CEO Power, Corporate Social Responsibility Information Disclosure And Financing Constraints

Nowadays,as the environment problem grows to severe,as well as security of food and production,social responsibility has drawn more attention than ever.And all the stakeholders desire more disclosure of corporation of social responsibility(CSR).With the development of corporation,financing restriction has become an obstacle for them.As a link between the corporation and investors,disclosure of CSR could remit the information asymmetry,therefor gain a good fame for corporation.CEO,as the final governor,he can make a influence to the outside stakeholders by distort the disclosure of CSR.However,is there a situation where CEO remit the financing restriction by disclose more CSR? This article will study the influence on financing restriction from CEO power and disclosure of CSR,aiming to offer some advices on CSR.This article will make sample by the data from enlist corporations,study the influence on financing restriction from CEO power and disclosure of CSR by empirical study.Besides,this article also take a comparison between state-owned and nonstate-owned corporations.The results show that: firstly,a corporation will suffer a lower financing restriction when it has more disclosure of SCR;secondly,the better quality in disclosure of CSR is always with a higher CEO power;thirdly,CEO remit the financing restriction by distort the disclosure of CSR.Based on these,this article call for more laws and rules to modify the disclosure of CSR,standardize the content and requires,finally to improve the quality of CSR.Stakeholders should consider the CSR in their decision-making.Corporations should build inner control to restrict CEO power,to avoid more damage to the corporations.