Research On The Impact Of Interaction Information Disclosure On Corporate Social Responsibility

With the improvement of the management level of listed companies,the focus of enterprises and governments has gradually shifted from economic benefits to social benefits.More and more enterprises begin to pay attention to the social responsibility of enterprises.Under the background of the rapid development of the Internet,the emerging information media provide a new way for the communication between investors and listed companies.Media such as the network interaction platform realize the two-way interaction between investors and listed companies.From the content of Q&A in the network interactive platform,we can see that this two-way information interaction is not only limited to the financial performance of the enterprise,but also focuses on whether the enterprise has practiced good social responsibility.This thesis selects the Q&A content related to social responsibility on the network interactive platform as the proxy variable of interactive information disclosure,and studies the relationship between interactive information disclosure and the performance of corporate social responsibility.Nowadays,China pays more and more attention to the corporate social responsibility exploring the relationship between interactive information disclosure and corporate social responsibility not only has strong theoretical significance,but also has strong practical significance for guiding the companies’ behavior.This thesis uses empirical research and bases on the theory of stakeholder theory,information asymmetry theory and reputation mechanism theory.With the sample data of listed companies from 2010 to 2019.This thesis tests the relationship between interactive information disclosure and corporate social responsibility,and discusses the moderation role of the property right nature and institutional environment.In the further research,it analyzes whether interactive information disclosure can further affect the value of enterprises by affecting the performance of corporate social responsibility.The results show:(1)Interactive information disclosure can promote the performance of corporate social responsibility;(2)Compared with state-owned enterprises,interactive information disclosure plays a stronger role in promoting the performance of social responsibility by non-state-owned enterprises;(3)Compared with enterprises with better institutional environment,interactive information disclosure plays a stronger role in promoting social responsibility in enterprises with poor institutional environment;(4)Further research shows that corporate social responsibility plays an intermediary role between interactive information disclosure and corporate value.Interactive information disclosure can enhance corporate value by promoting the performance of corporate social responsibility.Based on the above analysis,this thesis solves the reciprocal causation in the main effect through lag variables,and uses the methods of replacing regulatory variables and quantile regression to improve the robustness of the results.According to the empirical results,this thesis puts forward corresponding suggestions:firstly,for investors and other stakeholders,they should actively use the network interactive platform to communicate with listed companies.At the same time,stakeholders should also pay timely attention to the relevant information reflected in the interactive information disclosure media and the performance of corporate social responsibility.Though this way,they can safeguard their legitimate rights and interests;Secondly,for listed companies,they should actively respond to the questions related to the performance of corporate social responsibility in the network interactive platform,indicating that enterprises have actively fulfilled their social responsibility,so as to improve their own image and enterprise value;Finally,for the government,they should improve the laws and regulations related to interactive information disclosure and corporate social responsibility,giving full play to the relationship between interactive information disclosure and corporate social responsibility under the constraints of the system,and finally realize the coordinated development of corporate economic and social benefits.