Research On The Impact Of Cross-Listing And Analyst Coverage On The Quality Of Corporate Social Responsibility Information Disclosure

In the year of 2014, PM2.5 has came to the attention of the Chinese public, because of the persistent haze weather, the pattern of economic development and corporate social responsibility became a hot discussion. As a part of the society, it’s the duty of every company to undertake corresponding social responsibility. Society responsibility information disclosure is the incorporate of a company undertake social responsibility, and it’s also a way to communicate with stakeholder about society responsibility information, and it’s good to change the irresponsible impression of a company. A company can to do a brief description of social responsibility fulfillment situation in the annual report, it also can release a independent responsibility reports to disclose social responsibility information. Through the global corporate social responsibility report of 2011 by KPMG, we can find that, in the global scale, releasing the independent social responsibility report has become the main way of social responsibility information disclosure, and it’s also become a important way in China. In our country, a company has the option to decide disclosing social responsibility information or not. What factors impacts the level of social responsibility information disclosure has attracted the attention of many scholars. Based on the legal theory, stakeholder theory and signal transmission theory, this paper from the perspective of cross-listings and analysts coverage, to discuss their influence on social responsibility information disclosure quality.This paper has five parts. The first chapter is introduction, in this part, I state the topic background, significance, research ideas and research methods, then I reviews the current situation of the social responsibility information disclosure and it’s factors. In the second part, I define the concept of social responsibility and social responsibility information disclosure, and introduce the legal theory, stakeholder theory and signal transmission theory. In the third chapter, I introduce the current situation of corporate social responsibility information disclosure in China, the relevant regulations, and the third party agencies. Then I put forward two hypothesis: Cross-Listing is positively related to the quality of social responsibility information disclosure, analyst coverage is positively related to the quality of social responsibility information disclosure. The fourth chapter is empirical research. I first introduce the measurement of main variables, the model design, the data source, and the sample selection. In this paper, I use the data of social responsibility rating report of 2010-2012 released by RKS to measure the quality of social responsibility information disclosure. Finally, I obtain 1359 observations. Then I carry out the descriptive statistics, correlation analysis, and the empirical analysis. The fifth chapter is conclusions and policy recommendations. This paper show that, cross-listing behavior significantly improves the quality of the social responsibility information disclosure, and analyst coverage is positively related to social responsibility information disclosure quality.