Pyramid Level,Media Attention And Corporate Social Responsibility Disclosure Of Stated-owned Enterprises

As a result of the rapid development of economy,there are many kinds of social problems that damage the interests of the stakeholders.For example,there is an accident which is made by Sanlu Group Co.,Ltd in 2008.And this accident has caused panic among the public.And because of this actual situation,social responsibility has become the theoretical circle and practitioners focus.With the improvement of social responsibility from all walks of life,the relevant departments have issued many rules and regulations to standardizing the behavior of the corporations to realize the harmonious development of the company and the society.In addition,with the promulgation of relevant rules and regulations of social responsibility information disclosure since 2006,the number of social responsibility reports in China has shown an explosive growth.As another important channel for corporate to reveal information,the non-financial information can compensate for the information gap in annual reports to some extent to reduce information asymmetry and assist investors in decisionmaking to fully realize the protection of stakeholders.The magnitude of this protection depends on the quality of social responsibility disclosure.The higher quality the social responsibility report has,the greater the availability will be and stronger the effect will be.So far,there are numerous documents that introduce the influence factors and the economic consequences of the social responsibility disclosure,but at the same time,there are few literatures that study the social responsibility disclosure from the view of pyramidal share structure,and the literature which study the moderating effect of media attention is less than the before ones.Based on the existing literature,this essay aims at expanding existing areas,by study the moderating effect of media on the influence of the complexity of pyramid structure on the quality of CSR.This essay chooses sample data from the primary market by listed companies of Shanghai and Shenzhen which concludes data of 4 years.The data that presents the quality of corporates' CSR is come from the Ranking CSR Ratings(RKS)which is an authoritative third-party rating agency for corporate social responsibility in China.This essay uses these data to examine the influence of the complexity of pyramid structure on the quality of CSR,and the moderating effect of media on this process.From the paper,there are two main conclusions as following:(1)The more complex the pyramid structure is,the better the quality of CSR report will be.(2)Media attention can positively adjust the influence of complexity of pyramid structure on the quality of CSR.From the former analysis,the paper can make a certain contribution to the performance and disclosure of corporate social responsibility: while the pyramid structure is normal in China,the government and the other departments can make full use of this external power of corporate governance,media,to improve the CSR to protect the stakeholders and realize the harmonious development of companies and the society.