Research On The Impact Of Ownership Structure On Social Responsibility Information Disclosure Of Listed Companies In China

In the process of the continuous development of society and economy in China,some incidents of lack of social responsibility occur from time to time,seriously endangering the interests of the public.Especially in the chemical industry with high pollution,high consumption and high risk,such problems often lead to a series of serious social consequences.Social responsibility information disclosure,as an important carrier for all sectors of society to understand the situation of corporate social responsibility,has received wide attention from the whole society.In order to achieve good development in the severe market competition environment,enterprises must respond appropriately to this concern,actively improve the level of social responsibility information disclosure,and display a good corporate image,so as to achieve sustainable and healthy development.Therefore,the research based on the empirical data of the chemical industry is of great significance for listed companies in China to improve the level of social responsibility information disclosure and gain a favorable competitive position.There are many factors that affect the disclosure of corporate social responsibility information.Domestic and foreign researchers have carried out research from multiple perspectives and factors,and have made a series of breakthrough achievements.Based on previous studies,this thesis further expands relevant theoretical and empirical results from the perspective of ownership structure.The different characteristics of the ownership structure affect the discourse power of the controlling shareholders,other major shareholders,institutional investors and so on in the process of corporate decision-making,and then affect the results of decision-making,including the decision on social responsibility information disclosure.Therefore,the ownership structure has an important impact on social responsibility information disclosure.On this basis,the degree of separation of the two rights will affect the ability of stakeholders to supervise and restrict the actual controller,leading to changes in the discourse power of each subject in decision-making,so the degree of separation of the two rights can play a moderating role in the impact of ownership structure on social responsibility information disclosure.Based on the collection,collation and analysis of relevant references and theories,this thesis conducts a theoretical analysis of the impact of ownership structure on social responsibility information disclosure and the moderating role of the degree of separation of the two rights.Based on this,hypotheses are proposed.It selects the data of Chinese A-share listed companies in chemical industry from 2017 to 2021 as the research sample for empirical test.On this basis,it further studies the similarities and differences of the impact of ownership structure on social responsibility information disclosure under different property rights.The results show that:(1)The overall level of social responsibility information disclosure of listed companies in China needs to be improved.(2)ownership concentration and institutional investor shareholding have a significant positive impact on the disclosure of social responsibility information,while ownership balance has no significant impact on the disclosure of social responsibility information.(3)The degree of separation of the two rights plays a negative moderating role in the positive impact of ownership concentration and institutional investor shareholding on the disclosure of social responsibility information.(4)There are similarities and differences between state-owned enterprises and non-state-owned enterprises in the impact of ownership structure on the disclosure of social responsibility information.Ownership concentration has a significant positive impact on the disclosure of social responsibility information in both state-owned enterprises and non-state-owned enterprises.Ownership balance degree and institutional investor shareholding have a significant positive impact on the disclosure of social responsibility information in state-owned enterprises,but have no significant impact on non-state-owned enterprises.According to the theoretical and empirical research results,at the end of the article,corresponding rationalization suggestions are put forward for each responsible subject respectively to promote enterprises to improve internal and external governance mechanisms,improve the level of supervision and management,improve the level of social responsibility information disclosure,and form a benign relationship between stakeholders and enterprises.