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題名 社會責任投資績效評估：以入選道瓊永續指數之台灣企業為例
The Performance Evaluation of Socially Responsible Investment : Evidence from Taiwan作者 林育槿
Lin, Yu-Ching貢獻者 蘇威傑
Su, Wei-Chieh
林育槿
Lin, Yu-Ching關鍵詞 企業社會責任
社會責任投資
道瓊永續指數
三重底線原則
Corporate social responsibility
Socially responsible investment
Dow Jones Sustainability Index
Triple bottom line日期 2019 上傳時間 5-Sep-2019 15:38:46 (UTC+8) 摘要 社會責任投資已成為國際投資趨勢，投資者將投資標的永續表現納入投資策略分析，預期長期而言不只會獲得財務報酬，更能為社會與環境帶來正面影響。台灣除了發行了第一個永續指數，更於2018年入選道瓊永續的企業創歷史新高，企圖運用資本市場的拉力，促進企業積極參與企業社會責任。本研究以三重底線原則為依歸，採用差異中差異迴歸模型分析，探討21間台灣入選企業的財務績效、環境責任與社會責任。研究發現入選企業的慈善行為較高，以及過度高估投資者對永續指數的評價。本研究整合財務與永續績效，以量化方式展現台灣永續發展現況。
Socially responsible investment (SRI) has almost become an inexorable trend, an increasing number of investors value corporate social responsibility (CSR) engagement, with the sustainable goal that not only examines a company’s financial performance but also social and environmental impact. In response to global development of capital market, Taiwan published the first sustainable investing index; moreover, Taiwanese companies recognized by Dow Jones Sustainability Indexes (DJSI) and achieved record-breaking members in 2018.The study examines accounting framework of triple bottom line (TBL) based on difference in difference (DID) model and evaluates the sustainable performance of profit, planet, and people over 21 companies in Taiwan. Research explores corporate philanthropy has significant contributions and shareholder reactions to sustainability are overestimated. The study highlights the insight of empirical research on the impact of Taiwan CSR development.參考文獻 中文文獻許家瑋（2011）. “國 內 推 動 道 瓊 永 續 性 指 數（DJSI）現況與企業因應之道,” 永續產業發展, 56-65.西文文獻Aguinis, Herman（2011）. “Organizational Responsibility: Doing Good and Doing Well,” APA handbook of industrial and organizational psychology vol. 3: 855.Aguinis, Herman & Ante Glavas（2012）. “What We Know and Don`t Know About Corporate Social Responsibility: A Review and Research Agenda,” Journal of Management, 960-985.Barnea, Amir & Amir Rubin（2010）. “Corporate Social Responsibility as a Conflict Between Shareholders,” Journal of Business Ethics. 97:71-86.Bowen, Howard R.（1953）. “Social Responsibilities of the Businessman,” Harper & Row, New York, NY, 6-7.Carlo, W. Chad s & Ben W. Lewis（2018）. “Strategic Silence: Withholding Certification Status as a Hypocrisy Avoidance Tactic,” Administrative Science Quarterly, Vol. 63（1）, 130–169.Cheng, Beiting, Ioannis Ioannou & George Serafeim（2014）. “Corporate Social Responsibility and Access to Finance,” Strategic Management Journal, 35（1）, 1–23.Cheung, Adrian Wai Kong（2011）. “Do Stock Investors Value Corporate Sustainability? Evidence from an Event Study,” Journal of Business Ethics, 99: 145–165.Choi, Jong-Seo, Young-Min Kwak & Chongwoo Choe（2010）. “Corporate Social Responsibility and Corporate Financial Performance: Evidence from Korea,” Australian Journal of Management, 35（3）, 291–311Dahlsrud, Alexander（2006）. “How Corporate Social Responsibility is Defined: an Analysis of 37 Definitions,” Corporate Social Responsibility and Environmental Management, 1-12.Davis, Keith（1973）. “The Case for and Against Business Assumption of Social Responsibilities,” Academy of Management Journal, 16（2）, 312–322.Elkington, John（1994）. “Towards the Sustainable Corporation: Win-Win-Win Business Strategies for Sustainable Development,” California Management Review 36, no. 2 : 90–100.Elkington, John（1997）. “Cannibals With Forks: The Triple Bottom Line of 21st Century Business,” Oxford: Capstone Publishing Ltd.Entine, Jon（2003）. “The Myth of Social Investing: A Critique of Its Practice and Consequences for Corporate Social Performance Research,” Organization and Environment, 352-354.Freeman, R. Edward & John F. Mcvea（2001）. “A Stakeholder Approach to Strategic Management,” Darden Business School Working Paper, No. 01-02. 