The Impact Of CSR Disclosure On Financial Performance Based On Media Attention

In recent years,with the occurrence of a series of corporate social responsibility(CSR)incidents such as food safety,financial fraud and environmental pollution,CSR and CSR disclosure have become hot issues in the practical and academic circles.At the end of 2008,the regulatory authorities explicitly required four types of companies to disclose CSR reports,while encouraging other listed companies to make voluntary disclosures,forming a CSR disclosure system that combines the mandatory disclosure method and the voluntary disclosure method.According to Rankins CSR Ratings(RKS),the number of CSR reports issued by A-share listed companies increased from 371 to 851 in 2009-2018,an increase of 129% during the decade,and the number of companies that voluntarily disclose CSR reports is increasing year by year.In 2018,the number of voluntary disclosure companies exceeded the number of mandatory disclosure companies.In the information age,the media as the "bridge" between the enterprise and the public,and the public agenda setters play an important role in the public's perception of CSR activities and the corresponding decision-making behavior.Scholars have made a useful explor ation of the relationship between CSR disclosure and financial performance,but they pay less attention to the role of media attention in the relationship between the two.Few scholars have divided the two methods of mandatory disclosure and voluntary disclosure to explore the relationship between the three,and existing scholars pay less attention to the specific content of CSR disclosure.This paper takes China's A-share listed companies that publish CSR reports in 2012—2017 as the research object,based on relevant theories such as stakeholders,information asymmetry,agenda setting and agenda building theory,examines the impact of CSR disclosure on financial performance and role of media attention in the relationship between the two,and examines the relationship between mandatory disclosure and voluntary disclosure based on China's specific CSR disclosure system.The study found that CSR disclosure can positively affect financial performance,and media attention plays a partial intermediary role in the relationship between the two.However,this relationship between the three only exists in enterprises that are voluntarily disclosed,no similar rules have been found in the mandatory disclosed.In the extended analysis,the four dimensions of CSR disclosu re(M?C?T?i)can improve the financial performance of the enterprise,but the CSR disclosure of technical T and industry i has a stronger positive impact on financial performance than the overall M and content C.The findings of this paper not only enrich the research content and research framework of CSR disclosure,but also have enlightening significance for enterprises to formulate CSR strategy and the supervision department to improve CSR system.