Corporate Social Responsibility disclosure and market value: The mediating role of investor attention

Corporate Social Responsibility (CSR) represents a strategic investment, where companies allocate resources to earn stakeholder recognition, and thus facilitating resource exchanges. It is significant to understand the mechanisms that CSR enhance organizational performance by effectively signaling to stakeholders. This paper investigates the effects of CSR disclosure on the market value using Chinese 1001 publicly listed firms from 2011 to 2022. Our empirical results demonstrate that CSR disclosure positively impacts family firms' market value, in contrast to its negative effects on non-family firms' market value. Furthermore, the mechanism test shows investor attention mediate the relationship between CSR disclosures and market value.