|
|
|
| Market Concern, Governance Effectiveness and Market Response to Social Responsibility Information Disclosure |
| QI Yue，LIAO Kezhi，WANG Zhihao |
| 1.Nankai University，Tianjin，China；2. Zhejiang University of Technology，Hangzhou，China |
|
|
|
|
Abstract This study takes the listed companies that issued social responsibility reports from 2010 to 2017 as the research object. On the basis of controlling the quality of disclosure and financial characteristics of companies, it empirically analyzes the heterogeneous factors and mechanism of signaling effect at the micro level from two dimensions of market concern and governance effectiveness. The results show that: ①The effectiveness of internal control has a positive impact on the market reaction of social responsibility information disclosure, and is more prominent in the low governance cost group and state-owned enterprise group. ②There is a significant positive correlation between market attention and market reaction. Listed companies with high media attention can get more recognition from the capital market by issuing social responsibility reports. At the same time, the first disclosure reports tend to attract investors’ attention. ③In the absence of a unified quantitative criterion for disclosure, the content of value information released by social responsibility reports has little to do with the quality of social responsibility information disclosure.
|
|
Received: 28 October 2019
|
|
|
|
|
|
|
