analyzes the results of empirical research and put forward relevant suggestions, and points the lack of this article in the end.This paper is a combination of normative and empirical research, and reaches the following conclusions through qualitative and quantitative analysis:(1) the total index of corporate social responsibility disclosure.(2) The specific social responsibility indexes are positively correlated with the corporate market performance, but the indexes of consumers and other stakeholders have not passed the significant test.The innovations of this paper include the following points:First, this paper chooses index method to extract information from the enterprises’annual financial reports, making sure of the unique credibility of the information. Secondly, in selecting industry data, this paper, based on the focus of environmental issues, selects companies listed on the petrochemical industry as the research samples. Finally, on data analysis, this paper puts the statistical indicators and indicators index of the third part into regression analysis in Part IV, and have a comprehensive analysis of the market reaction of the corporate social responsibility in both qualitative and quantitative aspects.