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題名 審計委員會、企業社會責任與企業價值之關聯性
The Study of Relationship Among Audit Committee, Corporate Social Responsibility and Firm`s Value作者 宋昱緯 貢獻者 郭弘卿
宋昱緯關鍵詞 審計委員會
社會績效
企業社會責任
企業價值
Audit committee
social performance
corporate social responsibility
firm’s value日期 2016 上傳時間 1-Jul-2016 14:55:58 (UTC+8) 摘要 本研究探討審計委員會、企業社會責任及企業價值間之關聯性。將研究分為兩部分：針對審計委員會及企業社會責任之關聯性，實證結果顯示，設置審計委員會之企業對於企業社會責任之影響為顯著正相關，表示審計委員會能夠監督企業之運作，使得企業投入較多的心力在企業社會責任中。另外，針對審計委員會、企業社會責任及企業價值之關聯性，實證結果顯示，企業社會責任與企業價值間為顯著正相關，然而審計委員會與企業價值間無顯著關係，表示企業投入較多心力在社會活動中，其企業價值也會相對地提高。
The purpose of the study is to examine the connection between audit committee , corporate social responsibility (CSR) and firm’s value.The conclusions of this study are divided into two parts. First part is that audit committee has a positive impact on corporate social responsibility. It means that audit committee oversee the operations of the companies, allowing companies to invest more effort in corporate social responsibility. Second part is that corporate social responsibility has a positive impacton firm’s value, however audit committee has no impact on it. It means when companies put much more effort on social activities, therefore firm’s value will relatively increased.參考文獻 王元璋，2001，內部持人持股、風險、股利、負債、投資與公司價值，證券市場發展季刊，第13卷第3期：26-69。王映惠，2010，公司治理對企業社會責任履行之影響，國立高雄應用科技大學商務經營研究所碩士論文。李馨蘋、莊宗憲，2007，公司治理機制與公司績效之實證研究，東吳經濟商學學報，第57期：1-27。俞海琴、周本鄂，1994，臺灣地區上市公司董監事、關係人持股比率和公司托賓Q關係之研究，管理理論，第13卷第1期：79-98。黃正忠，2001，企業社會責任-從理念到行動，臺北市：社團法人中華民國企業永續發展協會。黃惠雯，2006，談證券交易法引進獨立董事及審計委員會等制度之緣起及重點，證券暨期貨月刊，第24卷第3期：4-14。張崇銘，2011，從公司治理、財務績效探討企業社會責任-以中國上市企業為例，國立臺北大學金融與合作經營學系研究所碩士論文。葉銀華、邱顯比，1996，資本結構、股權結構與公司價值關聯性之實證研究：代理成本理論，臺大管理叢論，第7卷第2期：57-90。蔡佳育，2012，公司自願設置審計委員會及審計委員會品質之決定因素，國立臺北大學會計學系研究所碩士論文。劉美纓，丁碧慧，朱奐聿，2014，企業社會責任與公司治理、公司績效之關聯性，第17屆科際整合管理研討會。鄭涵孺，2013，企業社會責任對高階經理人薪酬之影響－以臺灣企業為對象，國立政治大學會計學系研究所碩士論文。蘇裕惠，1999，歐美及東亞各國審計委員會制度之分析探討，會計研究月刊， 第160期：155-161。三、 英文部分Abbott, L. J., and S. Parker. 2000. Auditor selection and audit committee characteristics. Auditing: A Journal of Practice and Theory 19: 47-66.Abbott, L. J., S. Parker, and G. Peters. 2004. Audit committee characteristics and restatements. Auditing: A Journal of Practice and Theory 23: 69-87.Alexander, G. J., and R. A. Buchholz. 1978. Corporate social responsibilities and stock market performance. Academy of Management Journal 21: 479-486.Arrow, K. 1971. Essays in the theory of risk bearing. Chicago: Markham.Arrow, K. J. 1975. Social responsibility and economic efficiency. Public Policy 16 (January): 27-37.Aupperle, K. E., A. B. Carroll, and J. D. Hatfield. 1985. An empirical examination of the relationship between corporate social responsibility and profitability. Academy of Management Journal 28 (June): 446-463.Barnea, A., and A. Rubin. 2010. Corporate social responsibility as a conflict between shareholders’. Journal of Business Ethics 97: 71-86.Bergen, M., S. Dutta, and O. Walker 1992. Agency relationship in marketing: A review of the implications and applications of agency and related theories. Journal of Marketing 56: 1-24.Bowen, H. R. 1953. Social responsibilities of the businessman. New York: Harper & Row.Bradbury, M. E., Y. T. Mak, and S. M. Tan. 2006. Board characteristics, audit committee characteristics and abnormal accruals. Pacific Accounting Review 18: 47-68.Calton, J., and S. Payne. 2003. Coping with paradox. Business of Society 42: 7-42.Carroll, A. B. 1979. A three-dimensional conceptual model of corporate performance. Academy of Management Review 4: 497-505.Carroll, A. B. 1991. The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons 34: 39-48.Carroll, A. B. 1999. Corporate social responsibility: Evolution of a definitional construct. Business & Society 38: 268-295.Chung, K. H., and S. W. Pruitt. 1994. A simple approximation of Tobin’s q. Financial Management 3: 70-74.Collier, P. 1993. Factors affecting the formation of audit committees in major UK listed companies. Accounting and Business Research 23: 421-430.Collier, P., and A. Gregory. 