Types Of Corporate Social Responsibility,Media Attention And Stock Price Volatility ——Based On Chinese Listed Companies In Manufacturing Industry

Generally speaking,responsibility means cost,and corporate social responsibility means that enterprises must pay more costs,which is why even if the public requires enterprises to pay more and more attention to the implementation of social responsibility,the laws and regulations and policies related to "corporate social responsibility" issued by the government and market regulators are becoming more and more stringent,but there are still a large number of non-fulfillment of social responsibility phenomenon.However,under the conditions of a mature market economy,if an enterprise fulfills its social responsibilities,it can establish a good and mutually beneficial relationship with its stakeholders,and the enterprise can create a relatively safe operating environment,and then achieve good and stable operating results.Smaller stock price volatility mean that potential investors require a lower rate of return,which will reduce the financing costs of enterprises in the capital market,so as to achieve a win-win situation between corporate social benefits and economic benefits,and corporate social responsibility will become a kind of consciousness.Existing studies have partially confirmed that corporate social responsibility can restrain stock price volatility,so can all types of corporate social responsibilities effectively reduce stock price volatility? At the same time,the media is the bridge between enterprises and the market,will the situation of media attention affect the market's understanding of the corporate social responsibility behavior,and that is,whether the media attention plays an intermediary effect in the relationship between the corporate social responsibility and the stock price volatility?Based on stakeholder theory,information asymmetry theory,signal transmission theory and corporate reputation theory,this paper selects manufacturing companies listed on the main board of Shanghai and Shenzhen in China from 2010 to 2020 as the research object,selects corporate social responsibility as the independent variable,stock price volatility as the dependent variable,and media attention as the intermediary variable,constructs a multivariate regression model,and uses empirical data to test the relationship between listed companies' social responsibility and stock price volatility.The differences in the impact of different types of CSR on stock price volatility are investigated,as is the medial role played by media attention,and the medial role played by media attention is further explored.The study found that:(1)corporate social responsibility is negatively related to stock price volatility;(2)the impact of different types of corporate social responsibility on stock price volatility is different,specifically,shareholder responsibility has the greatest impact on stock price volatility,followed by environmental and public responsibility,and finally supplier,customer,and consumer rights responsibility.These four types of corporate social responsibility can effectively reduce stock price volatility risk.The relationship between a company's responsibility to its employees and stock price volatility,on the other hand,is not statistically significant.(3)Media coverage obscures the relationship between corporate social responsibility and stock price volatility.(4)After distinguishing the emotional tone of the media report,positive reporting has a masking effect on the relationship between CSR and stock price volatility,while negative reporting has an intermediary effect on the relationship between CSR and stock price volatility.According to the empirical results,the paper puts forward countermeasures and suggestions:(1)At the enterprise level,it is necessary to continuously improve social responsibility awareness,to take the initiative to assume corporate social responsibility,but also to pay attention to the intersection of corporate and social interests,and to deeply integrate social responsibility with corporate strategy.At the same time,enterprises should pay attention to the disclosure and dissemination of social responsibility information,and to positively guide the information explicit focus.(2)At the government level,improve the mandatory force and operability of the relevant provisions of corporate social responsibility,strengthen the external supervision and constraint mechanism for enterprises to fulfill social responsibility,further improve the social market mechanism,strengthen the endogenous motivation of enterprises to fulfill social responsibilities,and guide enterprises to consciously assume social responsibility.