Heterogeneity Of Institutional Investor?Media Attention And Disclosure Of Social Responsibility Information

The number of companies that disclose social responsibility reports in China is increasing rapidly,and the relevant social responsibility information disclosure system is gradually improving,but there are still violations of social responsibility information disclosure.The overall quality of corporate social responsibility information disclosure is not high,and the comprehensiveness,authenticity,and timeliness of information disclosure still need to be improved.This shows that China's social responsibility information disclosure system needs to be further improved,so the urgent task is to study how Improve the system and related regulations to promote enterprises to improve the quality of social responsibility information disclosure.This paper studies the effect of the internal factors of the heterogeneity of institutional investors and the external factors of media attention on corporate social responsibility information disclosure.It is expected to analyze the impact of factors outside the system to take relevant measures to improve the quality of corporate social responsibility information disclosure.Institutional investors and media attention both have the role of corporate governance,but whether there are differences in the impact of different types of institutional investor holdings and whether different media reports will affect their regulatory effect is not yet known.This article takes Shenzhen-Shanghai A-share listed companies from 2014 to 2018 as the research sample and makes reasonable assumptions by theoretical derivation,and useempirical research to analyze how the heterogeneity of institutional investors affects the disclosure of corporate social responsibility information and further analyze how positive,negative or neutral reporting in the media will affect this relationship,and draw the research conclusion of the article: the overall holdings of institutional investors can reduce agency costs and promote the disclosure quality of corporate social responsibility information.according to the classification of independence,pressure-suppressed institutional investors can improve the quality of corporate social information disclosure,while pressure-sensitive enterprises will not have such an impact,which explain that institutional investors who do not have a close business relationship with the enterprise can more independently and effectively participate in monitoring the behaviors and decisions of management in order to obtain long-term and stable income,support the company's plan to fulfill social responsibility,and improve the disclosure quality of social responsibility information.Further research found that media attention(positive reports,negative reports,neutral reports)has a positive regulating effect on the relationship between overall institutional investors and the disclosure of social responsibility information,and can also increase the willingness of pressure-suppressed institutional investors to actively participate in corporate internal governance and increase the incentives for companies to improve disclosure of social responsibility information.Therefore,the media as an external monitoring force can promote institutional investors' participation in corporate governance and improve the quality of information disclosure.Finally,this article puts forwardconstructive suggestions from four perspectives: corporate,media,government,and institutional investors.