The Relationship between Disclosure of Corporate Social Responsibility Information and Stock Synchronicity: Evidence from Listed Liquor Companies

This paper discussed the relationship between listed liquor companies' stock synchronicity and the disclosure and its quality of corporate's social responsibility information. The study showed that investors would not take the disclosure of corporate's social responsibility information into consideration when making investment decisions. While with the improvement of the disclosure quality of corporate's social responsibility information, investors would take social responsibility information as an important source of information. And corporate social responsibility about customer was key social responsibility information that investors concern about. Shareholders' and employees' responsibility and environmental responsibility could reduce stock synchronicity, but were insignificant.