Motivations,strategies And Economic Consequences Of Voluntary Disclosure Of Social Responsibility Reports By Listed Companies

In recent years,the implementation of corporate social responsibility and disclosure has increasingly become the hot topic of social concern,under the policy requirements and social calls,more and more companies voluntary disclosure of social responsibility report.Social responsibility report disclosure not only can reduce the information asymmetry,the government and other stakeholders,sets up the enterprise image of "good social citizen",also can meet the development needs of various enterprises indirectly.A growing number of studies show that voluntary disclosure essentially hides behind the enterprise hidden motives.As an important force of sustained and healthy economic development,listed companies have received extensive attention from the society.Therefore,it is of practical significance to study the motivation,strategies and economic consequences of their voluntary disclosure of social responsibility reports.This paper reviews the relevant theoretical research and empirical results at home and abroad.this paper preliminarily puts forward the theoretical framework for private enterprises to disclose social responsibility reports,and analyzes the motivation,strategies and economic consequences of their voluntary disclosure of social responsibility reports through the case study of Jointown.In this paper,the study found that,Jointown in legitimacy motivation and economic motivation of voluntary disclosure of social responsibility report,legitimacy motivation comes mainly from three aspects: the government,media,industry pressure;Economic motivation mainly comes from resource constraints of enterprises,and private enterprises have stronger economic motivation than state-owned enterprises.Jointown social responsibility report is rich in content,but in the disclosure,there are some cases of impression management through designing disclosure content,manipulating report readability and self-interested attribution.Social responsibility report disclosure to improve the reputation and image of the Jointown,reduces the information asymmetry,strengthened the political relation,thus makes the financing level of Jointown gets larger,financing constraints eased,but no significant drop in Jointown through capital costs,the business tax didn't get promoted.Finally,according to the problems existing in social responsibility disclosure,this paper puts forward relevant Suggestions,such as improve disclosure content,strengthening industry self-discipline,unifying disclosure guidelines and standards,and strengthening social responsibility report audit.