The Impact Of Social Responsibility Information Disclosure Quality On Firm Performance

In recent years,China's listed companies' social responsibility reports have experienced explosive growth.More and more companies have disclosed social responsibility reports because such information has a signal effect and can achieve the purpose of building a reputation and establishing an image for the company.However,the reality is that the quality of present CSR reports is generally low,and the individual differences are very large.Then,can firm disclosure of social responsibility information improve the firm's performance? Under what conditions does social responsibility information disclosure have a performance effect? How do stakeholders respond to different disclosures? For these problems,this paper attempts to make a mechanism analysis and empirical test.This paper selects 806 A-share listed companies that released the social responsibility report in 2011-2017 as research samples,and discusses the relationship between corporate social responsibility disclosure quality,leverage ratio and firm performance based on the perspective of contingency theory,combined with financing constraint theory and panel data research method.In the study of 3921 total samples,it is found that the higher the quality of social responsibility information disclosure,the better the firm's performance,but the leverage ratio has a negative adjustment effect on the positive correlation between the two.Research findings on the subsample are:(1)Non-state-owned enterprises are more constrained by leverage ratio,and the performance effect of social responsibility quality is also better;(2)Voluntary disclosure can bring economic benefits,while mandatory disclosure can not.The social responsibility practice of Chinese enterprises is still in its infancy.Studying the economic benefits of social responsibility information disclosure is conductive to guide enterprises' in-depth practice and promote their attention to social performance.This paper enriches the analysis of the formation mechanism of social responsibility disclosure quality's economic effect,and provides new experience support for preventing systemic risk caused by excessive leverage.