The Financial Effect and Disclosure Management of SR under Economic Security: From Listed Electricity Companies

摘要

Based on the equity of a broad sense, this article analysed the social responsibility(SR) of the listed electricity companies and its corresponding contents, selected the corresponding indicators, to measure its long-term value in relevance through cointegration causality test. Followed by a fixed effect model with variable coefficients of the classic data model assumptions and an empirical test. The results showed that different contents of social responsibility had different aspects of enterprise value. This paper also discussed the disclosure management and of the social responsibility information under the national economic security frame.