Study On The Mediating Effect Of Corporate Reputation To Media Attention And Corporate Social Responsibility Disclosure

In recent years, corporate social responsibility disclosure has increasingly become the focus of public concern. Researches on this topic have been expanded by the domestic and foreign scholars, varying form the early definition of corporate social responsibility disclosure to the researches on the influence factors and economic consequence. Researches on the influencing factors of corporate social responsibility disclosure is also analyzed form different perspectives by our scholars. Media, as an important external governance mechanism, has become the focus attention. Previous scholars tend to study the effect that media attention has on the corporate social responsibility disclosure on one way form the amount, that is to say media exposure. But they ignore that corporate social responsibility disclosure also has a possible influence on media attention. In addition, media reports have a propensity, this paper further study the interaction between media preferences and corporate social responsibility disclosure from a qualitative point of view. How do they influence each other? What’s the specific path of them? This paper introduces the reputation mechanism to study the role path of the interaction between corporate social responsibility and media favor.This paper obtained 1564 study samples from the listed companies, which disclosed corporate social responsibility report from A-share in the period of 2011-2013. Based on the Legitimacy Theory, Media Bias Theory, Agenta-setting Theory, and Signaling Theory, we introduce corporate reputation into the model and using 3sls method empirically tests the interaction between media exposure and corporate social responsibility disclosure, media favor and corporate social responsibility disclosure, and the interaction path between them. The results show that media attention can improve corporate social responsibility disclosure, more corporate social responsibility disclosure will also increase media visibility. Reputation plays a partial mediating role between media favor and corporate social responsibility disclosure.Finally, based on the theoretical and empirical research results, we propose some relevant policy recommendations:Businesses should enhance awareness of public opinion and increase corporate social responsibility information disclosure. In order to attract more media attention, they should change their attitude from passive to active.At the same time, our country should improve the legal system to protect media. What’s more, media should wisely hold the "degree" of their favor.