3-29.Friedman, Milton（1970）. “The Social Responsibility of Business Is to Increase Its Profits”, The New York Times Magazine 13 September,32–33. 122–126.Graffin, Scott D., Andrew J. Ward（2010）. “Certifications and Reputation: Determining the Standard of Desirability Amidst Uncertainty,” Organization Science, 21: 331–346.Hawn, Olga, Aaron K. Chatterji & Will Mitchell（2018）. “Do Investors Actually Value Sustainability? New Evidence from Investor Reactions to the Dow Jones Sustainability Index（DJSI）,” Strategic Management Journal, 949-976.Lacy, Peter, Tim Cooper, Rob Hayward & Lisa Neuberger（2010）. “A New Era of Sustainability: UN Global Compact, Accenture CEO Study,” Accenture Institute for High Performance, 1-46.Maignan, Isabelle & O. C. Ferrell（2004）. “Corporate Social Responsibility and Marketing: An Integrative Framework,” Journal of the Academy of Marketing Science, Volume 32, No. 1, 3-19.Maignan, Isabelle, O. C. Ferrell & G. Tomas M. Hult（1999）. “Corporate Citizenship: Cultural Antecedents and Business Benefits,” Journal of the Academy of Marketing Science, 27: 455-469.Mattingly, James E. & Shawn L. Berman（2006）. “Measurement of Corporate Social Action Discovering Taxonomy in the Kinder Lydenburg Domini Ratings Data,” Business & Society, 45（1）, 22-35.McWilliams, Abagail & Donald Siegel（2000）. “Event Studies in Management Research: Theoretical and Empirical Issues,” The Academy of Management Journal, 40（3）, 626–657Orlitzky, Marc, Frank L. Schmidt & Sara L. Rynes（2003）. “Corporate Social and Financial Performance: A Meta-Analysis,” Organization Studies, 24: 403-441.Porter, Michael E. & Mark R. Kramer（2011）. “The Big Idea: Creating Shared Value,” Harvard Business Review, 1-17.Sadowski, Michael（2010b） ‘‘Rate the raters phase two: Taking inventory of the ratings universe.’’ Sustain Ability. 1-20.Savitz, Andrew W. & Karl Weber（2006）. “The Triple Bottom Line : How Today`s Best-Run Companies Are Achieving Economic, Social, and Environmental Success - and How You Can Too,” San Francisco, CA : Jossey-Bass.Schuler, Douglas A. & Margaret Cording（2006）. “A Corporate Social Performance-Corporate Financial Performance Behavioral Model for Consumers,” The Academy of Management Review, Vol. 31, No. 3, pp. 540-558.Searcy, Cory & Doaa Elkhawas（2012）. “Corporate Sustainability Ratings: An Investigation into How Corporations Use the Dow Jones Sustainability Index.’’ Journal of Cleaner Production,” 35: 79–92.Slaper, Timothy F. & Tanya J. Hall（2011）. “The Triple Bottom Line: What Is It and How Does It Work?” Indiana Business Review, 1-8.Vanclay, Frank（2004）. “Impact Assessment and the Triple Bottom Line: Competing Pathways to Sustainability,” Sustainability and Social Science: Round Table Proceedings, 27-33.Waddock, Sandra A. & Samuel B. Graves（1997）. “The Corporate Social Performance-Financial Performance Link,” Strategic Management Journal, 18（4）, 303–319.Wagner, Tillmann, Richard J Lutz & Barton A Weitz（2009）. “Corporate Hypocrisy: Overcoming the Threat of Inconsistent Corporate Social Responsibility Perceptions,” Journal of Marketing, 73: 77–91.Werner, Timothy（2015）. “Gaining Access by Doing Good: The Effect of Sociopolitical Reputation on Firm Participation in Public Policy Making,” Management Science, 61: 1989–2011.York, Jeffrey G. & Michael J. Lenox（2014）. ‘‘Exploring the Sociocultural Determinants of De Novo Versus De Alio Entry in Emerging Industries,’’ Strategic Management Journal, 35: 1930–1951.