Corporate Social Responsibility Disclosure, Media Reports, and Enterprise Innovation: Evidence from Chinese Listed Companies

Given the limited response of enterprises to China's national policy on the compulsory disclosure of corporate social responsibility (CSR), a deviation has occurred between policy orientation and reality. To explore the reasons behind this deviation, we investigated whether different types of media reports play an intermediary role in the process of CSR affecting corporate innovation based on the data of the companies listed on China's Shenzhen Stock Exchange and Shanghai Stock Exchange from 2010 to 2019. The results show that the disclosure of CSR by the listed companies can significantly promote corporate innovation, which provides theoretical support for the national compulsory disclosure of CSR. Newspaper media reports and online media reports not only directly promote corporate innovation but also form a positive mediation path in the CSR disclosure and the promotion of corporate innovation. Further analysis shows that, among the five aspects of CSR, the disclosure of employee responsibility had the greatest effect on the corporate innovation, whereas the disclosure of social contribution responsibility only had a short-term inhibitory effect. Both newspaper media and online media reports on CSR disclosure were beneficial to corporate innovation. Positive and neutral reports may play the role of media governance to promote corporate innovation, whereas negative reports can restrain corporate innovation due to the market pressure effect produced by them, which also provides the basis for media supervision by the state.