Research On The Relationship Between Interest Demands And Social Responsibility Information Disclosure Effect Based On The Legitimacy Theory

Since the1990s, the issue of corporate social responsibility has always beena focus problem in the academic and business circles. Government, the public,employees and shareholders and other stakeholders expect that enterprises cannot only achieve their own economic interests but to fulfill social responsibilityfor stakeholders. Under this background, the social responsibility informationdisclosure（SRD）has become a piece of work that the enterprises have to face.Currently, the non-financial information about the social responsibility ofChinese listed companies is still dominated by voluntary disclosure, however,most of the voluntary disclosure of information of listed companies are a seriousshortage of power. In this paper, based on the perspective of legitimacy, andaccording to the stakeholder theory to study the interest demands satisfactioninfluence on social responsibility information disclosure effect, to raise theenthusiasm of corporate disclosure of social responsibility information has acertain theoretical and practical significance.Firstly, research scholars of domestic and foreign are reviewed and researchsituations of corporate social responsibility information disclosure aresummarized from the disclosure of motivation and disclosure effect, and thecontents of the study, the research method and technical route are described；The theory of legitimacy and corporate social responsibility disclosure ofinformation theory are introduced respectively, and discuss the relationshipbetween legitimacy pressure and the theory of corporate social responsibilityinformation disclosure on the basis of defining the relevant concepts. Secondly,the influence of interest demands on the social responsibility informationdisclosure effect are analyzed and hypotheses are proposed， and a social responsibility information disclosure effect model is built. Finally, select the2013large scale, good liquidity and strong representative of Shanghai andShenzhen Stock Markets300Index constituent stocks of enterprises in China’sA-share market as the research object, through a questionnaire survey to collectand process data, and use SPSS17.0statistical software to analyze therelationship between interest demands satisfaction and social responsibilityinformation disclosure of listed companies effects. According to the empiricalresults, this paper puts forward some suggestions on the security mechanism ofvoluntary social responsibility information disclosure of listed companies fromboth internal and external two aspects.Through the research, we find that there has a significant positivecorrelation between four major stakeholders demand satisfaction and corporatereputation and corporate financial performance; The appeals of the employeesand shareholders’ satisfaction have a greater influence on the corporate financialperformance. This conclusion helps to enhance the enthusiasm of corporate socialresponsibility information disclosure, and provides a theoretical basis for targetedsocial responsibility information disclosure, so as to improve the work of thevoluntary social responsibility information disclosure of listed companies.