A

1 2 1. 210023 2. 210093 20092012 A F230. 9 A 1672-6049 2015 03-0070-08 1 2 3 4 5 6 7 8 9 10 11 2015-05-07 71402068 12YJCZH297 2013M531334 2013SJD790008 1983 70

6 12 2 3 4 7 8 Jenkins Yakovleva 10 458 A A 1150 8 10 11 Haniffa Cooke 160 A 318 14 15 13 LLSV 2 16 1 17 18 2 19 3 20 21 14 Dhaliwal 1 Dawkins 5 Campbell 71

Rankings Ratings RKS 20092012 A CSMAR 4 22 1 2. 1 3-5 100 2 6 3 ST PT 4 6 1 5278 489 1. 3. 11 1 0 1 VoluntaryR RDisclosure Media Industry Seo Customer HHI State Exchange Size Roa Lev 1 0 RKS + 1 1 0 / 1 0 1 0 1 0 1 0 / / 2 72

2 Panel A Obs Mean Median Mean Median T Wilcoxon Media 5278 1. 982 1. 946 1. 500 1. 609 11. 436 *** 10. 677 *** Industry 5278 0. 431 0 0. 378 0 2. 287 ** 2. 286 ** Seo 5278 0. 162 0 0. 109 0 3. 515 *** 3. 512 *** Customer 5278 0. 362 0 0. 278 0 3. 921 *** 3. 916 *** HHI 5278 0. 067 0. 041 0. 065 0. 040 0. 601 1. 406 Panel B Obs Mean Median Mean Median T Wilcoxon Media 2364 2. 111 2. 079 1. 598 1. 609 7. 925 *** 7. 292 *** Industry 2364 0. 438 0 0. 404 0 0. 910 0. 909 Seo 2364 0. 155 0 0. 133 0 0. 856 0. 857 Customer 2364 0. 340 0 0. 297 0 1. 268 1. 266 HHI 2364 0. 064 0. 042 0. 065 0. 044-0. 015-0. 272 Panel C Obs Mean Median Mean Median T Wilcoxon Media 2914 1. 886 1. 792 1. 435 1. 386 8. 294 *** 7. 791 *** Industry 2914 0. 427 0 0. 370 0 1. 611 1. 589 Seo 2914 0. 167 0 0. 116 0 2. 491 ** 2. 489 ** Customer 2914 0. 377 0 0. 271 0 3. 801 *** 3. 793 *** HHI 2914 0. 069 0. 042 0. 065 0. 040 1. 139 1. 706 * 1. 3 LOGIT 2. 4 3 3. 5 LOGIT 73

3 Media 0. 540 *** 0. 574 *** 0. 535 *** 8. 55 5. 96 6. 35 Industry 0. 317 *** 0. 303 * 0. 412 *** 3. 02 1. 85 2. 96 Seo 0. 231 0. 091 0. 327 * 1. 64 0. 40 1. 81 Customer 0. 430 *** 0. 233 0. 643 *** 3. 84 1. 34 4. 33 HHI 1. 681 * - 1. 039 4. 299 *** 1. 93-0. 75 3. 65 State - 0. 231 ** - 2. 04 Exchange - 0. 569 *** - 0. 429 *** - 0. 774 *** - 4. 73-2. 61-4. 22 Size 0. 350 *** 0. 418 *** 0. 338 *** 5. 62 4. 74 3. 79 Roa 3. 450 *** 1. 046 4. 759 *** 3. 31 0. 67 3. 61 Lev 0. 118-0. 984 ** 0. 706 * 0. 39-2. 00 1. 84 Obs 5278 2364 2914 LR chi2 270. 37 125. 21 165. 06 Pseudo R 2 0. 085 0. 095 0. 090 Obs with Dep = 1 489 202 287 *** ** * 1% 5% 10% 5 4 Media Industry Seo Customer HHI State RD_RKS 0. 462 0. 81 2. 480 *** 2. 80 0. 582 0. 49-0. 139-0. 15-0. 026-0. 00-0. 549-0. 58 0. 210 0. 22 2. 900 ** 2. 02 0. 269 0. 12-0. 354-0. 23-21. 54-1. 49 0. 636 0. 88 2. 213 * 1. 95 0. 254 0. 18-0. 339-0. 29 6. 628 0. 66 RD_ - 0. 125-0. 24 2. 615 *** 3. 30-0. 274-0. 25 1. 794 ** 2. 16-1. 359-0. 16 1. 791 ** 2. 04 0. 236 0. 26 3. 105 ** 2. 25-0. 453-0. 22 2. 409 1. 58-4. 902-0. 32-0. 444-0. 69 2. 243 ** 2. 34-0. 616-0. 48 1. 234 1. 25 4. 352 0. 41 74

