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題名 正、負面企業社會責任事件與市場反應之研究
Relationship between positive and negative CSR announcements and market reaction
作者 柯慕凡
貢獻者 郭弘卿
柯慕凡
關鍵詞 企業社會責任
累積異常報酬
事件研究法
Crporate social responsibility
Cumulative abnormal returns
Event study
日期 2016
上傳時間 1-Jul-2016 14:56:03 (UTC+8)
摘要 本研究旨在以投資大眾的角度出發，研究正、負面企業社會責任事件宣告如何影響投資者的投資決策，進而影響股價產生異常報酬。實證結果發現，正面企業社會責任事件宣告將產生顯著為正的股價異常報酬；負面企業社會責任事件宣告則將產生顯著為負的股價異常報酬。另外，本研究針對負面企業社會責任事件所產生的累積異常報酬建立了複迴歸模型，探討企業規模、企業所屬產業及負面企業社會責任事件宣告之消息種類與該累積異常報酬是否存有關聯性，實證結果發現，大型企業、宣告之消息種類屬於資訊公告問題者，與該累積異常報酬呈現顯著負相關；企業屬於高汙染產業者與該累積異常報酬呈現顯著正相關。本研究除了瞭解企業社會責任資訊如何影響投資者的投資決策外，更希望能提供企業經營者作為經營策略之參考。
Abstract
The purpose of this study is to investigate the market reaction of positive and
negative CSR announcements. The empirical results show that there is a significant positive (negative) relationship between positive (negative) CSR announcements and abnormal stock returns. Furthermore, this study establish a regression, trying to find whether company size, business industry, type of negative CSR announcements will have a relationship with negative CSR announcement’s abnormal returns. The author of this research hopes that the findings in this study can not only understand how CSR announcements effect the investors but also help managers develop a CSR strategy.
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胡憲倫與鍾啟賢，2003，企業社會責任之規範與發展趨勢介紹，環境工程會刊，第十四卷，第三期:6-14。
徐耀浤，2006，企業責任與投資環境：政府的功能與角色，應用倫理研究通訊， 第40期：18-32。
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描述 碩士
國立政治大學
會計學系
103353030
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103353030
資料類型 thesis
dc.contributor.advisor 郭弘卿zh_TW
dc.contributor.author (Authors) 柯慕凡zh_TW
dc.creator (作者) 柯慕凡zh_TW
dc.date (日期) 2016en_US
dc.date.accessioned 1-Jul-2016 14:56:03 (UTC+8)-
dc.date.available 1-Jul-2016 14:56:03 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2016 14:56:03 (UTC+8)-
dc.identifier (Other Identifiers) G0103353030en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/98546-
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) 103353030zh_TW
dc.description.abstract (摘要) 本研究旨在以投資大眾的角度出發，研究正、負面企業社會責任事件宣告如何影響投資者的投資決策，進而影響股價產生異常報酬。實證結果發現，正面企業社會責任事件宣告將產生顯著為正的股價異常報酬；負面企業社會責任事件宣告則將產生顯著為負的股價異常報酬。另外，本研究針對負面企業社會責任事件所產生的累積異常報酬建立了複迴歸模型，探討企業規模、企業所屬產業及負面企業社會責任事件宣告之消息種類與該累積異常報酬是否存有關聯性，實證結果發現，大型企業、宣告之消息種類屬於資訊公告問題者，與該累積異常報酬呈現顯著負相關；企業屬於高汙染產業者與該累積異常報酬呈現顯著正相關。本研究除了瞭解企業社會責任資訊如何影響投資者的投資決策外，更希望能提供企業經營者作為經營策略之參考。zh_TW
dc.description.abstract (摘要) Abstract
The purpose of this study is to investigate the market reaction of positive and
negative CSR announcements. The empirical results show that there is a significant positive (negative) relationship between positive (negative) CSR announcements and abnormal stock returns. Furthermore, this study establish a regression, trying to find whether company size, business industry, type of negative CSR announcements will have a relationship with negative CSR announcement’s abnormal returns. The author of this research hopes that the findings in this study can not only understand how CSR announcements effect the investors but also help managers develop a CSR strategy.		en_US
dc.description.tableofcontents 第壹章 前言 1
一、研究動機與目的 1
二、研究問題 3
第貳章 文獻探討 5
一、企業社會責任簡介 5
二、正、負面企業社會責任與市場反應 16
三、企業規模與企業社會責任 21
四、企業所屬產業與企業社會責任 25
五、資訊透明度與企業社會責任 28
第參章 研究方法 32
一、資料來源及樣本選取 32
二、事件研究法 33
三、實證模型 38
第肆章 實證結果與分析 43
一、敘述性統計分析 43
二、正、負面企業社會責任消息之宣告效果 46
三、複迴歸分析 50
第伍章 結論與建議 55
一、正面企業社會責任消息的宣告與股價異常報酬 55
二、負面企業社會責任消息的宣告與股價異常報酬 56
三、研究限制 57
參考文獻 58		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103353030en_US
dc.subject (關鍵詞) 企業社會責任zh_TW
dc.subject (關鍵詞) 累積異常報酬zh_TW
dc.subject (關鍵詞) 事件研究法zh_TW
dc.subject (關鍵詞) Crporate social responsibilityen_US
dc.subject (關鍵詞) Cumulative abnormal returnsen_US
dc.subject (關鍵詞) Event studyen_US
dc.title (題名) 正、負面企業社會責任事件與市場反應之研究zh_TW
dc.title (題名) Relationship between positive and negative CSR announcements and market reactionen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 沈中華與李建然，2000，事件研究法－財務與會計實證研究必備，台北：華泰文 化。
