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題名 被併公司董事會成員之於主併公司企業社會責任績效
Post merger target board-director impacts on the acquirer`s corporate social responsibility作者 彭馨儀
Peng, Hsin-Yi貢獻者 江彌修
Chiang, Mi-Hsiu
彭馨儀
Peng, Hsin-Yi關鍵詞 企業社會責任
併購
董事會成員
Corporate social responsibility
Merge and acquisition
Board of directors日期 2017 上傳時間 24-Jul-2017 12:03:44 (UTC+8) 摘要 企業社會責任對於企業經營之重要性日益提高，本文研究標的為公司企業社會責任之提昇，將藉由併購事件，關注被併公司董事會成員的加入與主併公司併購前後企業社會責任績效差異之關聯。本文使用單變量分析法及最小平方法。實證結果主要有兩個發現，首先，不論併購前被併公司之企業社會責任績效較主併公司好或壞，被併公司董事會成員加入主併公司對於主併公司之企業社會責任績效有負向的影響。顯示被併公司董事會成員之加入整體而言降低了併購後公司的企業社會責任能力及資源運用。第二，當被併公司之企業社會責任績效好時，前述的負向效果顯著較被併公司之企業社會責任績效壞時小，顯示來自企業社會責任績效較好的董事會成員可以減低此負向效果。本文貢獻主要有三，第一，過去少有同時結合併購、董事會成員變化、企業社會責任績效三項議題之文獻，透過這三項議題，能幫助我們從不同的角度來探討董事會成員與企業社會責任績效的關聯。第二，併購後被併公司董事會成員加入主併公司與企業社會責任之關聯過去少有文獻提及，本研究有利於後續關於董事會新成員之決策效率等方面之研究。第三，本文發現不同來源之被併公司董事會成員可以為帶來不同程度的效果，後續可研究董事會成員是否能帶給主併公司學習效果。
This thesis examines the relevance of post-merger target board directorship on the acquirer’s corporate social responsibility (CSR). Our empirical results suggest that appointing board directors from target would impair the CSR performance of the acquirer, and that, acquiring a more socially responsible target would in fact alleviated such negative impact. Our findings add to the surprisingly scarce literature on the relationship between board directorship and CSR performance under the context of merge and acquisitions. Most important, we provide new insights on post-merger acquirer CSR performance in consequence of director appointments from social responsible/irresponsible targets.參考文獻 池祥萱、池祥麟、梁綺羚（2016）。企業社會責任之策略性分析。管理評論，35，21-45。池祥萱、繆文娟、莊瀅臻（2014）。企業社會責任對於公司財務績效之影響是雙面刃嗎? 來自全球 500 大公司的證據。管理學報，31，1-19。Abboeltt, L. J., Parker, S., & Presley, T. J. (2012). Female board presence and the likelihood of financial restatement. Accounting Horizons, 26(4), 607-629. Aggarwal, R. K., & Nanda, D. (2004). Access, common agency, and board size. Aktas, N., De Bodt, E., & Cousin, J.-G. (2011). Do financial markets care about SRI? Evidence from mergers and acquisitions. Journal of Banking & Finance, 35(7), 1753-1761. Bowen, H. R., & Johnson, F. E. (1953). Social responsibility of the businessman: Harper.Boyd, B. (1990). Corporate linkages and organizational environment: A test of the resource dependence model. Strategic Management Journal, 11(6), 419-430. Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of Management Review, 4(4), 497-505. Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial Review, 38(1), 33-53. Chih, H.-H., & Chih, H.-L. (2014). Doing good with or without being known? Media coverage of corporate social performance and its impact on corporate financial performance. Managerial Finance, 40(9), 883-902. Chih, H.-L., Chih, H.-H., & Chen, T.-Y. (2010). On the determinants of corporate social responsibility: International evidence on the financial industry. Journal of Business Ethics, 93(1), 115-135. Chih, H.-L., Chih, H.-H., & Chou, P.-H. (2010). Being good or being known: corporate governance, media coverage, and earnings announcements. The Service Industries Journal, 30(3), 405-420. Dalton, D. R., Daily, C. M., Johnson, J. L., & Ellstrand, A. E. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management Journal, 42(6), 674-686. Deng, X., Kang, J.-k., & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110(1), 87-109. Elkington, J. (1997). Cannibals with forks. The triple bottom line of 21st century. Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review, 11(2), 102-111. Forbes, D. P., & Milliken, F. J. (1999). Cognition and corporate governance: Understanding boards of directors as strategic decision-making groups. Academy of Management Review, 24(3), 489-505. Freeman, R. (1984). Strategic Management: A Stakeholder Approach, Pitman, Boston. Business Ethics Quaterly, 4, 187-200. Harjoto, M., Laksmana, I., & Lee, R. (2015). Board diversity and corporate social responsibility. Journal of Business Ethics, 132(4), 641-660. Hart, C. M., & Van Vugt, M. (2006). From fault line to group fission: Understanding membership changes in small groups. Personality and Social Psychology Bulletin, 32(3), 392-404. Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28(3), 383-396. Jenkins, H., & Yakovleva, N. (2006). Corporate social responsibility in the mining industry: Exploring trends in social and environmental disclosure. Journal of Cleaner Production, 14(3), 271-284. Jiao, Y. (2010). Stakeholder welfare and firm value. Journal of Banking and Finance, 34(10), 2549-2561. Jo, H., & Harjoto, M. A. (2011). Corporate governance and firm value: The impact of corporate social responsibility. Journal of Business Ethics, 103(3), 351-383. Jo, H., & Harjoto, M. A. (2012). The causal effect of corporate governance on corporate social responsibility. Journal of Business Ethics, 106(1), 53-72. Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility? The Accounting Review, 87(3), 761-796. Kramer, V. W., Konrad, A. M., Erkut, S., & Hooper, M. J. (2006). Critical mass on corporate boards: Why three or more women enhance governance: Wellesley Centers for Women Boston.Mallin, C. A., & Michelon, G. (2011). Board reputation attributes and corporate social performance: An empirical investigation of the US best corporate citizens. Accounting and Business Research, 41(2), 119-144. McGuire, J. W. (1963). Business and society: McGraw-hill.Pfeffer, J. (1972). Size and composition of corporate boards of directors: The organization and its environment. Administrative Science Quarterly, 218-228. Posnikoff, J. F. (1997). Disinvestment from South Africa: They did well by doing good. Contemporary Economic Policy, 15(1), 76-86. Post, C., Rahman, N., & Rubow, E. (2011). Green governance: Boards of directors’ composition and environmental corporate social responsibility. Business and Society, 50(1), 189-223. Rahman, S. (2011). Evaluation of definitions: ten dimensions of corporate social responsibility. World Review of Business Research, 1(1), 166-176. Sen, S., & Bhattacharya, C. B. (2001). Does doing good always lead to doing better? Consumer reactions to corporate social responsibility. Journal of Marketing Research, 38(2), 225-243. Starks, L. T., & Wei, K. D. (2013). Cross‐Border Mergers and Differences in Corporate Governance. International Review of Finance, 13(3), 265-297. Steiner, G. A. (1972). Social policies for business. California Management Review, 15(2), 17-24. Strahilevitz, M., & Myers, J. G. (1998). Donations to charity as purchase incentives: How well they work may depend on what you are trying to sell. Journal of Consumer Research, 24(4), 434-446. Teoh, S. H., Welch, I., & Wazzan, C. P. (1999). The effect of socially activist investment policies on the financial markets: Evidence from the South African boycott. The Journal of Business, 72(1), 35-89. Van Knippenberg, D., & Schippers, M. C. (2007). Work group diversity. Annu. Rev. Psychol., 58, 515-541. Waddock, S. A., & Graves, S. B. (1997). The corporate social performance-financial performance link. Strategic Management Journal, 303-319. Walton, C. C. (1967). Corporate social responsibilities: Wadsworth Publishing Company.Webb, E. (2004). An examination of socially responsible