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Empirical Study on the Relation between Corporate Social Responsibility Information Disclosure and Market Performance of Listed Company

Author: ZhangMeiFang
Tutor: FengJian
School: Southwestern University of Finance and Economics
Course: Financial Management
Keywords: Corporate Social Responsibility Information Disclosure Market Performance Index Method
CLC: F832.51;F224
Type: Master's thesis
Year: 2010
Downloads: 715
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Abstract


Corporate social responsibility originated in the ever-changing social environment which the company locates. In the course of development of developed countries, company once take profit maximization as the sole criterion for action. Although this has brought temporary economic prosperity, but there is also a large number of irresponsible behavior, such as a pollution of the ecological environment, wastes energy and harms the interests of consumers, neglects employee’s health and safety, does not attach importance to the safety and environmental protection of the communities where the company locates and so on. These social questions evolve for the labor movement and the regular proceedings to enterprises. As public concern about the extent of these phenomena constantly improve, and pressure which the company faced from government, environmental groups, trade unions and media is increasing, the company needs to measure and to report the operations of its own impact on society.Along with our country takes seriously to the corporate social responsibility day by day, the information disclosure of corporate social responsibility will be increasing. However, so far China has not yet defined that China’s listed companies must disclose social responsibility information clearly; the corporate social responsibility information still belonged to the voluntary disclosure scope. Whether China’s listed companies have disclosed the relevant social responsibility information in their published reports consciously? What was the disclosure present situation? These issues have begun to be of concern to the people. A number of scholars carried out descriptive analysis about the social responsibility information disclosure situation of China’s corporate; find that the contents of corporate social responsibility information disclosure is still not standardized, the disclosure model also waits to be unified, the information authenticity has yet to be elegantly. From an economic point of view, the implementation of social responsibility and full disclosure can enhance the market value, and our corporate social responsibility information disclosure is inadequate, it is worthwhile to conduct some in-depth analysis. To find that the fulfillment of corporate social responsibility have a positive effect on business performance and company value, scholars has conducted empirical research about the fulfill satiation of corporate social responsibility, and had certain discovery. However, such studies focused on business-to-the contribution of stakeholders and corporate performance, corporate value relevance of empirical research, can not measure the quantity and quality of information disclosure, and the article about the market reaction of disclosure of social responsibility information is empirical less. Through controlling accounting earnings, as well as other risk factors at a longer period of time, this paper attempts to observe the changes of stock price arose by corporate social responsibility information disclosure, analyzes the value relevance of our country Corporation social responsibility information disclosure thoroughly, and provides the experience evidence for the practical realm to better to disclose the community responsibility information.Through access to an extensive literature, this article conducted a theoretical analysis and empirical research on China’s corporate social responsibility information disclosure. The theoretical analysis section focuses on the contents of the definition, measurement methods, and the disclosure situation of our corporate social responsibility information disclosure; in the empirical study part, this paper has studied the relevance between corporate social responsibility information disclosure index and market performance.Economic development and social progress constantly enrich the connotation of corporate social responsibility. It does not just refer to economic responsibility, also not just refer to corporate giving and other social welfare undertakings, but refer to all stakeholders’interests and expectations integration into the organizational strategies. In this paper, the second chapter defines the meaning of social responsibility, pointing out that corporate social responsibility as a concept refers to the enterprises besides create profits for shareholders, also bear the social responsibility for employees, social and environmental, including observes the business ethics, the production safety, the occupational health, protects worker’s legitimate rights and interests, pays taxes legally, the nurse resources, protect the environment and so on. It is one kind of pledge or the motion through it the company can improve the quality of life of stakeholders and contributes for the social sustainable development. On the one hand, Social responsibility information disclosure will increase the company’s costs, thereby reducing the company’s financial earnings, on the other hand, it helps to establish a good corporate image, to obtain a wider recognition, and the corporate can get more gains in market share and increase the company’s overall value. The growth of socially responsible investment funds also contributed to enterprises to pay attention to the balanced development of economic and social.. The benefit actuation of social responsibility information disclosure and the rise of socially responsible investment forms two strengths including the internal impetus with the outside supervision, in theory supported the implementation of social responsibility and full disclosure can raise the market value of the