Visual Expressions in Corporate Social Responsibility Reports: The Role of Minority Investors' Online Information Demand

IF 8.3 2区管理学 Q1 BUSINESS

Corporate Social Responsibility and Environmental Management Pub Date : 2025-01-07 DOI:10.1002/csr.3105

Hongfei Ruan, Yongzhi Du, Yinju Nie, Yi Xiang

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引用次数: 0

Abstract

Corporate social responsibility (CSR) reports hold significant importance for firms to communicate with stakeholders. Previous studies have primarily emphasized the implications of verbal characteristics present in CSR reports, yet there exists a limited understanding on the distinct features of visual information in these reports. The paper integrates stakeholder salience theory and elaboration likelihood model to examine whether online information demand of minority investors in the unique online interactive platforms can prompt corporate visual expressions in their CSR reports. Additionally, we contend that the relationship between online information demand and visual expressions in CSR reports is accentuated when minority investors play a prominent role in a firm, yet attenuated when a firm provides more comprehensible and transparent information. Employing a hand-collected dataset of 1998 observations from publicly listed Chinese firms from 2009 to 2017, our empirical findings strongly support these arguments. Taken together, this research enhances our understandings of how and when firms respond to the increased collective salience of minority investors resulting from their online information demand by disclosing more visually oriented CSR reports.

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企业社会责任报告中的视觉表达：中小投资者在线信息需求的作用

企业社会责任（CSR）报告对于企业与利益相关者的沟通具有重要意义。以往的研究主要强调企业社会责任报告中存在的语言特征的含义，但对这些报告中视觉信息的独特特征的理解有限。本文结合利益相关者显著性理论和阐述似然模型，考察中小投资者在独特的网络互动平台上的网络信息需求是否能够促使企业在CSR报告中进行视觉化表达。此外，我们认为，当少数投资者在公司中发挥重要作用时，在线信息需求与企业社会责任报告中视觉表达之间的关系会得到加强，而当公司提供更易于理解和透明的信息时，这种关系会减弱。通过对2009年至2017年中国上市公司1998年观察数据的手工收集，我们的实证研究结果有力地支持了这些论点。综上所述，本研究增强了我们对企业如何以及何时通过披露更多以视觉为导向的企业社会责任报告来应对少数投资者因在线信息需求而增加的集体突出性的理解。

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来源期刊

Corporate Social Responsibility and Environmental Management Multiple-

CiteScore

17.20

自引率

16.30%

发文量

189

期刊介绍： Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.