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題名 永續指數與企業財務績效之關聯性
Relationship between Sustainability Index and Corporate Financial Performance
作者 陳信堯
Chen, Hisn Yao
貢獻者 湛可南
Chan, Ko Nan
陳信堯
Chen, Hisn Yao
關鍵詞 企業社會責任
道瓊永續性指數
資產報酬率
股東權益報酬率
Corporate Social Responsibility
Dow Jones Sustainability Index
Return on Asset
Return on Equity
日期 2016
上傳時間 22-Aug-2016 13:43:21 (UTC+8)
摘要 本篇論文要探討的主題為入選永續指數之成分股，對於企業之財務績效是否有顯著之影響。獲選為永續指數之成分股對於企業而言，代表企業在經營時確實將企業社會責任落實於經營策略中，並獲得公正第三方之認證。然而，獲選永續指數對企業而言，是否就能為企業之營運帶來良好之影響，至今未有定論；同時，針對台灣地區尚未有永續指數與企業財務績效之相關研究。因此本篇論文以台灣企業為研究之標的，探討獲選為道瓊永續性指數成分股之企業與財務績效之關聯性。

本文使用台灣經濟新報TEJ資料庫之季報資料，研究方法分為敘述統計分析與迴歸模型分析：以資產報酬率、股東權益報酬率做為研究變數，並加入杜邦方程式之稅後純益率、資產週轉率、權益乘數，採用Wilcoxon等級總和檢定比較財務績效；同時採用多元迴歸模型作為迴歸分析之模型，以資產周轉率、股東權益報酬率作為應變數，選用控制變數後，根據樣本與對照組、獲選前與獲選後設立虛擬變數並額外增設交乘項，逐項加入變數進行迴歸分析，並比較彙整其結果。最後針對研究結果提出結論與未來研究之建議。
The inclusion of sustainability index is a symbol of a firm operating well in corporate social responsibility (CSR). However, the relationship between sustainability index and corporate financial performance (CFP) is still ambiguous; in the meantime, there is no related research between sustainability index and CFP. Hence, this paper researches on Taiwan enterprises included in Dow Jones Sustainability Index (DJSI) and figures out how the sustainability index influences CFP.

All available Taiwan company data are obtained from Taiwan Economic Journal database. We have found three conclusions: First, the inclusion of DJSI makes the Taiwan enterprises have better CFP. Next, companies have better CFP after the inclusion of DJSI. Last, the long-term effect of inclusion of DJSI is more significant than short-term effect. Furthermore, we found that better profitability causes Taiwan enterprises included in DJSI have better CFP. Consequently, we can conclude that the inclusion of sustainability index will improve the CFP of Taiwan enterprises.
參考文獻 【中文文獻】
1. 李明機. (2009). 簡析企業社會責任(CSR)之發展趨勢. 證券櫃檯月刊(141), 14-21.
2. 角維穎. (2012). 證券市場企業社會責任發展現況簡介. 證券暨期貨月刊, 30(3), 5-13.
3. 許家偉. (2012). 國內推動道瓊永續性指數(DJSI)現況與企業因應之道. 永續產業發展雙月刊(55).
4. 陳振遠, 洪世偉. (2013). 企業社會責任指數投資績效之研究. 證券櫃檯月刊(165), 88-97.
5. 陳樹, 丁克華, 林弘立, 范志強, 柯承恩, 黃肇熙, . . . 蔡豐清. (2010). 專題研討二—企業社會責任與投資策略. 證券櫃檯月刊(150), 98-101.
6. 黃正忠, Gilbert, S. (2010). ESG揭露與企業永續報告書的發展. 證券櫃檯月刊(147), 38-42.
7. 劉美纓, 丁碧慧, 朱奐聿. (2014). 企業社會責任與公司治理, 公司績效之關連性研究. 科際整合管理研討會, 17-30.
【西文文獻】
1. Barber, B., and Lyon, J. (1996). Detecting abnormal operating performance: The empirical power and specification of test statistics. Journal of Financial Economics, 41(3), 359-399.
2. Bowman, E. H., and Haire, M. (1975). A strategic posture toward corporate social responsibility. California management review, 18(2), 49-58.
3. Brummer, J. J. (1991). Corporate responsibility and legitimacy: An interdisciplinary analysis.
4. Chen, K. H., and Metcalf, R. W. (1980). The relationship between pollution control record and financial indicators revisited. The Accounting Review, 55(1), 168-177.
5. Cornell, B., and Shapiro, A. C. (1987). Corporate stakeholders and corporate finance. Financial management, 5-14.
6. Griffin, J. J., and Mahon, J. F. (1997). The corporate social performance and corporate financial performance debate twenty-five years of incomparable research. Business & Society, 36(1), 5-31.
7. López, M. V., Garcia, A., and Rodriguez, L. (2007). Sustainable Development and Corporate Performance: A Study Based on the Dow Jones Sustainability Index. Journal of Business Ethics, 75(3), 285-300.
8. McGuire, J. B., Sundgren, A., and Schneeweis, T. (1988). Corporate social responsibility and firm financial performance. Academy of management Journal, 31(4), 854-872.
