Is the Social Responsibility Information Disclosed by the Companies really Valuable?—Evidence from Chinese Stock Price Synchronicity
Social responsibility information disclosed by listed companies is an important way to transfer non-financial information to the stock market, which affects the level of stock price synchronicity. In order to explore whether Corporate Social Responsibility (CSR) information is valuable in improving...
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MDPI AG
2018-10-01
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| Series: | Sustainability |
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| Online Access: | http://www.mdpi.com/2071-1050/10/10/3578 |
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doaj-1fb15dfed17a4629a75bea6e186cc9372020-11-24T23:04:56ZengMDPI AGSustainability2071-10502018-10-011010357810.3390/su10103578su10103578Is the Social Responsibility Information Disclosed by the Companies really Valuable?—Evidence from Chinese Stock Price SynchronicityJingwen Dai0Chao Lu1Yang Yang2Yanhong Zheng3School of Economics and Management, Beijing Jiaotong University, Beijing 100044, ChinaSchool of Economics and Management, Beijing Jiaotong University, Beijing 100044, ChinaSchool of Economics and Management, Beijing Jiaotong University, Beijing 100044, ChinaSchool of Economics and Management, Beijing Jiaotong University, Beijing 100044, ChinaSocial responsibility information disclosed by listed companies is an important way to transfer non-financial information to the stock market, which affects the level of stock price synchronicity. In order to explore whether Corporate Social Responsibility (CSR) information is valuable in improving capital market pricing efficiency, this paper conducted empirical research based on a sample of China Shanghai and Shenzhen A-share listed companies in years 2010–2015. The results showed that: (1) Overall, there is a significant positive correlation between CSR information and stock price synchronicity; (2) under different disclosure motives, there is no significant difference in the impact of CSR on stock price synchronicity; (3) Securities analysts and institutional investors can negatively regulate the positive relationship between CSR and stock price synchronicity, while the media will intensify the positive effect of CSR on stock price synchronicity. This research is of great significance in promoting the fulfillment of CSR and improving capital market pricing efficiency.http://www.mdpi.com/2071-1050/10/10/3578Corporate Social Responsibility (CSR)stock price synchronicitysecurities analystmediainstitutional investor |
| collection |
DOAJ |
| language |
English |
| format |
Article |
| sources |
DOAJ |
| author |
Jingwen Dai Chao Lu Yang Yang Yanhong Zheng |
| spellingShingle |
Jingwen Dai Chao Lu Yang Yang Yanhong Zheng Is the Social Responsibility Information Disclosed by the Companies really Valuable?—Evidence from Chinese Stock Price Synchronicity Sustainability Corporate Social Responsibility (CSR) stock price synchronicity securities analyst media institutional investor |
| author_facet |
Jingwen Dai Chao Lu Yang Yang Yanhong Zheng |
| author_sort |
Jingwen Dai |
| title |
Is the Social Responsibility Information Disclosed by the Companies really Valuable?—Evidence from Chinese Stock Price Synchronicity |
| title_short |
Is the Social Responsibility Information Disclosed by the Companies really Valuable?—Evidence from Chinese Stock Price Synchronicity |
| title_full |
Is the Social Responsibility Information Disclosed by the Companies really Valuable?—Evidence from Chinese Stock Price Synchronicity |
| title_fullStr |
Is the Social Responsibility Information Disclosed by the Companies really Valuable?—Evidence from Chinese Stock Price Synchronicity |
| title_full_unstemmed |
Is the Social Responsibility Information Disclosed by the Companies really Valuable?—Evidence from Chinese Stock Price Synchronicity |
| title_sort |
is the social responsibility information disclosed by the companies really valuable?—evidence from chinese stock price synchronicity |
| publisher |
MDPI AG |
| series |
Sustainability |
| issn |
2071-1050 |
| publishDate |
2018-10-01 |
| description |
Social responsibility information disclosed by listed companies is an important way to transfer non-financial information to the stock market, which affects the level of stock price synchronicity. In order to explore whether Corporate Social Responsibility (CSR) information is valuable in improving capital market pricing efficiency, this paper conducted empirical research based on a sample of China Shanghai and Shenzhen A-share listed companies in years 2010–2015. The results showed that: (1) Overall, there is a significant positive correlation between CSR information and stock price synchronicity; (2) under different disclosure motives, there is no significant difference in the impact of CSR on stock price synchronicity; (3) Securities analysts and institutional investors can negatively regulate the positive relationship between CSR and stock price synchronicity, while the media will intensify the positive effect of CSR on stock price synchronicity. This research is of great significance in promoting the fulfillment of CSR and improving capital market pricing efficiency. |
| topic |
Corporate Social Responsibility (CSR) stock price synchronicity securities analyst media institutional investor |
| url |
http://www.mdpi.com/2071-1050/10/10/3578 |
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