Analysis Of The Impact Of Corporate Social Responsibility Information Disclosure On Financial Risk Under The Media Attention

As market competition continues to intensify,a thorough discussion of the impact of corporate social responsibility disclosure will provide more opportunities for companies to better manage financial risks and ultimately achieve sustainable development goals.Based on stakeholder theory,this paper analyses the relationship between corporate social responsibility information disclosure and corporate financial risk and the role of media attention using Huifeng as an example.The findings show that the inadequate disclosure of corporate social responsibility information increases the financial risk of companies,and after the media exposure of pollution incidents,the negative publicity worsens the financial risk of companies,but after the companies correct their own behavior and improve the level of social responsibility information disclosure,the corresponding positive publicity increases the confidence of stakeholders and helps counteract the financial risk.Then,the paper analyzes the impact that CSR disclosure has on financial risks from four aspects: financial risks,Z-value,investment risks,price risks,and environmental risks,and finds that inappropriate CSR disclosure leads to financial distress for enterprises.Later,the role of the media is significant due to the high media attention of the Huifeng Stock pollution event.Through the entire timeline of the Hwang Jiang spill,the role of the media in the spill is meticulously divided into three sections: before,during and after,and the conclusion is that the media mainly played the role of information broker and negative inspiration in the entire Hwang Jiang spill.Finally,from the disclosure information of Huifeng Stock,the influence of the media on the disclosure of corporate social responsibility information is analysed.Through the media coverage data and the financial risk Z-value,the influence of media attention on the financial risk of Huifeng Stock is analysed.It is concluded that the financial risk of enterprises is aggravated by negative reports after the media exposes the pollution incident.But if a company corrects its behavior and discloses more information about its social responsibility,positive publicity can boost stakeholder confidence.This paper provides some policy implications for government departments to formulate relevant policies and regulations and strengthen supervision,as well as some reference for future scholars to study the impact of social reputation information disclosure on the company’s financial risk and give full play to the role of media.