Please use this identifier to cite or link to this item:

Title: 強制編製企業社會責任報告書對公司行為的影響 - 以財務績效、公司價值及企業捐贈為例
The Impact of Mandatory Disclosure of CSR Report on Business Behaviors - Examples of Financial Performance, Firm Value and Corporate Donation.
Authors: 曾霈慈
Tseng, Pei-Tzu
Contributors: 羅光達

Lo, Kuang-Ta
Tsui, Ai-En

Tseng, Pei-Tzu
Keywords: 強制揭露政策
Mandatory disclosure
Corporate Social Responsibility Report
Financial performance
Firm value
Corporate donation
DID model
Date: 2021
Issue Date: 2021-08-04 16:07:09 (UTC+8)
Abstract: 臺灣於2014年依法強制規定食品工業、化學工業、金融業者、餐飲收入占其全部營業收入之比率達百分之五十以上及實收資本額達新臺幣一百億元以上者,每年應編制前一年度的企業社會責任報告書,更於2015年,近一步要求實收資本額達新臺幣五十億元以上者,就必須編制企業社會責任報告書。本研究以政府立法強制規範企業之角度,探討強制編製企業社會責任報告書之政策對公司行為的影響,以財務績效、公司價值和企業捐贈三大面向進行研究。
In 2014, Taiwan required that the food industry, chemical industry, financial industry, catering income accounted for more than 50% of its total operating income, and the company which paid-in capital is amounted to NT$10 billion or more should mandatorily disclosure its CSR report of the previous year. And in 2015, the law further required the paid-in capital to reach NT$5 billion should prepare CSR report. This study explores the impact of the policy of mandatorily disclosure CSR report on corporate behavior of three major aspects: financial performance, firm value and corporate donations.
Due to the change of regulation for paid-in capital, this study uses companies required by the 2015 policy as sample. Taking into account the actual period affected by the policy, set 2016 as boundary. The sample period is selected for two years before and after the policy, plus the year of the latest data, that is from 2014 to 2019 and all data is from TEJ database. Using DID model for regression. This study finds that the policy of mandatorily disclosure CSR report has no positive impact on financial performance, firm value and corporate donations. Whether the preparation of a CSR report is voluntary or mandatary has different impacts. The finding of this study from the perspective of mandatory policy provides government and enterprises with different views.
Reference: 中文文獻

