Influence And Mechanism Analysis Of Corporate Social Responsibility On Corporate Idiosyncratic Risk

Under the current increasingly severe global warming background,the assumption of corporate social responsibility is particularly important for energy conservation,emission reduction and sustainable development strategy.As the micro-driving force of economic development,enterprises should not only pay attention to economic benefits,but also need to take the initiative to undertake social responsibility.Existing studies have explored the motivation and economic consequences of CSR from the perspectives of self-interest and stakeholders.but does not form a unified conclusion.Under the current “carbon paeking and carbon neutrality goals” and the overall environment of enterprise governance upgrading and transformation,It is very important to deeply understand the influence mechanism of social responsibility on enterprise development.Based on this,this paper takes idiosyncratic risk as the dependent variable to explore the influence of CSR information on it and influencing mechanism.This paper selects the Shanghai and Shenzhen A-share listed companies from 2006 to 2019 as samples.First,This paper uses DID method to study the impact of disclosure of social responsibility report on enterprise idiosyncratic risk change.It is found that corporate disclosure of social responsibility report can significantly reduce corporate trait risk;In addition,regulated CSR reports are more informative than voluntary disclosure reports.After a series of robust tests,including the parallel trend test,the placebo test,the PSM-DID,the missing variables.Subsequently,this paper further studies the impact of CSR disclosure quality and corporate idiosyncratic risk from by selecting the Shanghai and Shenzhen A-share listed companies from2008 to 2019 as samples,found that the higher the quality,the smaller the idiosyncratic risk;and this impact is more significant among companies with low information transparency,high corporate governance and strong external supervision.Further research found that investor attention and analyst prediction divergence are the influence mechanism of CSR disclosure quality on corporate idiosyncratic risk;social responsibility can reduce corporate idiosyncratic risk by increasing retail investor attention and reducing analyst prediction divergence.The above research conclusions are still firmly established after remeasuring the idiosyncratic risk indicators,dealing with the sample selection bias,and using the TSLS to solve the endogenous problems.This paper helps to reveal the influence of social responsibility information on listed company idiosyncratic risk and internal logic,enrich and develop the enterprise idiosyncratic risk influencing factors and related theories,to provide empirical basis for enterprises to undertake and effectively disclose the social responsibility report economic consequences.For listed companies governance and capital market information to improve services,for corporate governance and government policy making to provide strategic options.