Research On The Impact Of Corporate Social Responsibility Negative Information Disclosure Strategy On Investors' Investment Decision

At present,the development mode of the market economy in our country has changed from a high-speed growth stage to a high-quality development stage.In order to ensure the development speed and quality of the market economy in our country,we need to create a stable development economic environment at the macro level.However,with the increasingly severe competition among enterprises in the capital market,the phenomenon of enterprises deviating from stakeholders’ expectations of social responsibility is increasing.Therefore,it is an urgent practical problem for enterprises to help enterprises reduce the negative impact of negative events and recover the investment of external investors.This study is expected to reveal the impact of disclosure strategies on investors and the mechanism of occurrence through an empirical study on the impact of disclosure strategies on investors’ investment decisions after the occurrence of negative events of corporate social responsibility.This thesis selects Shanghai and Shenzhen A-share listed companies that experienced negative events between 2015 and 2021 as the research object.By reading and analyzing the original text one by one,obtain the disclosure strategies,methods,and platform data adopted by the enterprise,in order to explore the relationship between disclosure strategies,methods,platforms,investor emotions,and investment decisions after negative events of corporate social responsibility occur.The findings are as follows: First,compared with the denial disclosure strategy,the apology disclosure strategy can make investors invest more in the enterprise.Second,the negative information disclosure strategy has an impact on investors’ investment decisions through investor sentiment.Third,under the apologetic disclosure strategy,if enterprises use video to disclose negative information,it can more dilute the negative impact of negative news on investors’ decisions,and its impact is transmitted through investor sentiment.Fourthly,the mediating effect of investor sentiment is regulated by the way of disclosure.At the same time,negative information disclosure mode and disclosure platform have a significant direct regulatory effect.The research results are helpful for enterprises to reasonably choose disclosure strategies,methods and platforms according to their own situations,provide empirical evidence for enterprises to manage investor sentiment under the background of negative CSR events,and put forward suggestions for relevant policy supervision.First,the government should continue to encourage enterprises to innovate disclosure methods and protect the legitimate rights and interests of investors.At the same time,strengthen the supervision of social media information release behavior,improve the efficiency of the capital market;Finally,the government should actively guide investor sentiment to reduce the negative impact of investor sentiment on the capital market.