企业社会失责媒体曝光与投资者选择性反应

Media Coverage of Corporate Social Irresponsibility and Investor′s Selective Reaction

出于自身利益的考量,企业很少主动披露其社会失责,媒体便成为披露企业社会失责的重要渠道。基于信号理论的观点,企业社会失责这种信号通过媒体传递给投资者,投资者会据此做出反应。由于不同维度企业社会失责涉及的利益相关者群体不同,而且企业在社会失责媒体曝光前积累的媒体声誉以及在社会失责曝光时基于社交媒体的投资者情绪均存在差异,投资者可能对不同维度企业社会失责信号产生差异性反应,这就构成了投资者对企业社会失责媒体曝光的内在选择性反应机理。以信号理论为理论基础,构建多维度和多因素条件下企业社会失责媒体曝光对投资者反应的影响效应模型。以2011年至2015年205个中国沪深上市企业的社会失责媒体曝光事件为样本,从中国重要报纸全文数据库收集企业社会失责媒体曝光数据,从东方财富网股吧、报刊新闻量化舆情数据库和国泰安数据库获取其他变量数据。采用事件研究法、层级回归分析法和bootstrap中介效应检验法,实证分析企业社会失责媒体曝光对投资者选择性反应的影响。研究结果表明,(1)3个维度企业社会失责媒体曝光均促使投资者产生消极反应,与企业绿色失责媒体曝光和社会层面失责媒体曝光相比,企业治理失责媒体曝光对投资者反应的消极影响较大;(2)企业媒体声誉减弱了3个维度企业社会失责媒体曝光对投资者反应的消极影响;(3)基于社交媒体的投资者情绪在企业绿色失责媒体曝光和治理失责媒体曝光与投资者反应的关系之间发挥中介作用。研究结果系统阐述了企业社会失责媒体曝光对投资者反应的影响机制,有助于指导企业根据自身资源状况对不同维度的社会失责媒体曝光进行资源配置,提升企业对其媒体声誉的重视,并为企业在社会失责媒体曝光背景下如何监测和应对基于社交媒体的投资者情绪提供经验证据。

For their own interests, most enterprises tend to withhold information about corporate social irresponsibility(CSI).Media have become important channels to disseminate corporate social irresponsibility information. Based on signal theory,when the signals of corporate social irresponsibility are transmitted to investors through media outlets, investors will react to such signals. Due to the different stakeholder groups involved in different dimensions of corporate social irresponsibility, and the differences in media reputation accumulated before media coverage of corporate social irresponsibility and investor sentiment based on social media during media coverage of corporate social irresponsibility, investors may have different reactions to different dimensions of corporate social irresponsibility signals, which constitutes the internal selective reaction mechanism of investors to media coverage of corporate social irresponsibility.Based on signal theory, this study constructs a multi-dimensional and multi-factor model related to how media coverage of corporate social irresponsibility influences investor reactions. The empirical analysis of this study is based on 205 media coverage of corporate social irresponsibility events of listed companies in Shanghai and Shenzhen of China from 2011 and 2015. We have collected media coverage of corporate social irresponsibility data from the “full-text database of China′s important newspapers” in CNKI. And the remaining data has been collected from the east money Guba, the quantitative public opinion database of newspapers and periodicals, and the CSMAR database. The hypotheses established have been tested by the event study method, hierarchical regression analysis method, and Bootstrap mediating effect test method.The study results show that:(1) investors negatively react to three dimensions of media coverage of corporate social irresponsibility. Compared with media coverage of corporate green irresponsibility and media coverage of corporate social level irresponsibility, media coverage of corporate governance irresponsibility has a stronger impact on investor reaction.(2) Media reputation weakens the negative impact of three dimensions of media coverage of corporate social irresponsibility on investor reaction.(3) Investor sentiment based on social media plays a mediating role in the linkage between media coverage of corporate green irresponsibility and investor reaction, and in the linkage between media coverage of corporate governance irresponsibility and investor reaction.Study results systematically illuminate the influence mechanism of media coverage of corporate social irresponsibility on investor reaction. It helps to guide enterprises to allocate resources for different dimensions of media coverage of corporate social irresponsibility according to their own resources, enhance enterprises′ attention to their media reputation, and provide guidance for enterprises to monitor and deal with investor sentiment based on social media on the condition of media coverage of corporate social irresponsibility.