Media Attention,Executive Compensation And Corporate Social Responsibility

With the rapid development of China's economy and the gradual improvement of the social system,the increasingly fierce market competition and the continuous improvement of people's living standards require enterprises,as the pillar of social and economic development,to fulfill their social responsibilities.The 19 th CPC national congress has put forward plans and goals for improving people's livelihood,maintaining social stability and development,strengthening social security services,and building ecological civilization,which fully reflect that China is people-centered and attaches great importance to sustainable development.Meanwhile,it also expects enterprises to play a decisive role in social construction.Therefore,enterprises have the ability and obligation to improve the performance of social responsibility to contribute to the development of the country and gain competitive advantage for their long-term development in the future.Studying the motivation of enterprises to fulfill their social responsibilities is of vital importance for enterprises to take the initiative to maintain public interests and improve social welfare in the future.In terms of the research on the factors for enterprises to fulfill their social responsibilities,most scholars have fixed the research perspective solely in the internal or external of enterprises,while only a few scholars have combined the internal and external factors.Taking media attention as the external factor and executive compensation as the internal factor,this paper comprehensively studies the influences of the two factors on corporate social responsibility.As a supervision mechanism outside the law,media plays a governance role by paying attention to enterprises and transmitting information.Within enterprises,the issue of executive compensation has always been the focus of scholars.However,scholars have never had a unified answer to the issue of the influence of executive compensation level on the fulfillment of corporate social responsibility.Combined with the two influencing factors,there is no in-depth study on how to fulfill corporate social responsibility in the real estate industry.Based on the above elaboration,this paper analyzes the motivation for enterprises to fulfill their social responsibilities from the perspectives of executive compensation and media attention through the research method combining theory with practice,and conducts an empirical analysis.This paper mainly includes six chapters.The first chapter is the introduction,which elaborates the research background and significance,thoughts and methods,innovation and characteristics of this paper.The second chapter is the literature review,which mainlyreviews the domestic and foreign literatures related to executive compensation,media attention and corporate social responsibility.The third chapter is the related concepts and theoretical basis,defines the relevant concepts of the research object of this paper,and expounds the information asymmetry theory,principal-agent theory,stakeholder theory and reputation theory.The fourth chapter is the empirical research design,which elaborates the current situation and motivation of China's real estate enterprises to fulfill their social responsibility,sorts out the mechanism of executive compensation level to corporate social responsibility,media attention to corporate social responsibility and their comprehensive effect on corporate social responsibility,and proposes hypotheses and builds a model on this basis.At the same time,variables were defined and data samples of Chinese real estate listed companies from 2010 to 2017 were collected(among which the 2017 CSR data were used as robustness test analysis).Chapter five,empirical test and result analysis,empirically examines the influence of executive compensation and media attention on corporate social responsibility,in which this paper divides executive compensation into absolute executive compensation and relative executive compensation for empirical analysis.The sixth chapter,research conclusions and policy recommendations,through the above analysis found that China's real estate listed companies executive compensation level and media attention can improve the level of corporate social responsibility;In addition,compared with non-state enterprises,the executive compensation level of state-owned enterprises has a more significant impact on corporate social responsibility.Although there is no significant difference in the impact of executive compensation on corporate self-interested social responsibility between state-owned enterprises and non-state enterprises,when the executive compensation rises,state-owned enterprises significantly increase the performance of non-self-interested social responsibility compared with non-state enterprises.The higher the media attention is paid to real estate enterprises,the lower the influence of executive compensation on the level of social responsibility,self-interested social responsibility and non-self-interested social responsibility.Finally,according to the research results,relevant policy recommendations are put forward.