The Relationship Between Disclosure Of Corporate Social Responsibility And Transparency Of Financial Information

The transparency of financial information reflects the quality of the company's financial disclosure.How to effectively improve the transparency of financial information is one of the important issues in corporate governance.This not only affects the quality of the company's financial information disclosure but also an inevitable requirement to protect the interests of capital investors.The disclosure of a corporate social responsibility report is a way to disclose non-financial information,which is closely related to and complementary to the transparency of financial information.It is corporate social responsibility to ensure that financial information is transparent.Also,the social responsibility information disclosed by companies can make up for the shortcomings of financial information.Based on the stakeholders,information asymmetry and market effectiveness theory,this paper uses 2010-2018 data from Runling Global Responsibility Rating Database,and builds comprehensive indicators as agents of transparency of financial information based on earnings aggressiveness and earnings smoothness to explore the relationship between disclosure of corporate social responsibility and transparency of financial information.In addition,the paper explores the difference of the influence of the two disclosure methods on the transparency of financial information after matching the samples of the mandatory disclosure group and the voluntary disclosure group.Furthermore,the paper uses institutional investors as moderators to explore the relationship between the two.The conclusions are as follows:(1)The higher the scores of the corporate social responsibility disclosure report of the enterprises in the mandatory disclosure group and the voluntary disclosure group,the better transparency of the comprehensive financial information.(2)Under certain conditions,compared with the mandatory disclosure group,the voluntary disclosure of CSR report plays a more significant role in promoting the transparency of comprehensive financial information.(3)Under the mandatory disclosure mode,the shareholding of institutional investors does not playan obvious regulating role in the impact of CSR disclosure on the transparency of financial information.Also,under the voluntary disclosure mode,institutional investors will weaken the inhibitory effect of CSR report disclosure on earnings smoothness,while it does not play an obvious moderating effect on the impact of CSR report disclosure on earnings aggressiveness and the comprehensive transparency of financial information.This article further enriches the research on corporate social responsibility and information transparency,providing empirical evidence for regulators to formulate policies.