A Study On The Impact Of Corporate Social Responsibility Disclosure On Stock Price Volatility

Corporate social responsibility is a hot research area and hot topic.In the theoretical circle,a large number of literature research has been paid attention to and confirmed the positive role of corporate social responsibility.The theoretical results are very rich and varied,formed a more perfect and mature theoretical system.In the real world,in recent years,environmental issues,safety issues,food safety and commodity quality problems occur frequently,despite repeated prohibitions.The public continue to attach importance to and call for corporate social responsibility,the government and regulatory authorities have introduced laws and regulations to urge enterprises to bear social responsibility.Or for moral or out of strategy or for image considerations,corporate also begin to strengthen the management and construction of social responsibility,and disclose the relevant information.But there are only a few studies that have linked the disclosure of corporate social responsibility to the long-term trend of stock price volatility.At present,there are obvious abnormalities in the volatility of the stock market,and even the continuous decline,irrational rise and fall,the abnormal phenomenon of skyrocketing.Violent stock price volatility has brought a variety of hazards and adverse effects,seriously hindering the steady development of capital markets and market-oriented reform in depth.Therefore,it is necessary to explore the relationship between corporate social responsibility disclosure and stock volatility,and try to open up new ways to alleviate the volatility of stock price from the angle of corporate social responsibility and information disclosure.Based on the theory of effective market theory,information asymmetry theory,stakeholder theory,signal transmission theory and corporate reputation theory,this paper takes the A-share listed companies in Shanghai and Shenzhen as the research object,and its social responsibility Performance,financial performance and stock performance as the research data.This paper has demonstrated the relationship between social responsibility disclosure and stock price volatility was demonstrated,and done further analysis according to the proportion of institutional investors.Through a series of theoretical analysis and empirical test,this paper has found that corporate social responsibility disclosure and stock volatility have significantly negative correlation,specifically including the following three conclusions:First,the disclosure of social responsibility report can reduce stock volatility;Second,the higher quality of the social responsibility report,the less stock volatility;Thirdly,with the higher proportion of the institutional investors,the negative impact of social responsibility disclosure on the volatility of stock price is greater.After carrying out multiple robustness tests,the above conclusions are still all set up,fully confirmed the disclosure of corporate social responsibility can effectively curb stock price volatility,with the stock market stability.The conclusions of this paper provide guidance and advice for the behavior of enterprises,investors and government regulators.