| dc.description.abstract | In recent years, there have been endless incidents of corporate social responsibility violations, such as factories secretly discharging wastewater, or factories secretly discharging exhaust gas, and even treating employees with many illegal incidents, which have caused a certain degree of harm to the society or the environment. Illegal incidents can be large or small. This study uses the fines received by companies for violating social responsibility related laws to represent the severity of the company’s illegal incidents, and then divides it by the total operating costs to eliminate its potential scale impact. After the negative impact of environmental and social negative news on its financial performance, the companies in the sample are divided into groups according to the level of social contribution based on the corporate social contribution data assessed by TEJ, and finally the negative social responsibility incidents are discussed. The impact on the company′s financial performance.The empirical results found that companies with a high degree of environmental or social contribution are negatively impacted by financial performance when environmental or social-related negative news occurs, and companies with a low degree of environmental or social contribution are small, that is, usually For companies that pay a lot for environmental conservation or social care, they can have relatively stable financial performance when negative news occurs. | en_US |