enterprise. Corporate disclosed that social responsibility information has been become a very common trend.The tendency of the practical realm disclosed the corporate social responsibility information is increasing gradually, but our country corporate social responsibility information disclosure’s research is not very also systematic and thorough; the discussion on the social responsibility information mainly concentrates in the disclosure content and the value relevant aspect. According to the research need, the literature summary divides into two parts. First, for the domestic and foreign scholars defined the scope of the social responsibility information disclosure, this chapter carries on the comparative analysis between it and three major announcement system of corporate social responsibility, then introduces four kinds of social responsibility information disclosure measurement methods. Second, this part reviews the disclosure of the corporate social responsibility and some empirical research on its relationship with the market response, is intended to tease out the useful results existed in theoretical research and empirical research about corporate social responsibility information disclosure, and trying to find shortcomings in research results, and thus this research papers benefit from the experience. Based on the results of related research, combined with China’s national conditions, Chapter III summarizes the content of information disclosure and measurement method of corporate social responsibility been suitable for our country. The social responsibility of enterprise should disclose is sub-divided into six major categories contains a total of 17 small-type of activity, and points out that the exponential method is the best measurement method for this paper describes the status quo of corporate social responsibility information disclosure of listed companies in our country and to prove a solid theoretical foundation for the correlation between social responsibility information and market performance. By reading the financial report from 2006 to 2008 of C4 industry listed company of Shenzhen Stock Exchange, using the exponential method to analyze the content and the disclosure pattern of these listed companies, finding the following characteristic:lacks the uniform criteria for the disclosure of social responsibility information and the supervision; the amount of community responsibility information disclosed quantity few and scattered and not comprehensive; social responsibility information was primarily disclosed by qualitative writing description; the form of social responsibility information disclosure is still not unified; the promulgation of policies and regulations on social responsibility information disclosure play a certain role.In fourth chapter of empirical study part, this paper presents the positive correlation research hypothesis between corporate social responsibility disclosure index and market performance, and the C4 industry listed companies of Shenzhen Stock Exchange as study samples, according to information in the CSMAR database, using third chapter of statistical analysis community responsibility information disclosure index, using multiple linear regression methods analyzes from 2006 to 2008 sample of the overall corporate social responsibility information disclosure index, specific types of social responsibility information disclosure index and the relationship between the company’s market performance. The results show that the overall index of social responsibility information disclosure and market performance is linearly related, and the consumer category of social responsibility information disclosure and market performance in the most relevant. It indicates that the behavior of the enterprise disclosed social responsibility information obtained the affirmation and the approval in the capital market, so does the disclosure of specific social responsibility. According to the preceding theoretical analysis and empirical testing, this article in the fifth chapter summarizes the empirical research findings, put forward to the proposal of strengthening our corporate social responsibility information disclosure and pointed out the limitations of this study, and follow-up recommendations of the study.Innovation of the paper is reflected in the following three aspects:1. This paper reviews the concept of four kinds of social responsibility, combined with stakeholder theory, summed up the meaning of corporate social responsibility. By summing up and comparing the classification of social responsibility information disclosure suggested by the domestic and foreign research institutions and researchers, when combined with China’s national conditions, and in randomly selected some of China’s annual reports of listed companies on a trial basis, put forward our corporate social responsibility information disclosure content.2. All existing related literature nearly studies social responsibility information disclosure situation before 2006. In 2006, the release of "the Shenzhen Stock Exchange guidelines on corporate social responsibility" is bound to have a significant impact on social responsibility information disclosure of China’s listed companies. Therefore, this article analyzes the new features of corporate social responsibility information disclosure after 2006.3. Research literature with regard to the market reaction of social responsibility’information disclosure is really few, and only verifies that the correlation between the overall social responsibility information disclosure index and market performance. Based on it, this article carries on the regression analysis separately about the six categories of social responsibility and the market performance, revealed the different effects which the different social responsibility information impacts on the company’s market performance to make the company decision-makers pay more attention to the relative important information, and to provide the help for policy-maker’s correct decision-making.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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