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題名 企業社會責任對現金股利影響性之研究
The impact of corporate social responsibility on cash dividends作者 吳昕樺
Wu, Hsin Hua貢獻者 屠美亞
吳昕樺
Wu, Hsin Hua關鍵詞 企業社會責任
傾向分數配對法
現金股利
保險效果日期 2017 上傳時間 24-Jul-2017 12:00:33 (UTC+8) 摘要 本研究主要探討企業社會責任與現金股利之間的關聯性，並利用傾向分數配對方法(Propensity Score Matching method)控制可能會影響落實企業社會責任的因子，再進一步探討企業社會責任本身是否對現金股利仍具有正向影響性。由於企業社會責任由許多構面所組成，我們將繼續探討企業社會責任各個構面的落實是否對股利政策具有顯著的影響效果，並將研究落實企業社會責任是否會為企業帶來保險效果。本研究利用傾向分數配對方法，根據公司的傾向分數是否相近來進行樣本的配對，藉由分析落實企業社會責任公司與其反事實樣本(其特性變數和落實企業社會責任公司極為相似但實際上未落實企業社會責任的公司)來降低選擇性偏誤與內生性問題。本研究以2007年至2016年之上市上櫃公司(不包括金融類股)為樣本，實證結果發現落實企業社會責任的公司現金股利發放較多，且企業社會責任之評分與現金股利亦呈正向影響。此外，各項構面對現金股利發放皆有正面影響，然而落實企業社會責任並無顯著保險效果。同時以傳統解決選擇偏誤問題的Heckman(1979)兩階段估計法作為傾向分數配對法之穩健性檢定，實證結果與前述結果類似。
This research examines the impact of corporate social responsibility (CSR) on firm’s dividends and the impact between different components on dividends. (i.e. Corpo-rate Governance, Corporate Commitment, Social participation, Environmental Pro-tection). This research suggests that corporate social responsibility have positive im-pact on dividends. We also examine the insurance effect of CSR activities. In this research, we use propensity score matching method to prevent from the contamina-tion of CSR-effect and the selection bias. This research uses all listed company at stock exchange market and over the counter data which financial stocks are exclud-ed and defines the winners of Excellence in Corporate Social Responsibility Award which conferred by Common Wealth Magazine as firms with CSR during 2007 to 2016. The findings support the view of relationship between CSR and dividends is positive. Moreover, each component has positive effect on dividends, while the in-surance effect does not exist. We also use the Heckman two-stage model (1979) as robust test, and find the similar results as using propensity score matching method.參考文獻 英文文獻Adjaoud, F., & Ben‐Amar, W. (2010). Corporate governance and dividend policy: shareholders’ protection or expropriation? Journal of business finance & ac-counting, 37(5‐6), 648-667. Alkhafaji, A. F. (1989). A stakeholder approach to corporate governance: Managing in a dynamic environment: Praeger Pub Text.Attig, N., El Ghoul, S., Guedhami, O., & Suh, J. (2013). Corporate social responsi-bility and credit ratings. Journal of Business Ethics, 117(4), 679-694. 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. Bird, R., D. Hall, A., Momentè, F., & Reggiani, F. (2007). What corporate social re-sponsibility activities are valued by the market? Journal of Business Ethics, 76(2), 189-206. Carroll, A. B. (1979). A three-dimensional conceptual model of corporate perfor-mance. Academy of management review, 4(4), 497-505. Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business horizons, 34(4), 39-48. Cheung, A. W., Hu, M., & Schwiebert, J. (2016). Corporate social responsibility and dividend policy. Accounting & Finance. Cornell, B., & Shapiro, A. C. (1987). Corporate stakeholders and corporate finance. Financial management, 5-14. Davis, K. (1960). Can business afford to ignore social responsibilities? California management review, 2(3), 70-76. DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of fi-nancial Economics, 81(2), 227-254. Dehejia, R. H., & Wahba, S. (2002). Propensity score-matching methods for nonex-perimental causal studies. Review of Economics and statistics, 84(1), 151-161. Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social re-sponsibility reporting. The accounting review, 86(1), 59-100. Dierkes, M., & Coppock, R. (1978). Europe tries the corporate social report. Busi-ness and Society Review, 16(1), 21. Dowell, G., Hart, S., & Yeung, B. (2000). Do corporate global environmental stand-ards create or destroy market value? Management science, 46(8), 1059-1074. El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388-2406. Elkington, J. (2004). Enter the triple bottom line. The triple bottom line: Does it all add up, 11(12), 1-16. Fombrun, C., & Shanley, M. (1990). What`s in a name? Reputation building and corporate strategy. Academy of management Journal, 33(2), 233-258. Frederick, W. C. (1960). The growing concern over business responsibility. California management review, 2(4), 54-61. Freeman, R.E. (1984), Strategic Management: A Stakeholder Approach, Pitman, Bos -ton,MA.Friedman, M. (1962). Capitalism and freedom. University of Chicago. Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic management journal, 30(4), 425-445. Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794-1810. Heckman, J. (1979). Sample selection bias as a specification error. Econometrica, 47(1), 153-162. Hofler, R., Elston, J. A., & Lee, J. (2004). Dividend policy and institutional owner-ship: Empirical evidence using a propensity score matching estimator. Re-trieved from Hong, H., Kubik, J. D., & Scheinkman, J. A. (2012). Financial constraints on corpo-rate goodness. Retrieved from Jiraporn, P., Kim, J. C., & Kim, Y. S. (2011). Dividend payouts and corporate gov-ernance quality: An empirical investigation. Financial Review, 46(2), 251-279. Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of financial economics, 115(2), 304-329. La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Agency problems and dividend policies around the world. The journal of finance, 55(1), 1-33. LaLonde, R. J. (1986). Evaluating the econometric evaluations of training programs with experimental data. The American economic review, 604-620. Lintner, J. (1956). Distribution of incomes of corporations among dividends, re-tained earnings, and taxes. The American economic review, 46(2), 97-113. McGuire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate social responsibil-ity and firm financial performance. Academy of management Journal, 31(4), 854-872. Mitton, T. (2004). Corporate governance and dividend policy in emerging markets. Emerging Markets Review, 5(4), 409-426. Moh`d, M. A., Perry, L. G., & Rimbey, J. N. (1995). An investigation of the dynamic relationship between agency theory and dividend policy. Financial Review, 30(2), 367-385. Moore, G. (2001). Corporate social and financial performance: An investigation in the UK supermarket industry. Journal of Business Ethics, 34(3), 299-315. Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization studies, 24(3), 403-441. Pava, M. L., & Krausz, J. (1996). The association between corporate so-cial-responsibility and financial performance: The paradox of social cost. Journal of Business Ethics, 15(3), 321-357. Posner, B. Z., & Schmidt, W. H. (1992). Values and the American manager: An up-date updated. California management review, 34(3), 80-94. Preston, L. E., & O`bannon, D. P. (1997). The corporate social-financial performance relationship: A typology and analysis. Business & Society, 36(4), 419-429. Rakotomavo, M. T. (2012). Corporate investment in social responsibility versus div-idends? Social Responsibility Journal, 8(2), 199-207. Rosenbaum, P. R., & Rubin, D. B. (1983). The central role of the propensity score in observational studies for causal effects. Biometrika, 41-55. Rosenbaum, P. R., & Rubin, D. B. (1985a). The bias due to incomplete matching. Biometrics, 103-116. Rosenbaum, P. R., & Rubin, D. B. (1985b). Constructing a control group using mul-tivariate matched sampling methods that incorporate the propensity score. The American Statistician, 39(1), 33-38. Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of financial Research, 5(3), 249-259. Rubin, D. B. (1973). Matching to remove bias in observational studies. Biometrics, 159-183. Sharfman, M. P., & Fernando, C. S. (2008). Environmental risk management and the cost of capital. Strategic management journal, 29(6), 569-592. Shen, C.-H., & Chang, Y. (2009). Ambition versus conscience, does corporate social responsibility pay off? The application of matching methods. Journal of Business Ethics, 88, 133-153. Smith, C. W., & Watts, R. L. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of financial Eco-nomics, 32(3), 263-292. Stanwick, P. A., & Stanwick, S. D. (1998). The relationship between corporate social performance, and organizational size, financial performance, and environ-mental performance: An empirical examination. Journal of Business Ethics, 17(2), 195-204. Trotman, K. T., & Bradley, G. W. (1981). Associations between social responsibility disclosure and characteristics of companies. Accounting, organizations and society, 6(4), 355-362. Walton, C. C. (1967). Corporate social responsibilities: Wadsworth Publishing Com-pany. 中文文獻鄭宗雄 (2010)，證券暨期貨月刊 第三十三卷 第一期 專題一：淺談企業社會責任之國際間發展趨勢與國內推動現況。李明基，證券櫃檯主題報導：主題二-簡析企業社會責任(CSR)之發展趨勢劉錦如(2016)，企業社會責任與股利政策，國立彰化師範大學財務金融技術學系研究所碩士論文。呂朝賢（2011），企業社會責任之特徵與反省：以臺灣為例。社會福利模式－從傳承到創新研討會論文集。臺北，中華救助總會。 描述 碩士
國立政治大學
財務管理研究所
104357016資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104357016 資料類型 thesis dc.contributor.advisor 屠美亞 zh_TW dc.contributor.author (Authors) 吳昕樺 zh_TW dc.contributor.author (Authors) Wu, Hsin Hua en_US dc.creator (作者) 吳昕樺 zh_TW dc.creator (作者) Wu, Hsin Hua en_US dc.date (日期) 2017 en_US dc.date.accessioned 24-Jul-2017 12:00:33 (UTC+8) - dc.date.available 24-Jul-2017 12:00:33 (UTC+8) - dc.date.issued (上傳時間) 24-Jul-2017 12:00:33 (UTC+8) - dc.identifier (Other Identifiers) G0104357016 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/111311 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理研究所 zh_TW dc.description (描述) 104357016 zh_TW dc.description.abstract (摘要) 本研究主要探討企業社會責任與現金股利之間的關聯性，並利用傾向分數配對方法(Propensity Score Matching method)控制可能會影響落實企業社會責任的因子，再進一步探討企業社會責任本身是否對現金股利仍具有正向影響性。由於企業社會責任由許多構面所組成，我們將繼續探討企業社會責任各個構面的落實是否對股利政策具有顯著的影響效果，並將研究落實企業社會責任是否會為企業帶來保險效果。本研究利用傾向分數配對方法，根據公司的傾向分數是否相近來進行樣本的配對，藉由分析落實企業社會責任公司與其反事實樣本(其特性變數和落實企業社會責任公司極為相似但實際上未落實企業社會責任的公司)來降低選擇性偏誤與內生性問題。本研究以2007年至2016年之上市上櫃公司(不包括金融類股)為樣本，實證結果發現落實企業社會責任的公司現金股利發放較多，且企業社會責任之評分與現金股利亦呈正向影響。此外，各項構面對現金股利發放皆有正面影響，然而落實企業社會責任並無顯著保險效果。同時以傳統解決選擇偏誤問題的Heckman(1979)兩階段估計法作為傾向分數配對法之穩健性檢定，實證結果與前述結果類似。 zh_TW dc.description.abstract (摘要) This research examines the impact of corporate social responsibility (CSR) on firm’s dividends and the impact between different components on dividends. (i.e. Corpo-rate Governance, Corporate Commitment, Social participation, Environmental Pro-tection). This research suggests that corporate social responsibility have positive im-pact on dividends. We also examine the insurance effect of CSR activities. In this research, we use propensity score matching method to prevent from the contamina-tion of CSR-effect and the selection bias. This research uses all listed company at stock exchange market and over the counter data which financial stocks are exclud-ed and defines the winners of Excellence in Corporate Social Responsibility Award which conferred by Common Wealth Magazine as firms with CSR during 2007 to 2016. The findings support the view of relationship between CSR and dividends is positive. Moreover, each component has positive effect on dividends, while the in-surance effect does not exist. We also use the Heckman two-stage model (1979) as robust test, and find the similar results as using propensity score matching method. