政治关联、媒体报道与企业社会责任信息披露——来自沪深A股数据的实证分析

Political Connection,Media Coverage and Corporate Social Responsibility Information Disclosure——an Empirical Analysis from the Data of A-share Stock Market

政治关联与社会责任信息披露显著负相关,企业高管的政治关联度愈高,其社会责任信息披露程度则愈低;媒体报道与企业社会责任信息披露显著正相关,其数量一定程度上可以反映企业社会责任信息披露情况。政治关联会引起政策和市场导向型媒体报道的增多,且政治关联对市场导向型媒体报道的正向促进作用强于政策导向型媒体报道,引入媒体报道这一中介变量后,削弱了政治关联对企业社会责任信息披露的抑制作用。

Taking the a-share data of Chinese stock market from 2009 to 2017 as research samples,this paper analyzes and tests the relationship between political connection and media coverage,and their common action on corporate social responsibility information disclosure.It shows that political connection and corporate social responsibility information disclosure are significantly negative correlation.The higher the political association of corporate executives,the lower the degree of corporate social responsibility information disclosure.At the same time,political connection will lead to the increase of policy-oriented and market-oriented media coverage,and the positive promoting effect of political connection on market-oriented media coverage is stronger than policy-oriented media coverage.Media coverage is introduced as the mediating variable to weaken the restraining effect of political connection on corporate social responsibility information disclosure.