1999. Audit committee activity and agency costs. Journal of Accounting and Public Policy 18: 311-332.Dalton, D., C. Daily, A. Ellstrand, and J. Johnson. 1998. Meta-analytic reviews of board composition, leadership structure; and financial performance. Strategic Management Journal 19: 269-290.Davis, K. 1960. Can business afford to ignore social responsibilities? California Management Review 2 (Spring): 70-76.Davis, K. 1967. Understand the social responsibilities puzzle: What does the businessman owe to society? Business Horizons 10 (Winter): 45-50.Davis, K. 1973. The case for and against business assumption of social responsibilities. Academy of Management Journal 16 (June): 312-322.Eells, R., and C. Walton. 1974. Conceptual foundations of business. Burr Ridge, IL: Irwin.Fitch, H. G. 1976. Achieving corporate social responsibility. Academy of Management Review 1: 38-46.Freeman, R. E. 1984. Strategic management: A stakeholder approach. New York, NY: Cambridge University press.Frideman, M. 1970. The social responsibility of business is to increase its profit. The New Times Magazine 13 : 32-33.Fuerst, O., and S. H. Kang. 2000. Corporate governance, expected operating performance, and pricing working paper. Yale School of Management, New Haven.Goel, A., and A. Thakor. 2008. Overconfidence, CEO selection, and corporate governance. Journal of Finance 63: 2737-2784.Harjoto, M., and H. Jo. 2011. Corporate governance and CSR Nexus. Journal of Business Ethics 100: 45-67. Jensen, M. C. 1993. The modern industrial revolution, exit, and the failure of internal control system. Journal of Finance 48: 831-880.Jensen, M. 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economics Review 76: 323-329.Jensen, M. 2002. Value maximization, stakeholder theory, and the corporate objective function. Business Ethics Quarterly 12: 235-256.Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Management behavior, agency costs and ownership structure. Journal of Financial Economics 3 (October): 305-360.Jo, H., and M. A. Harjoto. 2011. Corporate governance and firm value: The impact of corporate social responsibility. Journal of Business Ethics 103: 351-383.Johnson, H. L. 1971. Business in contemporary society: Framework and issues. Belmont, CA: Wadsworth.Jones, T. M. 1995. Instrumental stakeholder theory: A synthesis of the ethics and economics. Academy of Management Review 20 (April): 404-437.Krishnan, J. 2005. Audit committee quality and internal control: An empirical analysis. The Accounting Review 80: 649-675.Malmendier, U., and G. Tate. 2005. CEO overconfidence and corporate investment. Journal of Finance 60: 2661-2700.McGuire, J. W. 1963. Business and society. New York: McGraw-Hill.McWilliams, A., and D. Siegel. 2000. Corporate social responsibility and financial performance: Correlation or misspecification? Strategic Management Journal 21 (May): 603-609.McWilliams, A., and D. Siegel. 2001. Corporate social responsibility: A theory of the firm perspective. Academy of Management Review 26: 117-127.Menon, K., and J. D. Williams. 1994. The use of audit committees for monitoring. Journal of Accounting and Public Policy 13: 121-139.Molloy, L., H. Erekson, and R. Gorman. 2002. Exploring the relationship between environmental and financial performance. Working paper, Miami University.Morck, R., A. Shleifer, and R. W. Vishny. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20: 293-315.Pincus, K., M. Rusbarsky, and J. Wong. 1989. Voluntary formation of corporate audit committees among NASDAQ firms. Journal of Accounting and Public Policy 8: 239-265.Preston, L. E., and D. P. O’bannon. 1997. The corporate social-financial performance relationship. Business and Society 36 (December): 419-129.Savage, G. T., T. W. Nix, C. J. Whitehead, and J. D. Blair. 1991. Strategies for assessing and managing organizational stakeholders. The Executive 5 (May): 61-75.Schuler, D. A., and M. Cording. 