Research On The Effect Of Corporate Social Responsibility Disclosure Under Media Attention

With the rapid development of China's economy,economic and social problems such as environmental pollution,labor protection,product safety and quality,and business ethics have become increasingly prominent.The topic of corporate social responsibility has begun to receive widespread attention from all sectors of society.In recent years,under the active promotion of relevant state policies,more and more companies began to pay attention to CSRD,and hopes to actively communicate information with stakeholders and gain their understanding and support.However,at present,the status of corporate social responsibility disclosure in China has not yet met the expected requirements and effects.Most companies still fail to understand the value of CSRD,which is not only unfavorable to the further development of corporate social responsibility activities,but also unfavorable to stakeholders' information acquisition.In the age of information,with its information mediation and public opnion-oriented functions,media makes significant impact on corporate development through influencing public opinion and public behavior patterns.Based on the above research background,this article mainly focuses on two major contents of the effects of CSRD and the media's intermediary role in this impact.Based on the existing research findings on social responsibility information disclosure and media attention,combined with China's current social practice,in order to discuss the economic effects and non-economic effects of media attention on social responsibility information disclosure,this article conduct empirical research on the listed companies that released social responsibility reports during 2013 to 2015.The empirical results show that the disclosure of corporate social responsibility information has a significant positive impact on financial performance and corporate reputation,and can significantly reduce the cost of equity capital.Moreover,media attention has played a mediator role in the positive impact of the disclosure of social responsibility information on corporate financial performance and corporate reputation.However,media attention has not passed the test of the intermediary role in reducing the cost of equity capital.At the same time,on the basis of the research results,this paper provided specific suggestions for different parties.