A Study On The Relationship Between Corporate Social Responsibility And Corporate Performance From The Perspective Of Executives’ Negative Public Opinion

In recent years,negative behaviors of executives have been repeatedly exposed by the media,forming negative public opinion under the role of the media and causing great losses to corporate performance,and how to build a public opinion response mechanism has become an extremely important topic for enterprises.With the improvement of social responsibility awareness,enterprises gradually start to combine their business development with social responsibility to achieve their own high-quality development.CSR can send positive signals to the public and beautify the external image to form corporate reputation,and this reputation effect can enhance the social status of enterprises and improve the public’s impression of enterprises.Therefore,CSR is regarded as a crisis response strategy that has attracted the discussion of scholars.This paper focuses on CSR and discusses how enterprises can effectively cope with negative public opinion of executives.With the development of information technology,the role of the media in regulating the market is becoming more and more obvious.Media attention makes enterprises’ behaviors more and more visualized,which invariably increases the pressure on enterprises and makes them more cautious in what they say and do.When negative events of an enterprise are exposed,the degree of negative public opinion and the attention paid to the enterprise by the media afterwards will affect the effectiveness of the enterprise’s coping strategy.In addition,based on China’s special national conditions,differences in the nature of property rights lead to differences in the missions and business objectives of enterprises,thus making the impact of corporate governance structure on social responsibility heterogeneous.Therefore,this paper includes media attention,negative public opinions of executives and property rights into the research framework to explore the mechanism of their role in this study.This study summarizes the research literature on relevant variables and deduces the research hypotheses combined with relevant theories.Then,using A-share listed enterprises with negative public opinion of executives from 2015-2019 in China as the research object,we conducted a regression analysis and the empirical results show that after enterprises suffer from negative public opinion from executives,active fulfillment of social responsibility is beneficial to improve corporate performance,and this effect varies according to the content heterogeneity,and the improve effect of technology-based CSR on corporate performance is more obvious.After the occurrence of negative public opinion of senior executives,the performance improvement effect of CSR is different due to the different media attention and property rights,compared with enterprises with high media attention,fulfilling social responsibility plays a more effective role in performance improvement in enterprises with low media attention;compared with state-owned enterprises,in non-state-owned enterprises,CSR is more effective in improving corporate performance.In addition,compared with the enterprises suffering from major negative public opinions,fulfilling social responsibility can play a more performance-enhancing role in the enterprises suffering from minor negative public opinions.This study is further tested for robustness to ensure the credibility of the findings.Finally,the findings of this study are combined to give relevant suggestions and point out the limitations of this study and directions for future research.