Listed companies´ contribution to non-shareholders stakeholders: Influencing factors and value relevance of voluntary disclosure

Listed companies of Shanghai Stock Exchange have begun to disclose their contribution to stakeholders voluntarily since 2008. In this paper, based on the Stakeholder Theory, we collect all the firms that disclosed the value of social contribution in their annual reports, then examine what factors affect management´s disclose behavior, and whether the contribution to non shareholder stakeholders has incremental value relevance. The results show that companies that disclosed social contribution value are normally larger, more profitable ones, and possess better corporate governance than those that didn´t disclose. What´s more, investors see the contribution to non-shareholder stakeholders (NSS) in an active way, which is positively related to share price. When the companies´ profitability is above the market average, investors will pay more attention to the contribution to NSS.