2006. A corporate social performance-corporate financial performance behavioral model for consumer. Academy of Management Review 31 (July): 540-558.Schwartz, M. S., and A. B. Carroll. 2003. Corporate social responsibilities: A three-domain approach. Business Ethics Quarterly 13 (October): 503-530.Sethi, S. P. 1975. Dimensions of corporate social performance: An analytic framework. California Management Review 17: 58-64.Stulz, R. 1988. Managerial control of voting rights, financing policies and market for corporate control. Journal of Financial Economics 20: 25-54.Waddock, S. A. and S. B. Graves. 1997. The corporate social performance-financial performance link. Strategic Management Journal 18 (April): 303-319.Watrick, S. L., and P. L. Cochran. 1985. The evolution of the corporate social performance model. Academy of Management Review 10 (October): 758-769.Willekens, M., H. V. Bauwhede, and A. Gaeremynck. 2004. Voluntary audit committee formation and practices among Belgian listed companies. International Journal of Auditing 8: 207-222.Wood, D. J. 1991. Corporate social performance revisited. Academy of Management Review 16 (October): 691-718.Yermack, D. 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40: 185-211. 描述 碩士
國立政治大學
會計學系
103353026資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103353026 資料類型 thesis dc.contributor.advisor 郭弘卿 zh_TW dc.contributor.author (Authors) 宋昱緯 zh_TW dc.creator (作者) 宋昱緯 zh_TW dc.date (日期) 2016 en_US dc.date.accessioned 1-Jul-2016 14:55:58 (UTC+8) - dc.date.available 1-Jul-2016 14:55:58 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2016 14:55:58 (UTC+8) - dc.identifier (Other Identifiers) G0103353026 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/98544 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 103353026 zh_TW dc.description.abstract (摘要) 本研究探討審計委員會、企業社會責任及企業價值間之關聯性。將研究分為兩部分：針對審計委員會及企業社會責任之關聯性，實證結果顯示，設置審計委員會之企業對於企業社會責任之影響為顯著正相關，表示審計委員會能夠監督企業之運作，使得企業投入較多的心力在企業社會責任中。另外，針對審計委員會、企業社會責任及企業價值之關聯性，實證結果顯示，企業社會責任與企業價值間為顯著正相關，然而審計委員會與企業價值間無顯著關係，表示企業投入較多心力在社會活動中，其企業價值也會相對地提高。 zh_TW dc.description.abstract (摘要) The purpose of the study is to examine the connection between audit committee , corporate social responsibility (CSR) and firm’s value.The conclusions of this study are divided into two parts. First part is that audit committee has a positive impact on corporate social responsibility. It means that audit committee oversee the operations of the companies, allowing companies to invest more effort in corporate social responsibility. Second part is that corporate social responsibility has a positive impacton firm’s value, however audit committee has no impact on it. It means when companies put much more effort on social activities, therefore firm’s value will relatively increased. en_US dc.description.tableofcontents 第壹章、 緒論..........................1第一節、 研究動機與目的.................1第二節、 研究架構.......................2第貳章、 文獻探討......................4第一節、 企業社會責任之定義與發展........4第二節、 企業社會責任之標準與規範........12第三節、 我國審計委員會設置之沿革........14第四節、 自願設立審計委員會之相關文獻.....15第五節、 企業社會責任與企業價值之相關文獻..17第參章、 研究設計及方法.................21第一節、 研究假說......................21第二節、 實證模型與變數衡量 .............22第三節、 研究期間、資料來源及樣本之選取...30第伍章、 實證結果與分析.................35第一節、 審計委員會對企業社會責任之影響...35第二節、 審計委員會、企業社會責任對企業價值之影響39第伍章、 結論與建議....................45第一節、 研究結論......................45第二節、 研究限制與建議.................47參考文獻..............................48 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103353026 en_US dc.subject (關鍵詞) 審計委員會 zh_TW dc.subject (關鍵詞) 社會績效 zh_TW dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) 企業價值 zh_TW dc.subject (關鍵詞) Audit committee en_US dc.subject (關鍵詞) social performance en_US dc.subject (關鍵詞) corporate social responsibility en_US dc.subject (關鍵詞) firm’s value en_US dc.title (題名) 審計委員會、企業社會責任與企業價值之關聯性 zh_TW dc.title (題名) The Study of Relationship Among Audit Committee, Corporate Social Responsibility and Firm`s Value en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 王元璋，2001，內部持人持股、風險、股利、負債、投資與公司價值，證券市場發展季刊，第13卷第3期：26-69。