9. Moskowitz, M. (1972). Choosing socially responsible stocks. Business and Society Review, 1(1), 71-75.
10. Oberndorfer, U., Schmidt, P., Wagner, M., and Ziegler, A. (2013). Does the stock market value the inclusion in a sustainability stock index? An event study analysis for German firms. Journal of Environmental Economics and Management, 66(3), 497-509.
11. Robinson, M., Kleffner, A., and Bertels, S. (2011). Signaling sustainability leadership: Empirical evidence of the value of DJSI membership. Journal of Business Ethics, 101(3), 493-505.
12. Schuler, D. A., and Cording, M. (2006). A Corporate Social Performance–Corporate Financial Performance Behavioral Model for Consumers. Academy of Management Review, 31(3), 540-558.
13. Soloman, R., and Hansen, K. (1985). It’s Good Business (Atheneum, New York).
14. Stanwick, P. A., and Stanwick, S. D. (1998). The relationship between corporate social performance, and organizational size, financial performance, and environmental performance: An empirical examination. Journal of Business Ethics, 17(2), 195-204.
15. Su, W., Peng, M. W., Tan, W., and Cheung, Y.-L. (2014). The Signaling Effect of Corporate Social Responsibility in Emerging Economies. Journal of Business Ethics, 134(3), 479-491.
16. Ziegler, A. (2011). Is it Beneficial to be Included in a Sustainability Stock Index? A Panel Data Study for European Firms. Environmental and Resource Economics, 52(3), 301-325.
描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
102363074
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1023630741
資料類型 thesis
dc.contributor.advisor 湛可南zh_TW
dc.contributor.advisor Chan, Ko Nanen_US
dc.contributor.author (Authors) 陳信堯zh_TW
dc.contributor.author (Authors) Chen, Hisn Yaoen_US
dc.creator (作者) 陳信堯zh_TW
dc.creator (作者) Chen, Hisn Yaoen_US
dc.date (日期) 2016en_US
dc.date.accessioned 22-Aug-2016 13:43:21 (UTC+8)-
dc.date.available 22-Aug-2016 13:43:21 (UTC+8)-
dc.date.issued (上傳時間) 22-Aug-2016 13:43:21 (UTC+8)-
dc.identifier (Other Identifiers) G1023630741en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/100589-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理研究所(MBA學位學程)zh_TW
dc.description (描述) 102363074zh_TW
dc.description.abstract (摘要) 本篇論文要探討的主題為入選永續指數之成分股，對於企業之財務績效是否有顯著之影響。獲選為永續指數之成分股對於企業而言，代表企業在經營時確實將企業社會責任落實於經營策略中，並獲得公正第三方之認證。然而，獲選永續指數對企業而言，是否就能為企業之營運帶來良好之影響，至今未有定論；同時，針對台灣地區尚未有永續指數與企業財務績效之相關研究。因此本篇論文以台灣企業為研究之標的，探討獲選為道瓊永續性指數成分股之企業與財務績效之關聯性。

本文使用台灣經濟新報TEJ資料庫之季報資料，研究方法分為敘述統計分析與迴歸模型分析：以資產報酬率、股東權益報酬率做為研究變數，並加入杜邦方程式之稅後純益率、資產週轉率、權益乘數，採用Wilcoxon等級總和檢定比較財務績效；同時採用多元迴歸模型作為迴歸分析之模型，以資產周轉率、股東權益報酬率作為應變數，選用控制變數後，根據樣本與對照組、獲選前與獲選後設立虛擬變數並額外增設交乘項，逐項加入變數進行迴歸分析，並比較彙整其結果。最後針對研究結果提出結論與未來研究之建議。		zh_TW
dc.description.abstract (摘要) The inclusion of sustainability index is a symbol of a firm operating well in corporate social responsibility (CSR). However, the relationship between sustainability index and corporate financial performance (CFP) is still ambiguous; in the meantime, there is no related research between sustainability index and CFP. Hence, this paper researches on Taiwan enterprises included in Dow Jones Sustainability Index (DJSI) and figures out how the sustainability index influences CFP.