firms` board structure. Journal of Management and Governance, 8(3), 255-277. Williams, R. J. (2003). Women on Corporate Boards of Directors and Their Influence on Corporate Philanthropy. Journal of Business Ethics, 42, 1-10.Woodward-Clyde. (1990). "Key Opportunities and Risks to New Zealand‟s Export Trade from Green Market Signals‟,New Zealand Trade and Development Board, Auckland. Final paper, Sustainable Management Fund Project 6117. Wright, P., & Ferris, S. P. (1997). Agency conflict and corporate strategy: The effect of divestment on corporate value. Strategic Management Journal, 77-83. 描述 碩士
國立政治大學
金融學系
104352025資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104352025 資料類型 thesis dc.contributor.advisor 江彌修 zh_TW dc.contributor.advisor Chiang, Mi-Hsiu en_US dc.contributor.author (Authors) 彭馨儀 zh_TW dc.contributor.author (Authors) Peng, Hsin-Yi en_US dc.creator (作者) 彭馨儀 zh_TW dc.creator (作者) Peng, Hsin-Yi en_US dc.date (日期) 2017 en_US dc.date.accessioned 24-Jul-2017 12:03:44 (UTC+8) - dc.date.available 24-Jul-2017 12:03:44 (UTC+8) - dc.date.issued (上傳時間) 24-Jul-2017 12:03:44 (UTC+8) - dc.identifier (Other Identifiers) G0104352025 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/111324 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 金融學系 zh_TW dc.description (描述) 104352025 zh_TW dc.description.abstract (摘要) 企業社會責任對於企業經營之重要性日益提高，本文研究標的為公司企業社會責任之提昇，將藉由併購事件，關注被併公司董事會成員的加入與主併公司併購前後企業社會責任績效差異之關聯。本文使用單變量分析法及最小平方法。實證結果主要有兩個發現，首先，不論併購前被併公司之企業社會責任績效較主併公司好或壞，被併公司董事會成員加入主併公司對於主併公司之企業社會責任績效有負向的影響。顯示被併公司董事會成員之加入整體而言降低了併購後公司的企業社會責任能力及資源運用。第二，當被併公司之企業社會責任績效好時，前述的負向效果顯著較被併公司之企業社會責任績效壞時小，顯示來自企業社會責任績效較好的董事會成員可以減低此負向效果。本文貢獻主要有三，第一，過去少有同時結合併購、董事會成員變化、企業社會責任績效三項議題之文獻，透過這三項議題，能幫助我們從不同的角度來探討董事會成員與企業社會責任績效的關聯。第二，併購後被併公司董事會成員加入主併公司與企業社會責任之關聯過去少有文獻提及，本研究有利於後續關於董事會新成員之決策效率等方面之研究。第三，本文發現不同來源之被併公司董事會成員可以為帶來不同程度的效果，後續可研究董事會成員是否能帶給主併公司學習效果。 zh_TW dc.description.abstract (摘要) This thesis examines the relevance of post-merger target board directorship on the acquirer’s corporate social responsibility (CSR). Our empirical results suggest that appointing board directors from target would impair the CSR performance of the acquirer, and that, acquiring a more socially responsible target would in fact alleviated such negative impact. Our findings add to the surprisingly scarce literature on the relationship between board directorship and CSR performance under the context of merge and acquisitions. Most important, we provide new insights on post-merger acquirer CSR performance in consequence of director appointments from social responsible/irresponsible targets. en_US dc.description.tableofcontents 第一章 緒論 1第二章 文獻回顧 5第一節 董事會成員與企業績效關聯 5第二節 併購與企業社會責任之關聯 6第三章 研究方法 8第一節 研究假說 8第二節 樣本選取 9第三節 研究方法 10第四章 實證結果與分析 13第一節 被併公司董事會成員加入 13第二節 好壞來源之董事會成員加入 14第五章 實證結果與分析 15第一節 研究結論 15第二節 研究限制及建議 16附錄 27參考文獻 28 zh_TW dc.format.extent 577508 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104352025 en_US dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) 併購 zh_TW dc.subject (關鍵詞) 董事會成員 zh_TW dc.subject (關鍵詞) Corporate social responsibility en_US dc.subject (關鍵詞) Merge and acquisition en_US dc.subject (關鍵詞) Board of directors en_US dc.title (題名) 被併公司董事會成員之於主併公司企業社會責任績效 zh_TW dc.title (題名) Post merger target board-director impacts on the acquirer`s corporate social responsibility en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 池祥萱、池祥麟、梁綺羚（2016）。企業社會責任之策略性分析。管理評論，35，21-45。池祥萱、繆文娟、莊瀅臻（2014）。企業社會責任對於公司財務績效之影響是雙面刃嗎? 來自全球 500 大公司的證據。管理學報，31，1-19。