Research On The Influence Of Corporate Visibility On Voluntary Disclosure Of Corporate Social Responsibility Report

Under the new economic normal,voluntary disclosure of corporate social responsibility(CSR)reports has increasingly attracted the attention of the public.However,the overall social responsibility performance of listed companies in China is not high,and the proportion of voluntary disclosure of social responsibility reports is still low.The disclosure of social responsibility information of listed companies can reduce the degree of tax evasion,reduce the occurrence of fraud,and reduce the cost of debt financing.Therefore,the study of corporate visibility on the voluntary disclosure of CSR reports is meaningful.It is helpful to find measures to encourage listed companies to engage in high-quality social responsibility activities,and more effectively guide listed companies to disclose voluntarily.Regarding the disclosure of CSR reports,the previous research mainly focused on the role of CSR report disclosure,and less focused on the influencing factors of disclosure.The public is a hidden stakeholder of an enterprise.Corporate visibility reflects the extent to which corporate behavior is recognized by the public.In the current domestic research,there is a lack of multi-dimensional measurement of corporate visibility,and few scholars have studied corporate visibility on CSR reports,which provides research potential for this article.This paper innovatively studies the impact of corporate visibility on voluntary disclosure of CSR reports,and further explore the intermediary effect on the relationship between corporate visibility and CSR reports voluntary disclosure.This paper selects 2,938 A-share listed companies from 2011 to 2018.Based on previous research,and considering information obtaining of market participants,this paper measures the visibility from three dimensions: the public,professional investors,and individual investors.This paper uses the binary Probit model to empirically analyze the impact of corporate visibility on voluntary disclosure of CSR reports.The empirical results show that corporate visibility significantly positively affects the possibility of voluntary disclosure.The higher the visibility of corporate,the greater the probability of voluntary disclosure.This paper further establishes an intermediary model to analyze the mechanism of the effect of corporate visibility on voluntary disclosure.Empirical analysis results show that CSR performance is an intermediary factor.Increased visibility has prompted corporates to improve their social responsibility performance.Corporates with improved social responsibility performance have a higher probability of voluntary disclosure.Compared with previous research,this article innovatively measures the visibility of corporate in multiple dimensions,which enriches the research content of visibility.For the first time,the impact of corporate visibility on voluntary disclosure of corporate social responsibility reports is studied,and the mechanism of its impact was discussed.It showed that corporate visibility was one of the important factors to be considered when discussing the voluntary disclosure of corporate social responsibility reports in the future.This paper provides a new perspective to understand the voluntary disclosure of corporate social responsibility reports.