CSR法規對企業股價表現之影響 : 以台灣股市為例

Abstract

This study examines the effectiveness of the new regulations regarding CSR report on stock returns in Taiwan. The sample of corporations is divided into five groups depending on “compulsory or noncompulsory” and “voluntary or non-voluntary before the rules.” In the empirical study, “the enforcement date of the regulations (Part 1)” and “the filing date of CSR report (Part 2)” are two basis dates; we observe the difference of 180 transaction days before and after the basis date in both parts. The results are as follows. 1. With controlled relevant variables, the whole market increased 26.5% on stock return after the release of the rules. 2. Whether the new regulations are released or not and with controlled relevant variables, the compulsory firms (which are with higher customer awareness) have better stock performance than others; while the firms which are noncompulsory but volunteered to generate a CSR report did not show significant difference on stock performance; the firms that are noncompulsory and do not submit CSR report, however, perform significantly worse than others. 3. After the enforcement of the new CSR regulations, with controlled relevant variables, the companies which are compulsory but voluntary to file CSR report before the rules performs worse than before; the companies that are noncompulsory and do not file CSR report perform significantly better than before; while the new rules do not have significant influence on the other corporations. 4. Companies which have issued CSR report increase 11.11% on stock return after the issuance of CSR report of each company. 5. Companies that are compulsory and voluntary to submit CSR report before the rules shows better stock performance; while the issuance of CSR report does not make other corporations perform better.