Executive Incentive ? Media Attention And The Information Disclosure Of Corporate Social Responsibility

With the development of the concept of sustainable development,corporate social responsibility has been valued more and more seriously.The information disclosure of social responsibility is beneficial to reduce the information asymmetry and agent cost,which makes the stakeholders better understand the implementation of corporate social responsibility.At present,our country is during the period of economic transition,and the calling for corporate social responsibility and information disclosure is increasing high.Therefore,how to improve the level of information disclosure of corporate social responsibility has become a focus of both academia circle and practical field.Executive incentive,as the core part of internal corporate governance and the internal institutional arrangement that protects the interests of shareholders and other stakeholders,is a kind of ”fiduciary responsibility”,which affects executives' fulfillment of social responsibility and disclosure behavior,thus affecting the level of the information disclosure of social responsibility.As an important force of external supervision and representative external institution factor,the level of media attention influences the effectiveness of executive incentive on the information disclosure of corporate social responsibility.This article defines some basic concepts such as information disclosure of corporate social responsibility,executive incentive and media attention,relies on some theoretical basis such as stakeholder theory,information asymmetry theory,principal-agent theory and the theory of legitimacy,and,uses literature method,deductive method and statistical analysis method to analyze the relationship between executive incentive and the information disclosure of corporate social responsibility,and introduces media attention as a moderator variable to discuss the regulatory effect of media attention on the relationship between executive incentive and the information disclosure of corporate social responsibility.It is found that executive compensation incentive and equity incentive have significantly positive influence on the information disclosure of corporate social responsibility,which can obviously promote the level of the information disclosure of corporate social responsibility.Media attention has inhibitory regulation to the relationship between executive incentive and the information disclosure of corporate social responsibility.With media attention,the impact of executive incentive on the information disclosure of corporate social responsibility has been weakened.Among them,the inhibitory effect of the media attention is not obvious on executive compensation incentive and the information disclosure of corporate social responsibility,while it is more obvious on executive equity incentive and the information disclosure of corporate social responsibility.This paper puts forward several policy suggestions from four aspects which are government,manager market,media organization and enterprise to improve the level of the information disclosure of corporate social responsibility.These suggestions include formulating and improving laws and regulations on the fulfillment and information disclosure of corporate social responsibility,raising public awareness of the importance of social responsibility report,promoting manager marketization and the reform of recruitment mechanism,promoting the self-discipline and development of the media industry,mitigating the relationship between enterprises and media,understanding the particularity and requirements of the industry,improving the incentive mechanism of senior executives and arousing the attention of executives to the information disclosure of corporate social responsibility.