Purpose – This study aims to investigate the relationship between corporate social contribution measures and investors’ reaction under the effect of corporate governance for firms listed in China, the largest emerging economy in the world. Corporate social contribution is examined from an informative perspective by using a financial indicator – social contribution value per share (SCVPS) brought up by the Shanghai Stock Exchange in 2008. Design/methodology/approach – Data are obtained from two channels: financial information during 2007-2015 generated from database and social accounting information manually collected from the 2007-2015 annual reports and social reports. Findings – It is predicted that investors’ reaction toward corporate social contribution becomes stronger for companies with higher corporate governance quality. Practical implications – This paper is one of the first to use Chinese SCVPS data to indicate the informativeness of social contribution toward firm value. It can serve as a valuable reference to both investors and companies in terms of the issue of social contribution. Social implications – The study highlights the importance of social contribution on firm value by using an empirical approach in the Chinese market. The study can be used as a reference for many other developing countries in the world. Originality/value – The findings of this study can provide guidance to investors on how to evaluate a firm’s social performance and encourage companies to improve the transparency of their social reporting, as well as the quality of corporate governance.