Economic Consequences Of Corporate Social Responsibility Information Disclosure Research

In recent years, the quantity of social responsibility report issued by China’slisted companies is increasing, and regulators for corporate social responsibilityinformation disclosure is also on the increase, corporate social responsibility hasgained widely attention from all walks of life. On the contrary, Social problems suchas food safety, environmental pollution, accidents, labor disputes, etc. frequentlymake appearances at the enterprise which disclose social responsibility reports. Onone hand, the enterprise strengthen the information disclosure of social responsibility.On the other hand, the prohibition of the enterprise’s social irresponsibility behavior iscontinuous. Why do enterprises social responsibility report issue? What does thestakeholder concern about corporate social responsibility information? It is useful tounderstand social responsibility problem and improve the level of social responsibilityinformation disclosure to explore these issues.This article believes that, the disclosure of social responsibility informationcannot fully equal to the social responsibility performance. There are two motivationson corporate social responsibility information disclosure, one is declarativemotivation and the other is self-service motivation.in the current institutionalenvironment, corporate social responsibility information disclosure in China tends tobe self-serving motivation rather than declarative motivation. The stakeholders ofenterprises with various target function have different reactions to the socialresponsibility information. Therefore, this paper analyses the customer, creditor,supplier how to response to social responsibility information.The empirical results show that (1) customers are easily affected by apperceivesocial responsibility and easily equal social responsibility information to socialresponsibility behavior. Customers show the support by purchase. That to say,corporate social responsibility information disclosure has positive correlation withROA, TOBIN’Q, CFROA.(2) Creditors and suppliers have a certain expertise andadvantages in the analysis of information, identification of the motivation and Avoidance of risk, they become cautious when they realise the self-servingmotivation on social responsibility information then adjust the credit policy.Hence,corporate social responsibility information disclosure has negative correlation withDebt financing.The conclusion of this paper has the following policy implications:(1) China’scurrent policy regulators should focus on standardization in form and content of socialresponsibility information disclosure, and establishing independent third partyauditing for social responsibility information. Social The quantity of responsibilityreport is not regulatory purpose, but the essence of the social responsibility behavior.But the current system of regulatory policy provides the survival soil service forself-motivation.(2) Public supervision improvement is an effective measure toenhance the level of enterprise social responsibility. Regulators cannot supervise eachcompany effectively, the attention (for example the public news media) can lead to theintervention of government regulators, and enhance the level of corporate socialresponsibility information disclosure.