Research On Corporate Social Responsibility Disclosure,Corporate Reputation And Corporate Financial Performance

Since the reform and opening,Chinese economy has developed rapidly,and the issue of corporate social responsibility has drawn wide attention.In recent years,a series of sensational public events have caused conflicts between enterprises and the public,exposing the problem of lack of corporate social responsibility in China.The exposure of these incidents has adversely affected the reputation of the company,and has had an impact on the performance of the company,which has brought huge risks to the management of the enterprise.Whether good corporate social responsibility disclosure can improve the corporate financial performance,which is still a controversial topic and a key point in the field of social responsibility research.Scholars try to find reasonable indicators to quantify social responsibility,and then use empirical data to conduct empirical tests,in order to find convincing evidence for the necessity of social responsibility disclosure.This study takes "corporate social responsibility disclosure-corporate reputation-corporate financial performance" as the theoretical research framework,and explores the relationship between corporate social responsibility disclosure and corporate financial performance through the perspective of corporate reputation.This paper takes the A-share(non-ST)companies as research samples,which listed in Chinese Shanghai stock markets and Shenzhen stock markets in 2013-2017,and published their CSR reports.This paper uses a combination of normative research and empirical research,qualitative analysis and quantitative analysis to explore that how corporate social responsibility disclosure affects the corporate financial performance.This paper first summarizes the existing research literature on the relationship among corporate social responsibility disclosure,corporate reputation and corporate financial performance.Secondly,based on the theories such as stakeholder theory,the paper analyzes the mediation process of corporate reputation,and proposes the research hypotheses at each stage.Under the framework of the mediating effect,the factors that have the regulatory effects in each stage are also proposed.Afterwards,the panel data model of the mediation effect and the regulation effect was constructed to conduct an empirical test.Among them,Granger causality test was used to test the causal relationship between corporate social responsibility disclosure and corporate financial performance.Finally,based on the empirical results,the conclusions of this study are elaborated,and the limitations of this study and the prospects of subsequent research are pointed out.The research in this paper shows that corporate social responsibility disclosure can improve corporate financial performance.At the same time,corporate social responsibility disclosure can also promote the improvement of corporate reputation.What's more,corporate reputation has a mediating effect in the process of corporate social responsibility disclosure on corporate financial performance.In addition,companies with higher marketing capabilities are more likely to enhance their reputation through corporate social responsibility disclosure;the higher the degree of competition in the industry,the greater the impact of corporate reputation on corporate financial performance.Based on this,it provides a reference for enterprises to actively disclose social responsibility information according to their own corporate characteristics and external market environment.