胡憲倫、許家偉與蒲彥穎，2006，策略的企業社會責任：企業永續發展的新課題，應用倫理研究通訊，第40期:37-50。
胡憲倫與鍾啟賢，2003，企業社會責任之規範與發展趨勢介紹，環境工程會刊，第十四卷，第三期:6-14。
徐耀浤，2006，企業責任與投資環境：政府的功能與角色，應用倫理研究通訊， 第40期：18-32。
陳樹，2011，企業社會責任 櫃買市場新標竿，台灣銀行家雜誌，第14期：8-10。陳冠宙、陳育成與陳雪如，2005，影響上市公司網站資訊透明度因子之實證，會計與公司治理，第二卷，第一期:33-59。
黃瓊瑤、王癸元與張鳳真，2013，企業社會責任事件宣告與股價異常報酬之研究，當代會計，第十四卷，第二期: 175-204。
薛明玲與蔡朝宏，2003，從資訊揭露看公司治理，月但法學雜誌，第九十六卷: 335-343。
鄭丁旺，2002，談財務資訊之透明化，會計研究月刊，第200期：12。
Adams,M.,and P. Hardwick. 1998. An analysis of corporate donations:United Kingdom evidence. Journal of Management Studies 35(September):641-654.
Albinger, H.S., and S.J. Freeman. 2000. Corporate social performance and attractiveness as an employer to different job seeking populations. Journal of Business Ethics 28(December): 243-253.
Antle, R., and G. Eppen. 1985. Capital rationing and organizational slack in capital budgeting. Management Science 31:163-174.
Barney, J. 1991. Firm resources and sustained competitive advantage. Journal of Management 17(March): 99-120.
Barnea, A., R. Haugen, and L. Senbet .1985. Agency Problems and Financial Contracting, Englewood Cliffs, NJ:Prentice Hall.
Barry, C.B., and S.J. Brown. 1985. Differential information and security market equilibrium. The Journal of Financial and Quantitative Analysis 20(December): 407-422.
Beaver, W.1998. Financial Reporting: An Accounting Revolution, Englewood Cliffs, NJ:Prentice Hall.
Becker, B., and B. Gerhart. 1996. The impact of human resource management on organizational performance: progress and prospects. The Academy of Management Journal 39(August): 779-801.
Bowd, R., L. Bowd, and P. Harris. 2006. Communicating corporate social responsibility: An exploratory case study of a major UK retail centre. Journal of Public Affairs 6(May):147-155.
Brammer, S.J., A. Millington, and B. Rayton. 2007. The contribution of corporate social responsibility to organizational commitment.The International Journal of Human Resource Management 18(October):1701-1719.
Brammer, S.J., S. Pavelin. 2006. Corporate reputation and social performance: The importance of fit. Journal of Management Studies 43(May):435-455.
Brammer, S.J., and A. Millington. 2005. Corporate reputation and philanthropy: An empirical analysis. Journal of Business Ethics 61(September):29-44.
Bushman, R.M., and A.J. Smith. 2001. Financial accounting information and corporate governance. Journal of Accounting and Economics 32: 237-333.
Carrigan, M., and A. Attalla. 2001. The myth of the ethical consumer-do ethics matter in purchase behavior? Journal of Consumer Marketing18: 560-577.
Christmann, P.2000. Effects of "best practices" of environmental management on cost advantage: The role of complementary assets. The Academy of Management Journal 43(August):663-680.
Chava, S. 2010.Is default risk negatively related to stock returns? The review of financial studies 23:2523-2559.
Chava, S. 2014. Environmental externalities and cost of capital. Management Science 60:2223-2247.
Choi, F.D.S., and R.M. Levich. 1990. The Capital Markets Effects of International Accounting Diversity, Homewood, IL:Dow Jones-Irwin.
Clarkson, M.B.E. 1995. A stakeholder framework for analyzing and evaluating corporate social performance. The Academy of Management Review 20(January):92-117.
Cowen,S.S.,L.B. Ferreri,and L.D. Parker. 1987. The impact of corporate characteristics on social responsibility disclosure: A typology and frequency-based analysis. Accounting, Organizations and Society 12:111-122.
Deegan, C., M. Rankin, and P. Voght. 2000. Firms’ disclosure reactions to major social incidents: Australian evidence. Accounting Forum 24: 101-130.
Deegan, C. 2000. Financial Accounting Theory. Sydney: McGraw Hill Book Company.
Deegan, C. 2002. Introduction– the legitimising effect of social and environmental disclosures–a theoretical foundation. Accounting, Auditing and Accountability Journal 15: 282-311.
Dhaliwal, D.S., O.Z. Li, A. Tsang, and Y.G. Yang. 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review 86(January):59-100.
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