The Risk Management Effect of Corporate Social Responsibility on Shareholder Value

Abstract

本文探討企業善盡社會責任，對於股東價值是否具有風險管理的效果。即當企業被披露負面事件消息時，其平日所盡之社會責任，是否有助於減緩股價之下跌？本文採用台灣上市櫃公司資料，利用事件研究法進行實證分析。結果顯示：企業平日善盡社會責任所建立之形象，的確有助於企業在面臨不利報導時之股價的維持，意即「善有善報」。就負面消息類型而言，企業社會責任形象，對於與安全相關的負面消息，有較顯著的保護效果；對於與倫理道德相關的負面事件則不明顯；而對於與市場競爭有關的負面消息，企業之善盡社會責任形象，並無助於降低股價下跌的風險。此外，研究結果亦顯示企業之社會責任形象具有長期效應，有助於降低股價之波動性。

Using an event study and data of publicly traded firms in Taiwan from 2005 through 2010, we examine the impact of corporate social responsibility (CSR) on mitigating the declines in shareholder value when firms are disclosed of negative events, i.e., the risk management effect. Our results show that firms engaging in CSR activity have less stock price declines when negative news are disclosed. We also find that this effect is significant for safety-related negative events, but not for market-competition and integrity-related events. Furthermore, the empirical results show that CSR has a long-term effect on reducing stock volatility.