網際網路台灣永續指數, 2018, https://www.taiwanindex.com.tw/index/index/F4GTTEGlobal Sustainable Investment Review, 2018, http://www.gsi-alliance.orgMeasuring Intangibles : Robecosam’S Corporate Sustainability Assessment Methodology, 2018, https://www.robecosam.com/Principles for Responsible Investment Annual Report, 2018, https://www.unpri.org/annual-report-2018SAM’s Corporate Sustainability Assessment Companion, 2019, https://www.robecosam.com/Sustainability storytelling in the digital age: The future of reporting, 2018, http://csr-asia.com/What is sustainable, responsible and impact investing, 2019, https://www.ussif.org/sribasics 描述 碩士
國立政治大學
國際經營與貿易學系
106351006資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106351006 資料類型 thesis dc.contributor.advisor 蘇威傑 zh_TW dc.contributor.advisor Su, Wei-Chieh en_US dc.contributor.author (Authors) 林育槿 zh_TW dc.contributor.author (Authors) Lin, Yu-Ching en_US dc.creator (作者) 林育槿 zh_TW dc.creator (作者) Lin, Yu-Ching en_US dc.date (日期) 2019 en_US dc.date.accessioned 5-Sep-2019 15:38:46 (UTC+8) - dc.date.available 5-Sep-2019 15:38:46 (UTC+8) - dc.date.issued (上傳時間) 5-Sep-2019 15:38:46 (UTC+8) - dc.identifier (Other Identifiers) G0106351006 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/125498 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營與貿易學系 zh_TW dc.description (描述) 106351006 zh_TW dc.description.abstract (摘要) 社會責任投資已成為國際投資趨勢，投資者將投資標的永續表現納入投資策略分析，預期長期而言不只會獲得財務報酬，更能為社會與環境帶來正面影響。台灣除了發行了第一個永續指數，更於2018年入選道瓊永續的企業創歷史新高，企圖運用資本市場的拉力，促進企業積極參與企業社會責任。本研究以三重底線原則為依歸，採用差異中差異迴歸模型分析，探討21間台灣入選企業的財務績效、環境責任與社會責任。研究發現入選企業的慈善行為較高，以及過度高估投資者對永續指數的評價。本研究整合財務與永續績效，以量化方式展現台灣永續發展現況。 zh_TW dc.description.abstract (摘要) Socially responsible investment (SRI) has almost become an inexorable trend, an increasing number of investors value corporate social responsibility (CSR) engagement, with the sustainable goal that not only examines a company’s financial performance but also social and environmental impact. In response to global development of capital market, Taiwan published the first sustainable investing index; moreover, Taiwanese companies recognized by Dow Jones Sustainability Indexes (DJSI) and achieved record-breaking members in 2018.The study examines accounting framework of triple bottom line (TBL) based on difference in difference (DID) model and evaluates the sustainable performance of profit, planet, and people over 21 companies in Taiwan. Research explores corporate philanthropy has significant contributions and shareholder reactions to sustainability are overestimated. The study highlights the insight of empirical research on the impact of Taiwan CSR development. