Corporate Social Responsibility Information Disclosure, Environmental Dynamics and Corporate Value

Abstract

With the rapid economic development, social responsibility issues such as environmental protection, food safety, and employee health have become increasingly severe, and have received widespread attention from the general public. The relationship between corporate social responsibility information disclosure and corporate value has also become a hot issue in academia and practice. There are countless relevant studies, but they have not reached a consistent conclusion. With the introduction of relevant policies, although the number of companies that disclose social responsibility information in my country has increased, it is still only a quarter of the number of listed companies. Moreover, due to the lack of soundness of our country's corporate social responsibility information disclosure system, the content and form of disclosure are different, and the quality is uneven. Therefore, this article takes our country's Shenzhen and Shanghai non-financial A-share listed companies from 2011 to 2020 as a sample to explore the relationship between corporate social responsibility information disclosure and corporate value, and finds that: (1) Disclosure of social responsibility information can enhance corporate value; (2) The higher the quality of corporate social responsibility information disclosure, the more significant the increase in corporate value; (3) When a company faces a low degree of environmental dynamics, the social responsibility information disclosure has a more significant effect on the company's value enhancement. This article enriches the research perspective of social responsibility information disclosure, and promotes the formulation and improvement of the social responsibility information disclosure system.