Exchange Size Roa Lev - 0. 789-0. 77 1. 930 *** 3. 56 8. 904 0. 88-3. 579-1. 35 1. 479 1. 01 2. 802 *** 3. 35 7. 871 0. 45-0. 311-0. 07-3. 231 ** - 2. 17 1. 501 ** 2. 07 12. 62 1. 00-4. 375-1. 26 1. 632 * 1. 71 2. 054 *** 4. 08-2. 009-0. 21-3. 208-1. 30 3. 656 ** 2. 56 2. 419 *** 2. 96-1. 613-0. 09-1. 133-0. 26-0. 587-0. 44 1. 911 *** 2. 93 3. 938 0. 35-3. 425-1. 10 Obs 489 202 287 489 202 287 Adj. R 2 0. 089 0. 120 0. 084 0. 142 0. 125 0. 097 F - statistic 4. 41 3. 11 3. 03 6. 79 3. 20 3. 37 5 1 Media Media Seo 2 Media Media Customer 3 Media Media HHI 4 Media Media Industry 5 Media Media State 0. 540 *** 8. 48 0. 080 1. 23 0. 503 *** 7. 66 0. 139 *** 2. 81 0. 566 *** 8. 26-0. 194-0. 49 0. 518 *** 7. 85 0. 087 * 1. 82 0. 593 *** 8. 95-0. 094 * - 1. 83 0. 567 *** 5. 85 0. 084 0. 88 0. 554 *** 5. 54 0. 068 0. 93 0. 729 *** 5. 97-1. 134-1. 59 0. 529 *** 5. 28 0. 137 * 1. 93 0. 531 *** 6. 24 0. 071 0. 79 0. 471 *** 5. 37 0. 203 *** 3. 01 0. 466 *** 4. 99 1. 110 * 1. 88 0. 518 *** 5. 86 0. 057 0. 87 OLS 6 5 5 6 1 Media Media Seo 2 Media Media Customer 3 Media Media HHI 4 Media Media Industry 5 Media Media State RD_RKS RD_ 0. 41 0. 72 0. 58 1. 03 0. 45 0. 48 0. 36 0. 40 0. 50 0. 69 0. 56 0. 76-0. 04-0. 08 0. 03 0. 05 0. 52 0. 87 0. 53 0. 55 0. 63 0. 83-0. 20-0. 35-0. 03-0. 08-0. 00-0. 00-0. 10-0. 20 0. 37 0. 97 0. 60 0. 96 1. 02 1. 00-1. 35-0. 38-8. 15-1. 21 0. 14 0. 23 0. 90 ** 2. 25 0. 53 0. 88-0. 05-0. 12-0. 15-0. 15 1. 53 ** 2. 39 0. 58 0. 72 0. 07 0. 02 0. 42 0. 56 0. 47 0. 91 0. 43 0. 47-0. 08-0. 10 0. 18 0. 19 0. 60 0. 92 0. 55 0. 95 0. 75 0. 76-8. 31 ** -2. 53-5. 81-0. 92-0. 45-0. 82-0. 17-0. 18 1. 02 *** 2. 75 1. 35 ** 2. 16-0. 42-0. 75 0. 96 ** 2. 38-0. 39-0. 60-0. 01-0. 02-0. 52-0. 77 0. 30 0. 63 0. 46 0. 65-10. 27 *** - 2. 79-0. 65-0. 98 0. 73 1. 57 1 2 1 + 1 75

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15 Haniffa R. M Cooke T. E. The Impact of Culture and Governance on Corporate Social Reporting J. Journal of accounting and public policy 2005 24 1 391-430. 16. 86-102. J. 2007 9 136-148. 17 Dyck A. Volchkova L. Zingales. The Corporate Governance Role of the Media Evidence from Russia J. Journal of Finance 2008 63 3 1093-1135. 18. J. J. 2010 4 14-27. 19 Nguyen B. D. Is More News Good News Media Coverage of CEOs Firm Value and Rent Extraction J. SSRN elibrary 2009 20 1 110-120. 20 Fang L. Peress. The Causal Impact of Media in Finance Markets J. SSRN elibrary 2009 10 2 21. J. 2011 9 127-139. 22. 2013 1 50-56. The Attention Given by the Media the Ownership Property and Social Responsibility Voluntary Disclosure Zhang ZhengYong 1 2 1. School of Accounting Nanjing University of Finance and Economics Nanjing 210023 China 2. Business School of Nanjing University Nanjing 210093 China Abstract Taking as the object of our analysis the behavior of China's listed companies'voluntary disclose in the corporate responsibility reports R during 20092012 this paper mainly explored the impact of the close attention given by the media on listed companies' behavior of the R voluntary disclose and the correlation between their voluntary disclose the product market competition the equity refinance the customer distance and the effect of the industry sensitive. We have discovered that the close attention given by the media has noticeable positive effect on listed companies' behavior of voluntary disclose showing that the possible pressure from the public opinion has obviously increased the possibility of listed companies' voluntary disclose that owning to the consideration of the economic motives such as the product market competition and customer distance this positive impact has been expressed more markedly in non-state owned listed companies. However by the regression analysis of the voluntary disclose samples we have found that the above-mentioned various noticeable impacts of the motivation of the R voluntary disclose have not existed any longer therefore results of the impact of the legitimacy management or economics motives are confined to whether listed companies voluntary disclose and those results have had no noticeable inflect the disclose level when company has decide to voluntary disclose. The significance of this paper is that it has provided the new perspective which the ownership property must be taken into account when the corporate social responsibility information disclosure is considered. Meanwhile this paper will help us better understand the motives of the R between SOEs and private firms and have a significance of establishing the proper standards of information disclose in China for government. Key words Corporate social responsibility reports social responsibility voluntary disclosure attention given by the media ownership property 77