Yifei Chen

This study investigates the association between corporate social responsibility (CSR) and the informativeness of employee-shared information. Focusing on employee reviews for U.S. publicly-listed firms from Glassdoor.com, we find a significantly positive association between firms’ CSR performance and the magnitude of market reactions to these reviews. The results hold across various robustness tests. Channel analyses demonstrate that this positive association is due to reviews for firms with stronger CSR performance providing a greater volume of information and being perceived as more credible. Moreover, employee ratings for firms with stronger CSR performance exert greater influence on stock prices, are less likely to be overly optimistic, decline more sharply following irresponsible social practices, and better predict future operating performance. Review sentiment for these firms also exerts a stronger impact on stock prices. Textual analyses of employee reviews further indicate that a socially responsible culture is considered important in firms with strong CSR performance and is positively associated with the magnitude of market reactions to those reviews. The main results hold using an alternative sample of employee reviews for Chinese publicly-listed firms. Collectively, these findings suggest that strong CSR performance reflects a socially responsible culture that fosters more informative disclosures by employees.

This study examines whether firms’ corporate social responsibility (CSR) performance affects the informativeness of their earnings conference calls. Controlling for confounding information from earnings releases, we find a positive association between CSR performance and the magnitude of market reactions to conference calls. This association persists after controlling for systematic differences between firms with strong and weak CSR performance. A structural equation model further demonstrates that this positive association is due to firms with strong CSR performance providing a greater amount of information, whereas no evidence suggests that the positive association is attributable to the market perceiving the information to be more credible. We also find incremental effects of managers’ tone and firms’ possession of future unfavorable information on the positive association between CSR performance and the market reactions to the calls. Moreover, CSR performance is associated with reductions in financial analysts’ forecast dispersion. Overall, these results are consistent with the idea that the ethical standards associated with CSR performance promote informative disclosures.

The emergence of the network environment is the product of the combination of the development of computer technology and the development of network technology. Internet technology is slowly penetrating into all aspects of people’s lives and has had a huge impact and change on people’s lives. With the repeated outbreak of the epidemic in recent years, online education has been increasingly applied to the study and life of college students. The epidemic has lasted for 3 years, while the life of college students is only 4 years. In recent years, most of the campus study and life of college students have been carried out in the online education mode. This not only changed the mode of class, but also changed the mental health of college students. Taking the online education model during the epidemic as the research background, this paper selects the psychological factors of college students’ learning pressure to analyze, combined with the design and implementation of the questionnaire, to understand the impact of online education on college students’ cognition, emotion, willpower, and social interaction. The purpose is to find out the psychological factors of college students’ learning pressure under the online education mode, and to propose effective solutions. The analysis of the psychological factors of college students’ learning pressure in the form of questionnaires is more accurate than other forms of experimental investigation, the efficiency is increased by 32%, and the accuracy is also increased by 18%.