Corporate Sustainability, Corporate Social Responsibility, and Information Disclosure

摘要

Corporate social responsibility (CSR) and corporate sustainability (CS) represent the way companies achieve enhanced ethical standards and a balance of economic, environmental and social imperatives addressing the concerns and expectations of their stakeholders. The level of CSR or CS information disclosure will reflect the harmonious relationship between enterprise and stakeholders. After Baosteel's sustainability reports in 2005, more and more listed companies choose to issue CSR or CS reports together with financial reports. Based on the 2006-2008 data from Shenzhen stock exchange in China, the results showed that investors did not positively react to the information of CSR or SR disclosure. It is difficult for stakeholders to acquire valuable information, while investors remain indifferent to those message.