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景 1第二節 研究動機 2第三節 研究流程 3 第二章 文獻探討 5第一節 企業社會責任定義與發展 5第二節 企業社會責任與股利政策 6 第三章 研究方法 8第一節 研究假說 8第二節 資料來源 9第三節 研究方法 11第四節 實證模型 15第五節 變數說明 18 第四章 實證結果 22第一節 樣本配對前的敘述統計 22第二節 傾向分數函數估計 27第三節 樣本配對 29第四節 企業社會責任與股利政策─ 兩母體平均數T檢定與迴歸分析 31第五節 穩健性檢定 50 第五章 結論與建議 61第一節 研究結論 61第二節 研究限制與建議 62參考文獻 63 zh_TW dc.format.extent 1162024 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104357016 en_US dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) 傾向分數配對法 zh_TW dc.subject (關鍵詞) 現金股利 zh_TW dc.subject (關鍵詞) 保險效果 zh_TW dc.title (題名) 企業社會責任對現金股利影響性之研究 zh_TW dc.title (題名) The impact of corporate social responsibility on cash dividends en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 英文文獻Adjaoud, F., & Ben‐Amar, W. (2010). Corporate governance and dividend policy: shareholders’ protection or expropriation? Journal of business finance & ac-counting, 37(5‐6), 648-667. Alkhafaji, A. F. (1989). A stakeholder approach to corporate governance: Managing in a dynamic environment: Praeger Pub Text.Attig, N., El Ghoul, S., Guedhami, O., & Suh, J. (2013). Corporate social responsi-bility and credit ratings. Journal of Business Ethics, 117(4), 679-694. 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. Bird, R., D. Hall, A., Momentè, F., & Reggiani, F. (2007). What corporate social re-sponsibility activities are valued by the market? Journal of Business Ethics, 76(2), 189-206. Carroll, A. B. (1979). A three-dimensional conceptual model of corporate perfor-mance. Academy of management review, 4(4), 497-505. Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business horizons, 34(4), 39-48. Cheung, A. W., Hu, M., & Schwiebert, J. (2016). Corporate social responsibility and dividend policy. Accounting & Finance. Cornell, B., & Shapiro, A. C. (1987). Corporate stakeholders and corporate finance. Financial management, 5-14. Davis, K. (1960). Can business afford to ignore social responsibilities? California management review, 2(3), 70-76. DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of fi-nancial Economics, 81(2), 227-254. Dehejia, R. H., & Wahba, S. (2002). Propensity score-matching methods for nonex-perimental causal studies. Review of Economics and statistics, 84(1), 151-161. Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social re-sponsibility reporting. The accounting review, 86(1), 59-100. Dierkes, M., & Coppock, R. (1978). Europe tries the corporate social report. Busi-ness and Society Review, 16(1), 21. Dowell, G., Hart, S., & Yeung, B. (2000). Do corporate global environmental stand-ards create or destroy market value? Management science, 46(8), 1059-1074. El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388-2406. Elkington, J. (2004). Enter the triple bottom line. The triple bottom line: Does it all add up, 11(12), 1-16. Fombrun, C., & Shanley, M. (1990). What`s in a name? Reputation building and corporate strategy. Academy of management Journal, 33(2), 233-258. Frederick, W. C. (1960). The growing concern over business responsibility. California management review, 2(4), 54-61. Freeman, R.E. (1984), Strategic Management: A Stakeholder Approach, Pitman, Bos -ton,MA.Friedman, M. (1962). Capitalism and freedom. University of Chicago. Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic management journal, 30(4), 425-445. Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794-1810. Heckman, J. (1979). Sample selection bias as a specification error. Econometrica, 47(1), 153-162. Hofler, R., Elston, J. A., & Lee, J. (2004). Dividend policy and institutional owner-ship: Empirical evidence using a propensity score matching estimator. Re-trieved from Hong, H., Kubik, J. D., & Scheinkman, J. A. (2012). Financial constraints on corpo-rate goodness. Retrieved from Jiraporn, P., Kim, J. C., & Kim, Y. S. (2011). Dividend payouts and corporate gov-ernance quality: An empirical investigation. Financial Review, 46(2), 251-279. Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of financial economics, 115(2), 304-329. La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Agency problems and dividend policies around the world. The journal of finance, 55(1), 1-33. LaLonde, R. J. (1986). Evaluating the econometric evaluations of training programs with experimental data. The American economic review, 604-620. Lintner, J. (1956). Distribution of incomes of corporations among dividends, re-tained earnings, and taxes. The American economic review, 46(2), 97-113. McGuire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate social responsibil-ity and firm financial performance. Academy of management Journal, 31(4), 854-872. Mitton, T. (2004). Corporate governance and dividend policy in emerging markets. Emerging Markets Review, 5(4), 409-426. Moh`d, M. A., Perry, L. G., & Rimbey, J. N. (1995). An investigation of the dynamic relationship between agency theory and dividend policy. Financial Review, 30(2), 367-385. Moore, G. (2001). Corporate social and financial performance: An investigation in the UK supermarket industry. Journal of Business Ethics, 34(3), 299-315. Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization studies, 24(3), 403-441. Pava, M. L., & Krausz, J. (1996). The association between corporate so-cial-responsibility and financial performance: The paradox of social cost. Journal of Business Ethics, 15(3), 321-357. Posner, B. Z., & Schmidt, W. H. (1992). Values and the American manager: An up-date updated. California management review, 34(3), 80-94. Preston, L. E., & O`bannon, D. P. (1997). The corporate social-financial performance relationship: A typology and analysis. Business & Society, 36(4), 419-429. Rakotomavo, M. T. (2012). Corporate investment in social responsibility versus div-idends? Social Responsibility Journal, 8(2), 199-207. Rosenbaum, P. R., & Rubin, D. B. (1983). The central role of the propensity score in observational studies for causal effects. Biometrika, 41-55. Rosenbaum, P. R., & Rubin, D. B. (1985a). The bias due to incomplete matching. Biometrics, 103-116. Rosenbaum, P. R., & Rubin, D. B. (1985b). Constructing a control group using mul-tivariate matched sampling methods that incorporate the propensity score. The American Statistician, 39(1), 33-38. Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of financial Research, 5(3), 249-259. Rubin, D. B. (1973). Matching to remove bias in observational studies. Biometrics, 159-183. Sharfman, M. P., & Fernando, C. S. (2008). Environmental risk management and the cost of capital. Strategic management journal, 29(6), 569-592. Shen, C.-H., & Chang, Y. (2009). Ambition versus conscience, does corporate social responsibility pay off? The application of matching methods. Journal of Business Ethics, 88, 133-153. Smith, C. W., & Watts, R. L. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of financial Eco-nomics, 32(3), 263-292. Stanwick, P. A., & Stanwick, S. D. (1998). The relationship between corporate social performance, and organizational size, financial performance, and environ-mental performance: An empirical examination. Journal of Business Ethics, 17(2), 195-204. Trotman, K. T., & Bradley, G. W. (1981). Associations between social responsibility disclosure and characteristics of companies. Accounting, organizations and society, 6(4), 355-362. Walton, C. C. (1967). Corporate social responsibilities: Wadsworth Publishing Com-pany. 中文文獻鄭宗雄 (2010)，證券暨期貨月刊 第三十三卷 第一期 專題一：淺談企業社會責任之國際間發展趨勢與國內推動現況。李明基，證券櫃檯主題報導：主題二-簡析企業社會責任(CSR)之發展趨勢劉錦如(2016)，企業社會責任與股利政策，國立彰化師範大學財務金融技術學系研究所碩士論文。呂朝賢（2011），企業社會責任之特徵與反省：以臺灣為例。社會福利模式－從傳承到創新研討會論文集。臺北，中華救助總會。 zh_TW