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景與動機 1第二節 研究問題 3第二章 文獻探討 4第一節 企業社會責任 4第二節 社會責任投資 5第三節 道瓊永續指數 10第四節 研究假說 16第三章 研究設計 18第一節 差異中差異配對分析法 18第二節 研究期間、樣本選取與資料來源 20第三節 變數衡量 22第四節 實證模型 25第四章 實證結果 27第一節 樣本敘述性統計量 27第二節 迴歸實證結果 32第三節 穩健性測試 37第五章 結論與建議 41第一節 綜合討論 41第二節 管理意涵 45第三節 研究限制與未來方向 46參考文獻 47附錄一 GICS產業群與RebecoSAM產業別對應表 53附錄二 入選企業與未入選企業配對表 55 zh_TW dc.format.extent 1673841 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106351006 en_US dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) 社會責任投資 zh_TW dc.subject (關鍵詞) 道瓊永續指數 zh_TW dc.subject (關鍵詞) 三重底線原則 zh_TW dc.subject (關鍵詞) Corporate social responsibility en_US dc.subject (關鍵詞) Socially responsible investment en_US dc.subject (關鍵詞) Dow Jones Sustainability Index en_US dc.subject (關鍵詞) Triple bottom line en_US dc.title (題名) 社會責任投資績效評估：以入選道瓊永續指數之台灣企業為例 zh_TW dc.title (題名) The Performance Evaluation of Socially Responsible Investment : Evidence from Taiwan en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文文獻許家瑋（2011）. “國 內 推 動 道 瓊 永 續 性 指 數（DJSI）現況與企業因應之道,” 永續產業發展, 56-65.西文文獻Aguinis, Herman（2011）. “Organizational Responsibility: Doing Good and Doing Well,” APA handbook of industrial and organizational psychology vol. 3: 855.Aguinis, Herman & Ante Glavas（2012）. “What We Know and Don`t Know About Corporate Social Responsibility: A Review and Research Agenda,” Journal of Management, 960-985.Barnea, Amir & Amir Rubin（2010）. “Corporate Social Responsibility as a Conflict Between Shareholders,” Journal of Business Ethics. 97:71-86.Bowen, Howard R.（1953）. “Social Responsibilities of the Businessman,” Harper & Row, New York, NY, 6-7.Carlo, W. Chad s & Ben W. Lewis（2018）. “Strategic Silence: Withholding Certification Status as a Hypocrisy Avoidance Tactic,” Administrative Science Quarterly, Vol. 63（1）, 130–169.Cheng, Beiting, Ioannis Ioannou & George Serafeim（2014）. “Corporate Social Responsibility and Access to Finance,” Strategic Management Journal, 35（1）, 1–23.Cheung, Adrian Wai Kong（2011）. “Do Stock Investors Value Corporate Sustainability? Evidence from an Event Study,” Journal of Business Ethics, 99: 145–165.Choi, Jong-Seo, Young-Min Kwak & Chongwoo Choe（2010）. “Corporate Social Responsibility and Corporate Financial Performance: Evidence from Korea,” Australian Journal of Management, 35（3）, 291–311Dahlsrud, Alexander（2006）. “How Corporate Social Responsibility is Defined: an Analysis of 37 Definitions,” Corporate Social Responsibility and Environmental Management, 1-12.Davis, Keith（1973）. “The Case for and Against Business Assumption of Social Responsibilities,” Academy of Management Journal, 16（2）, 312–322.Elkington, John（1994）. “Towards the Sustainable Corporation: Win-Win-Win Business Strategies for Sustainable Development,” California Management Review 36, no. 2 : 90–100.Elkington, John（1997）. “Cannibals With Forks: The Triple Bottom Line of 21st Century Business,” Oxford: Capstone Publishing Ltd.Entine, Jon（2003）. “The Myth of Social Investing: A Critique of Its Practice and Consequences for Corporate Social Performance Research,” Organization and Environment, 352-354.Freeman, R. Edward & John F. Mcvea（2001）. “A Stakeholder Approach to Strategic Management,” Darden Business School Working Paper, No. 01-02. 3-29.Friedman, Milton（1970）. “The Social Responsibility of Business Is to Increase Its Profits”, The New York Times Magazine 13 September,32–33. 