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《Research on Financial and Economic Issues》 2012-02
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Listed Companies’Contribution to Non-Shareholder Stake: Determinants and Value Relevance of Voluntary Disclosure

FANG Hong-xing,JIN Yun-yun(China Internal Control Research Centre,Dongbei University of Finance and Economics, Dalian Liaoning 116025,China)  
In this paper,based on stakeholder theory,we select samples from Shanghai Exchange listing companies which disclosed social contribution in annual reports,then test the determinants of voluntarily disclosing this value and whether the contribution to other stakeholders has incremental value relevance.The results show that those companies disclosing social contribution are larger,more profitable and have better corporate governance.What's more,investors see the contribution to other stakeholders in a positive way,which is positively relevant to share price.When the companies' profitability is above market average,investors would pay more attention to their contribution to other stakeholders.
【Fund】: 国家自然科学基金项目“公司治理、外部审计与内部控制信息披露:理论分析与经验证据”(70872018);; 教育部人文社会科学重点研究基地重大项目“中国专业中介市场的结构—行为—绩效问题与规制政策研究:以注册会计师行业为例”(2009JJD790005);; 霍英东教育基金会高等院校青年教师基金项目“转轨国家会计改革研究”(111087)
【CateGory Index】: F832.51;F224
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