A Empirical Study On Corporate Social Responsibility Disclosure Of China’s Listed Traveling Companies By Institutional Investors’ Stockholding

With the development of economy， environmental destruction, resourcedepletion and other social problems have become more serious. As a result, corporatesocial responsibility is becoming the focus at home and abroad. Corporate socialresponsibility has become an important feature of economic globalization. Corporatesocial responsibility has been studied abroad for a long time. In contrast, the researchon corporate social responsibility in China started late. But corporate socialresponsibility movement is sweeping our country at an unprecedented rate in recentyears. Corporate social responsibility has attracted widespread attention ofgovernment, enterprises and the public. The theory and practice of corporate socialresponsibility has come into a new stage. China Securities Regulatory Commissionand the State Economic and Trade Commission jointly formulated and promulgatedChina’s "Corporate Governance Guidelines" in January2002, which was firstguidelines proposed social responsibility requirements of listed Companies. In2006,the National Grid issued the first "corporate social responsibility report," whichofficially kicked off our corporate social responsibility movement. With theimplementation of laws and regulations about corporate social responsibilityformulated by the state, more and more companies are beginning to realize theimportance of social responsibility. It is an inevitable trend to fulfill and disclosurecorporate social responsibility. Along with the rapid development of tourism, manyproblems exist outstandingly in tourism industry, such as destruction of theenvironment, over-exploitation of tourism resources and unfair competition. Tourismcorporate social responsibility has become an unavoidable problem. As the tourismindustry "leader", social responsibility of listed tourism companies is concerned bymore and more scholars. However, due to the tourism industry is a service industry,the scale and quality of enterprises is uneven, leading to the immaturity of social responsibility and the weak awareness of corporate social responsibility. Therefore,the research of tourism corporate social responsibility is urgent and necessary. Withthe continuous improvement of China’s securities market, institutional investors areincreasingly favored by the capital markets, and become an important investment inthe power of the capital markets. Stake of institutional investors in the tourismenterprises also showed an increasing trend. Institutional investors are more involvedin corporate governance and interfere corporate disclosure. This contributes toimprove corporate governance. Therefore, investigating the impact of institutionalinvestors on corporate social responsibility disclosure from the perspective ofinstitutional investors, has great theoretical and practical significance.Based on stakeholder theory, corporate social responsibility theory and theprincipal-agent theory, this paper chooses31China’s listed tourism companies in2001-2012as the research object. Using principal component analysis, correlationanalysis and regression analysis, investigate the impact of institutional investors oncorporate social responsibility disclosure, and further analyze the impact ofinstitutional investors’ heterogeneity on corporate social responsibility disclosure.And then analyze the conclusions of this study. Finally, the corresponding policyrecommendations and shortcomings and prospects of this study are identified.As shown by this study, the following conclusions can be drawn:(1) Reasonableand effective corporate social responsibility information disclosure index system islacking in China. Each industry has its own special attributes, especially tourism. Toevaluate tourism corporate social responsibility disclosure must establish acomprehensive and rational evaluation system. On the basis of social responsibilitydisclosure evaluation system and related theories at home and abroad, a reasonabletourism social responsibility disclosure system is established from the perspective ofstakeholders and the characteristics of China’s tourism industry. The new tourismsocial responsibility disclosure index system of listed companies in this paper canbetter evaluate and interpret the situation of China’s tourism corporate socialresponsibility disclosure.(2) The level of tourism corporate social responsibilitydisclosure is generally low. The content of tourism corporate social responsibilitydisclosure is fragmented and incomplete, which is mostly scattered in the annualreport and did not disclose all the stakeholders’ information. And tourism corporatesocial responsibility disclosure has great randomness, poor continuity and consistency.The effectiveness and value of social responsibility disclosure is not high. But in recent years, Shenzhen Overseas Chinese Town Co., Ltd. and Lijiang Yulong TourismCo., Ltd. disclose CSR reports. Corporate social responsibility attracts more and moremanagers’ attention. But our tourism corporate social responsibility informationdisclosure mechanism should be further standardized, and the overall level of socialresponsibility information disclosure to be improved.(3) Overall holdings ofinstitutional investors are positively related to tourism corporate social responsibilityinformation disclosure. Namely the increase proportion of institutional investors’holdings is favor to enhance the level of tourism social responsibility informationdisclosure.(4) Different types of institutional investors have different effects ontourism corporate social responsibility information disclosure. Long-term institutionalinvestors’ holdings are positively correlated with tourism corporate socialresponsibility information disclosure level, that is, the higher proportion of long-terminstitutional investors is, the higher level of disclosure of tourism CSR is. Transientinstitutional investors’ holdings are not correlated with corporate social responsibilityinformation disclosure. Namely transient institutional investors have no effect onimproving tourism corporate social responsibility information disclosure standards,but there is no evidence that transient institutional investors are negatively correlatedwith tourism corporate social responsibility information disclosure.(5) Equity natureis positive correlation with tourism corporate social responsibility informationdisclosure. State-owned holding companies tend to disclose more social responsibilityinformation.