Bhattacharya, C. B., and S. Sen, (2004), “Doing better at doing good: When, why, and how consumers respond to corporate social initiatives,” California management review, 47(1), 9-24.
Bowen, H. R., and F. E. Johnson (1953), Social responsibility of the businessman: Harper.
Becchetti, L., and F. C. Rosati (2007), “Global social preferences and the demand for socially responsible products: Empirical evidence from a pilot study on fair trade consumers,” World Economy, 30(5), 807-836.
Barnett, M. L. (2007), “Stakeholder influence capacity and the variability of financial returns to corporate social responsibility,” Academy of Management Review, 32(3), 794-816.
Brown, W. O., E. Helland, and J. K. Smith, (2006), “Corporate philanthropic practices,” Journal of corporate finance, 12(5), 855-877.
Carroll, A. B. (1991), “The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders,” Business horizons, 34(4), 39-48.
Chauvey, J. N., Giordano-Spring, S., C. H. Cho, and D. M. Patten, (2015), “The normativity and legitimacy of CSR disclosure: Evidence from France,” Journal of Business Ethics, 130(4), 789-803.
Chen, Y.C., M. Hung, and Y. Wang, (2018), “The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China,” Journal of Accounting and Economics, 65(1), 169-190.
Davis, K. (1960), “Can business afford to ignore social responsibilities?” California management review, 2(3), 70-76.
Elkington, J. (1997), Cannibals with forks. The triple bottom line of 21st century, 73.
Frankel, R., M. McNichols, and G. P. Wilson, (1995), “Discretionary disclosure and external financing,” Accounting Review, 135-150.
Frederick, W. C. (1960), “The growing concern over business responsibility,” California management review, 2(4), 54-61.
Freedman, M., and B. Jaggi, (1982), “Pollution disclosures, pollution performance and economic performance,” Omega, 10(2), 167-176.
Freeman, R. (1984), “Strategic management: A stakeholder theory,” Journal of Management Studies, 39(1), 1-21.
Friedman, M. (1970), “The social responsibility of the corporation is to increase its profits,” New York Times Magazine, 13, 32-33.
Gray, R., R. Kouhy, and S. Lavers, (1995), “Corporate social and environmental reporting,” Accounting, Auditing & Accountability Journal.
Jensen, M. C., and W. H. Meckling, (1976), “Theory of the firm: Managerial behavior, agency costs and ownership structure,” Journal of financial economics, 3(4), 305-360.
Konar, S., and M. A. Cohen, (2001), “Does the market value environmental performance?” Review of economics and statistics, 83(2), 281-289.
Lin, H. Y., and K. T. Lo, (2012). “Tax incentives and charitable contributions: The evidence from censored quantile regression,” Pacific Economic Review, 17(4), 535-558.
McElroy, K. M., and J. J. Siegfried, (1986), “The community influence on corporate contributions,” Public Finance Quarterly, 14(4), 394-414.
McGuire, J. B., A. Sundgren, and T. Schneeweis, (1988), “Corporate social responsibility and firm financial performance,” Academy of management Journal, 31(4), 854-872.
McWilliams, A., D. S. Siegel, and P. M. Wright, (2006), “Corporate social responsibility: Strategic implications,” Journal of management studies, 43(1), 1-18.
Morck, R., A. Shleifer, and R. W. Vishny, (1988), “Management ownership and market valuation: An empirical analysis,” Journal of financial economics, 20, 293-315.
Navarro, P. (1988), “Why do corporations give to charity?” Journal of business, 65-93.
Preston, L. E., and D. P. O'bannon, (1997), “The corporate social-financial performance relationship: A typology and analysis,” Business & Society, 36(4), 419-429.
Porter, M. E., and M. R Kramer, (2006), “The link between competitive advantage and corporate social responsibility,” Harvard business review, 84(12), 78-92.
Peters, R., and M. R. Mullen, (2009), “Some evidence of the cumulative effects of corporate social responsibility on financial performance,” Journal of Global Business Issues, 3(1), 1.
Roberts, R. W. (1992), “Determinants of corporate social responsibility disclosure: An application of stakeholder theory,” Accounting, organizations and society, 17(6), 595-612.
Schmalensee, R. (1989), “Inter-industry studies of structure and performance,” Handbook of industrial organization, 2, 951-1009.
Schnietz, K. E., and M. J. Epstein, (2005), “Exploring the financial value of a reputation for corporate social responsibility during a crisis,” Corporate reputation review, 7(4), 327-345.
Schwartz, R. A. (1968), “Corporate philanthropic contributions,” The Journal of Finance, 23(3), 479-497.
Sethi, S. P. (1975), “Dimensions of corporate social performance: An analytical framework,” California management review, 17(3), 58-64.
Sheldon, O. (1924), The philosophy of management.
Turban, D. B., and D. W. Greening, (1997), “Corporate social performance and organizational attractiveness to prospective employees,” Academy of management journal, 40(3), 658-672.
Vormedal, I., and A. Ruud, (2009), “Sustainability reporting in Norway–an assessment of performance in the context of legal demands and socio‐political drivers,” Business Strategy and the environment, 18(4), 207-222.
Wang, J., and B. S. Coffey, (1992), “Board composition and corporate philanthropy,” Journal of business Ethics, 11(10), 771-778.
Wood, D. J., and JR. E. ones, (1995), “Stakeholder mismatching: A theoretical problem in empirical research on corporate social performance,” The International Journal of Organizational Analysis.
Description: 碩士
Source URI:
Data Type: thesis
Appears in Collections:[財政學系] 學位論文

Files in This Item:

File Description SizeFormat
503001.pdf1952KbAdobe PDF0View/Open

All items in 學術集成 are protected by copyright, with all rights reserved.

社群 sharing