王映惠，2010，公司治理對企業社會責任履行之影響，國立高雄應用科技大學商務經營研究所碩士論文。李馨蘋、莊宗憲，2007，公司治理機制與公司績效之實證研究，東吳經濟商學學報，第57期：1-27。俞海琴、周本鄂，1994，臺灣地區上市公司董監事、關係人持股比率和公司托賓Q關係之研究，管理理論，第13卷第1期：79-98。黃正忠，2001，企業社會責任-從理念到行動，臺北市：社團法人中華民國企業永續發展協會。黃惠雯，2006，談證券交易法引進獨立董事及審計委員會等制度之緣起及重點，證券暨期貨月刊，第24卷第3期：4-14。張崇銘，2011，從公司治理、財務績效探討企業社會責任-以中國上市企業為例，國立臺北大學金融與合作經營學系研究所碩士論文。葉銀華、邱顯比，1996，資本結構、股權結構與公司價值關聯性之實證研究：代理成本理論，臺大管理叢論，第7卷第2期：57-90。蔡佳育，2012，公司自願設置審計委員會及審計委員會品質之決定因素，國立臺北大學會計學系研究所碩士論文。劉美纓，丁碧慧，朱奐聿，2014，企業社會責任與公司治理、公司績效之關聯性，第17屆科際整合管理研討會。鄭涵孺，2013，企業社會責任對高階經理人薪酬之影響－以臺灣企業為對象，國立政治大學會計學系研究所碩士論文。蘇裕惠，1999，歐美及東亞各國審計委員會制度之分析探討，會計研究月刊， 第160期：155-161。三、 英文部分Abbott, L. J., and S. Parker. 2000. Auditor selection and audit committee characteristics. Auditing: A Journal of Practice and Theory 19: 47-66.Abbott, L. J., S. Parker, and G. Peters. 2004. Audit committee characteristics and restatements. Auditing: A Journal of Practice and Theory 23: 69-87.Alexander, G. J., and R. A. Buchholz. 1978. Corporate social responsibilities and stock market performance. Academy of Management Journal 21: 479-486.Arrow, K. 1971. Essays in the theory of risk bearing. Chicago: Markham.Arrow, K. J. 1975. Social responsibility and economic efficiency. Public Policy 16 (January): 27-37.Aupperle, K. E., A. B. Carroll, and J. D. Hatfield. 1985. An empirical examination of the relationship between corporate social responsibility and profitability. Academy of Management Journal 28 (June): 446-463.Barnea, A., and A. Rubin. 2010. Corporate social responsibility as a conflict between shareholders’. Journal of Business Ethics 97: 71-86.Bergen, M., S. Dutta, and O. Walker 1992. Agency relationship in marketing: A review of the implications and applications of agency and related theories. Journal of Marketing 56: 1-24.Bowen, H. R. 1953. Social responsibilities of the businessman. New York: Harper & Row.Bradbury, M. E., Y. T. Mak, and S. M. Tan. 2006. Board characteristics, audit committee characteristics and abnormal accruals. Pacific Accounting Review 18: 47-68.Calton, J., and S. Payne. 2003. Coping with paradox. Business of Society 42: 7-42.Carroll, A. B. 1979. A three-dimensional conceptual model of corporate performance. Academy of Management Review 4: 497-505.Carroll, A. B. 1991. The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons 34: 39-48.Carroll, A. B. 1999. Corporate social responsibility: Evolution of a definitional construct. Business & Society 38: 268-295.Chung, K. H., and S. W. Pruitt. 1994. A simple approximation of Tobin’s q. Financial Management 3: 70-74.Collier, P. 1993. Factors affecting the formation of audit committees in major UK listed companies. Accounting and Business Research 23: 421-430.Collier, P., and A. Gregory. 1999. Audit committee activity and agency costs. Journal of Accounting and Public Policy 18: 311-332.Dalton, D., C. Daily, A. Ellstrand, and J. Johnson. 1998. Meta-analytic reviews of board composition, leadership structure; and financial performance. Strategic Management Journal 19: 269-290.Davis, K. 1960. Can business afford to ignore social responsibilities? California Management Review 2 (Spring): 70-76.Davis, K. 1967. Understand the social responsibilities puzzle: What does the businessman owe to society? Business Horizons 10 (Winter): 45-50.Davis, K. 1973. The case for and against business assumption of social responsibilities. Academy of Management Journal 16 (June): 312-322.Eells, R., and C. Walton. 1974. Conceptual foundations of business. Burr Ridge, IL: Irwin.Fitch, H. G. 1976. Achieving corporate social responsibility. Academy of Management Review 1: 38-46.Freeman, R. E. 1984. Strategic management: A stakeholder approach. New York, NY: Cambridge University press.Frideman, M. 1970. The social responsibility of business is to increase its profit. The New Times Magazine 13 : 32-33.Fuerst, O., and S. H. Kang. 2000. Corporate governance, expected operating performance, and pricing working paper. Yale School of Management, New Haven.Goel, A., and A. Thakor. 