All available Taiwan company data are obtained from Taiwan Economic Journal database. We have found three conclusions: First, the inclusion of DJSI makes the Taiwan enterprises have better CFP. Next, companies have better CFP after the inclusion of DJSI. Last, the long-term effect of inclusion of DJSI is more significant than short-term effect. Furthermore, we found that better profitability causes Taiwan enterprises included in DJSI have better CFP. Consequently, we can conclude that the inclusion of sustainability index will improve the CFP of Taiwan enterprises.		en_US
dc.description.tableofcontents 摘　要 i
Abstract ii
表　次 iv
第一章　緒論 1
第二章　文獻回顧 3
第一節 企業社會責任定義與演變 3
第二節　永續指標與社會責任投資 5
第三節　新興市場與台灣企業社會責任發展 8
第四節　企業社會責任、永續指標與財務績效的關聯性 10
第五節　研究假說 13
第三章　研究方法 15
第一節　樣本選取與研究期間 15
第二節　實證設計 18
第四章　研究結果分析 23
第一節　敘述統計分析 23
第二節　迴歸模型分析 26
第五章　研究結論與建議 29
第一節　研究結論 29
第二節　研究限制與建議 31
參考文獻 32
附錄 35
附錄一　樣本企業與研究期間列表 35
附錄二　對照組一之企業列表 36
附錄三　對照組二之企業列表 37
相關表格 38		zh_TW
dc.format.extent 1665190 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1023630741en_US
dc.subject (關鍵詞) 企業社會責任zh_TW
dc.subject (關鍵詞) 道瓊永續性指數zh_TW
dc.subject (關鍵詞) 資產報酬率zh_TW
dc.subject (關鍵詞) 股東權益報酬率zh_TW
dc.subject (關鍵詞) Corporate Social Responsibilityen_US
dc.subject (關鍵詞) Dow Jones Sustainability Indexen_US
dc.subject (關鍵詞) Return on Asseten_US
dc.subject (關鍵詞) Return on Equityen_US
dc.title (題名) 永續指數與企業財務績效之關聯性zh_TW
dc.title (題名) Relationship between Sustainability Index and Corporate Financial Performanceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 【中文文獻】
1. 李明機. (2009). 簡析企業社會責任(CSR)之發展趨勢. 證券櫃檯月刊(141), 14-21.
2. 角維穎. (2012). 證券市場企業社會責任發展現況簡介. 證券暨期貨月刊, 30(3), 5-13.
3. 許家偉. (2012). 國內推動道瓊永續性指數(DJSI)現況與企業因應之道. 永續產業發展雙月刊(55).
4. 陳振遠, 洪世偉. (2013). 企業社會責任指數投資績效之研究. 證券櫃檯月刊(165), 88-97.
5. 陳樹, 丁克華, 林弘立, 范志強, 柯承恩, 黃肇熙, . . . 蔡豐清. (2010). 專題研討二—企業社會責任與投資策略. 證券櫃檯月刊(150), 98-101.
6. 黃正忠, Gilbert, S. (2010). ESG揭露與企業永續報告書的發展. 證券櫃檯月刊(147), 38-42.
7. 劉美纓, 丁碧慧, 朱奐聿. (2014). 企業社會責任與公司治理, 公司績效之關連性研究. 科際整合管理研討會, 17-30.
【西文文獻】
1. Barber, B., and Lyon, J. (1996). Detecting abnormal operating performance: The empirical power and specification of test statistics. Journal of Financial Economics, 41(3), 359-399.
2. Bowman, E. H., and Haire, M. (1975). A strategic posture toward corporate social responsibility. California management review, 18(2), 49-58.
3. Brummer, J. J. (1991). Corporate responsibility and legitimacy: An interdisciplinary analysis.
4. Chen, K. H., and Metcalf, R. W. (1980). The relationship between pollution control record and financial indicators revisited. The Accounting Review, 55(1), 168-177.
5. Cornell, B., and Shapiro, A. C. (1987). Corporate stakeholders and corporate finance. Financial management, 5-14.
6. Griffin, J. J., and Mahon, J. F. (1997). The corporate social performance and corporate financial performance debate twenty-five years of incomparable research. Business & Society, 36(1), 5-31.
7. López, M. V., Garcia, A., and Rodriguez, L. (2007). Sustainable Development and Corporate Performance: A Study Based on the Dow Jones Sustainability Index. Journal of Business Ethics, 75(3), 285-300.
8. McGuire, J. B., Sundgren, A., and Schneeweis, T. (1988). Corporate social responsibility and firm financial performance. Academy of management Journal, 31(4), 854-872.
9. Moskowitz, M. (1972). Choosing socially responsible stocks. Business and Society Review, 1(1), 71-75.
10. Oberndorfer, U., Schmidt, P., Wagner, M., and Ziegler, A. (2013). Does the stock market value the inclusion in a sustainability stock index? An event study analysis for German firms. Journal of Environmental Economics and Management, 66(3), 497-509.
11. Robinson, M., Kleffner, A., and Bertels, S. (2011). Signaling sustainability leadership: Empirical evidence of the value of DJSI membership. Journal of Business Ethics, 101(3), 493-505.
12. Schuler, D. A., and Cording, M. (2006). A Corporate Social Performance–Corporate Financial Performance Behavioral Model for Consumers. Academy of Management Review, 31(3), 540-558.
13. Soloman, R., and Hansen, K. (1985). It’s Good Business (Atheneum, New York).
14. Stanwick, P. A., and Stanwick, S. D. (1998). The relationship between corporate social performance, and organizational size, financial performance, and environmental performance: An empirical examination. Journal of Business Ethics, 17(2), 195-204.
15. Su, W., Peng, M. W., Tan, W., and Cheung, Y.-L. (2014). The Signaling Effect of Corporate Social Responsibility in Emerging Economies. Journal of Business Ethics, 134(3), 479-491.
16. Ziegler, A. (2011). Is it Beneficial to be Included in a Sustainability Stock Index? A Panel Data Study for European Firms. Environmental and Resource Economics, 52(3), 301-325.		zh_TW