122–126.Graffin, Scott D., Andrew J. Ward（2010）. “Certifications and Reputation: Determining the Standard of Desirability Amidst Uncertainty,” Organization Science, 21: 331–346.Hawn, Olga, Aaron K. Chatterji & Will Mitchell（2018）. “Do Investors Actually Value Sustainability? New Evidence from Investor Reactions to the Dow Jones Sustainability Index（DJSI）,” Strategic Management Journal, 949-976.Lacy, Peter, Tim Cooper, Rob Hayward & Lisa Neuberger（2010）. “A New Era of Sustainability: UN Global Compact, Accenture CEO Study,” Accenture Institute for High Performance, 1-46.Maignan, Isabelle & O. C. Ferrell（2004）. “Corporate Social Responsibility and Marketing: An Integrative Framework,” Journal of the Academy of Marketing Science, Volume 32, No. 1, 3-19.Maignan, Isabelle, O. C. Ferrell & G. Tomas M. Hult（1999）. “Corporate Citizenship: Cultural Antecedents and Business Benefits,” Journal of the Academy of Marketing Science, 27: 455-469.Mattingly, James E. & Shawn L. Berman（2006）. “Measurement of Corporate Social Action Discovering Taxonomy in the Kinder Lydenburg Domini Ratings Data,” Business & Society, 45（1）, 22-35.McWilliams, Abagail & Donald Siegel（2000）. “Event Studies in Management Research: Theoretical and Empirical Issues,” The Academy of Management Journal, 40（3）, 626–657Orlitzky, Marc, Frank L. Schmidt & Sara L. Rynes（2003）. “Corporate Social and Financial Performance: A Meta-Analysis,” Organization Studies, 24: 403-441.Porter, Michael E. & Mark R. Kramer（2011）. “The Big Idea: Creating Shared Value,” Harvard Business Review, 1-17.Sadowski, Michael（2010b） ‘‘Rate the raters phase two: Taking inventory of the ratings universe.’’ Sustain Ability. 1-20.Savitz, Andrew W. & Karl Weber（2006）. “The Triple Bottom Line : How Today`s Best-Run Companies Are Achieving Economic, Social, and Environmental Success - and How You Can Too,” San Francisco, CA : Jossey-Bass.Schuler, Douglas A. & Margaret Cording（2006）. “A Corporate Social Performance-Corporate Financial Performance Behavioral Model for Consumers,” The Academy of Management Review, Vol. 31, No. 3, pp. 540-558.Searcy, Cory & Doaa Elkhawas（2012）. “Corporate Sustainability Ratings: An Investigation into How Corporations Use the Dow Jones Sustainability Index.’’ Journal of Cleaner Production,” 35: 79–92.Slaper, Timothy F. & Tanya J. Hall（2011）. “The Triple Bottom Line: What Is It and How Does It Work?” Indiana Business Review, 1-8.Vanclay, Frank（2004）. “Impact Assessment and the Triple Bottom Line: Competing Pathways to Sustainability,” Sustainability and Social Science: Round Table Proceedings, 27-33.Waddock, Sandra A. & Samuel B. Graves（1997）. “The Corporate Social Performance-Financial Performance Link,” Strategic Management Journal, 18（4）, 303–319.Wagner, Tillmann, Richard J Lutz & Barton A Weitz（2009）. “Corporate Hypocrisy: Overcoming the Threat of Inconsistent Corporate Social Responsibility Perceptions,” Journal of Marketing, 73: 77–91.Werner, Timothy（2015）. “Gaining Access by Doing Good: The Effect of Sociopolitical Reputation on Firm Participation in Public Policy Making,” Management Science, 61: 1989–2011.York, Jeffrey G. & Michael J. Lenox（2014）. ‘‘Exploring the Sociocultural Determinants of De Novo Versus De Alio Entry in Emerging Industries,’’ Strategic Management Journal, 35: 1930–1951.網際網路台灣永續指數, 2018, https://www.taiwanindex.com.tw/index/index/F4GTTEGlobal Sustainable Investment Review, 2018, http://www.gsi-alliance.orgMeasuring Intangibles : Robecosam’S Corporate Sustainability Assessment Methodology, 2018, https://www.robecosam.com/Principles for Responsible Investment Annual Report, 2018, https://www.unpri.org/annual-report-2018SAM’s Corporate Sustainability Assessment Companion, 2019, https://www.robecosam.com/Sustainability storytelling in the digital age: The future of reporting, 2018, http://csr-asia.com/What is sustainable, responsible and impact investing, 2019, https://www.ussif.org/sribasics zh_TW dc.identifier.doi (DOI) 10.6814/NCCU201900700 en_US
