An Empirical Analysis of the Impact of Corporate Social Responsibility Information Disclosure on Investor Decision-Making

Abstract

Corporate social responsibility (CSR) information disclosure serves as a crucial bridge connecting enterprises and stakeholders, and its influence on investor decision-making has increasingly attracted attention from both academia and industry. Based on signaling theory and stakeholder theory, this study constructs a theoretical framework to examine how CSR information disclosure affects investor decisions. Utilizing data from A-share listed companies on the Shanghai and Shenzhen stock exchanges between 2018 and 2022, the study conducts an empirical analysis. The findings reveal a significant positive correlation between the quality of CSR information disclosure and investor decision-making. High-quality CSR disclosure can reduce decision-making uncertainty and enhance investors’ perception of a firm's long-term value. Further analysis indicates that this effect varies significantly across industries and firm sizes. Specifically, CSR disclosures from environmentally sensitive industries and large enterprises have a more pronounced impact on investor decisions. This study provides important empirical evidence and policy implications for enterprises seeking to optimize their CSR disclosure strategies and for regulatory bodies aiming to refine related institutional designs.