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Economic Policy Uncertainty and Information Disclosure

of Corporate Social Responsibility

LIU Huihao & FENG Yongjia
(School of Finance, Zhongnan University of Economics and Law, Wuhan, Hubei 430073, China)

Abstract: Based on the sample of A鄄share listed companies during the years from 2008 to 2017 and China蒺s economic policy
uncertainty index, this paper examines the impact of economic policy uncertainty on the information disclosure of corporate social
responsibility (CSR). The research shows that when the economic policy uncertainty gradually rise, the companies issue volun鄄
tarily the social responsibility reports more actively, and improve remarkably the quality of information disclosure of social respon鄄
sibility at the same time. Further study finds that there is mediating effect in the corporate sales. Economic policy uncertainty re鄄
duces corporate sales, and promotes the corporates to increase the willingness of issuing voluntarily the social responsibility re鄄
ports and the quality of information disclosure of social responsibility. There is masking effect in analysts tracking. Economic pol鄄
icy uncertainty reduces analysts tracking, and leads the companies to reduce the willingness of issuing voluntarily the social re鄄
sponsibility reports and the quality of information disclosure of social responsibility. Moreover, in the companies with different
property nature and different market institutional environment, there is heterogeneous in the relationship between economic policy
uncertainty and CSR information disclosure. The economic policy uncertainty is not the intrinsic driving factor for companies to
improve the information disclosure of social responsibility, but the discretionary choice when corporate sales decline. Therefore,
it is a long鄄term strategy for regulators to develop the policies that can promote essentially the information disclosure of social re鄄
sponsibility in the listed companies.
Key Words: economic policy uncertainty; social responsibility information; corporate sales; analysts tracking; nature of
firms; market institutional environment

(本文责编摇 潘端莲)

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