Merchant Guild Culture, Formal Systems and Corporate Social Responsibility Information Disclosure

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Journal of Central University of Finance & Economics ›› 2023, Vol. 0 ›› Issue (2) : 63-73.

WANG Xiao-yu, GAO Qi

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Abstract

At present, the quantity and quality of corporate social responsibility information disclosure in China are on the rise, but still needed to be improved.Using the data of A-share listed companies in China from 2008 to 2019, this article discusses the role of the merchant guild culture in corporate social responsibility information disclosure.The results show that the greater the degree of influence of the merchant guild culture, the higher the level of corporate social responsibility information disclosure.This article further finds that, the formal systems such as legal environment and corporate governance, weaken the positive correlation between the merchant guild culture and corporate social responsibility information disclosure, indicating that the formal systems and the informal systems have a substitute relationship to a certain extent.By further subdividing the merchant guild culture, it is found that compared with the blood-based merchant guild, the geography-based merchant guild culture is more conducive to improving the level of corporate social responsibility information disclosure.This study is helpful for the society to realize the necessity of inheriting traditional Chinese culture, and promote enterprises to assume and disclose social responsibility by giving full play to the role of informal institutions such as culture.

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Merchant guild culture / Corporate social responsibility information disclosure / Formal system / Informal system

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WANG Xiao-yu, GAO Qi. Merchant Guild Culture, Formal Systems and Corporate Social Responsibility Information Disclosure[J]. Journal of Central University of Finance & Economics, 2023, 0(2): 63-73

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