2008. Overconfidence, CEO selection, and corporate governance. Journal of Finance 63: 2737-2784.Harjoto, M., and H. Jo. 2011. Corporate governance and CSR Nexus. Journal of Business Ethics 100: 45-67. Jensen, M. C. 1993. The modern industrial revolution, exit, and the failure of internal control system. Journal of Finance 48: 831-880.Jensen, M. 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economics Review 76: 323-329.Jensen, M. 2002. Value maximization, stakeholder theory, and the corporate objective function. Business Ethics Quarterly 12: 235-256.Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Management behavior, agency costs and ownership structure. Journal of Financial Economics 3 (October): 305-360.Jo, H., and M. A. Harjoto. 2011. Corporate governance and firm value: The impact of corporate social responsibility. Journal of Business Ethics 103: 351-383.Johnson, H. L. 1971. Business in contemporary society: Framework and issues. Belmont, CA: Wadsworth.Jones, T. M. 1995. Instrumental stakeholder theory: A synthesis of the ethics and economics. Academy of Management Review 20 (April): 404-437.Krishnan, J. 2005. Audit committee quality and internal control: An empirical analysis. The Accounting Review 80: 649-675.Malmendier, U., and G. Tate. 2005. CEO overconfidence and corporate investment. Journal of Finance 60: 2661-2700.McGuire, J. W. 1963. Business and society. New York: McGraw-Hill.McWilliams, A., and D. Siegel. 2000. Corporate social responsibility and financial performance: Correlation or misspecification? Strategic Management Journal 21 (May): 603-609.McWilliams, A., and D. Siegel. 2001. Corporate social responsibility: A theory of the firm perspective. Academy of Management Review 26: 117-127.Menon, K., and J. D. Williams. 1994. The use of audit committees for monitoring. Journal of Accounting and Public Policy 13: 121-139.Molloy, L., H. Erekson, and R. Gorman. 2002. Exploring the relationship between environmental and financial performance. Working paper, Miami University.Morck, R., A. Shleifer, and R. W. Vishny. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20: 293-315.Pincus, K., M. Rusbarsky, and J. Wong. 1989. Voluntary formation of corporate audit committees among NASDAQ firms. Journal of Accounting and Public Policy 8: 239-265.Preston, L. E., and D. P. O’bannon. 1997. The corporate social-financial performance relationship. Business and Society 36 (December): 419-129.Savage, G. T., T. W. Nix, C. J. Whitehead, and J. D. Blair. 1991. Strategies for assessing and managing organizational stakeholders. The Executive 5 (May): 61-75.Schuler, D. A., and M. Cording. 2006. A corporate social performance-corporate financial performance behavioral model for consumer. Academy of Management Review 31 (July): 540-558.Schwartz, M. S., and A. B. Carroll. 2003. Corporate social responsibilities: A three-domain approach. Business Ethics Quarterly 13 (October): 503-530.Sethi, S. P. 1975. Dimensions of corporate social performance: An analytic framework. California Management Review 17: 58-64.Stulz, R. 1988. Managerial control of voting rights, financing policies and market for corporate control. Journal of Financial Economics 20: 25-54.Waddock, S. A. and S. B. Graves. 1997. The corporate social performance-financial performance link. Strategic Management Journal 18 (April): 303-319.Watrick, S. L., and P. L. Cochran. 1985. The evolution of the corporate social performance model. Academy of Management Review 10 (October): 758-769.Willekens, M., H. V. Bauwhede, and A. Gaeremynck. 2004. Voluntary audit committee formation and practices among Belgian listed companies. International Journal of Auditing 8: 207-222.Wood, D. J. 1991. Corporate social performance revisited. Academy of Management Review 16 (October): 691-718.Yermack, D. 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40: 185-211. zh_TW