Abboeltt, L. J., Parker, S., & Presley, T. J. (2012). Female board presence and the likelihood of financial restatement. Accounting Horizons, 26(4), 607-629. Aggarwal, R. K., & Nanda, D. (2004). Access, common agency, and board size. Aktas, N., De Bodt, E., & Cousin, J.-G. (2011). Do financial markets care about SRI? Evidence from mergers and acquisitions. Journal of Banking & Finance, 35(7), 1753-1761. Bowen, H. R., & Johnson, F. E. (1953). Social responsibility of the businessman: Harper.Boyd, B. (1990). Corporate linkages and organizational environment: A test of the resource dependence model. Strategic Management Journal, 11(6), 419-430. Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of Management Review, 4(4), 497-505. Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial Review, 38(1), 33-53. Chih, H.-H., & Chih, H.-L. (2014). Doing good with or without being known? Media coverage of corporate social performance and its impact on corporate financial performance. Managerial Finance, 40(9), 883-902. Chih, H.-L., Chih, H.-H., & Chen, T.-Y. (2010). On the determinants of corporate social responsibility: International evidence on the financial industry. Journal of Business Ethics, 93(1), 115-135. Chih, H.-L., Chih, H.-H., & Chou, P.-H. (2010). Being good or being known: corporate governance, media coverage, and earnings announcements. The Service Industries Journal, 30(3), 405-420. Dalton, D. R., Daily, C. M., Johnson, J. L., & Ellstrand, A. E. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management Journal, 42(6), 674-686. Deng, X., Kang, J.-k., & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110(1), 87-109. Elkington, J. (1997). Cannibals with forks. The triple bottom line of 21st century. Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review, 11(2), 102-111. Forbes, D. P., & Milliken, F. J. (1999). Cognition and corporate governance: Understanding boards of directors as strategic decision-making groups. Academy of Management Review, 24(3), 489-505. Freeman, R. (1984). Strategic Management: A Stakeholder Approach, Pitman, Boston. Business Ethics Quaterly, 4, 187-200. Harjoto, M., Laksmana, I., & Lee, R. (2015). Board diversity and corporate social responsibility. Journal of Business Ethics, 132(4), 641-660. Hart, C. M., & Van Vugt, M. (2006). From fault line to group fission: Understanding membership changes in small groups. Personality and Social Psychology Bulletin, 32(3), 392-404. Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28(3), 383-396. Jenkins, H., & Yakovleva, N. (2006). Corporate social responsibility in the mining industry: Exploring trends in social and environmental disclosure. Journal of Cleaner Production, 14(3), 271-284. Jiao, Y. (2010). Stakeholder welfare and firm value. Journal of Banking and Finance, 34(10), 2549-2561. Jo, H., & Harjoto, M. A. (2011). Corporate governance and firm value: The impact of corporate social responsibility. Journal of Business Ethics, 103(3), 351-383. Jo, H., & Harjoto, M. A. (2012). The causal effect of corporate governance on corporate social responsibility. Journal of Business Ethics, 106(1), 53-72. Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility? The Accounting Review, 87(3), 761-796. Kramer, V. W., Konrad, A. M., Erkut, S., & Hooper, M. J. (2006). Critical mass on corporate boards: Why three or more women enhance governance: Wellesley Centers for Women Boston.Mallin, C. A., & Michelon, G. (2011). Board reputation attributes and corporate social performance: An empirical investigation of the US best corporate citizens. Accounting and Business Research, 41(2), 119-144. McGuire, J. W. (1963). Business and society: McGraw-hill.Pfeffer, J. (1972). Size and composition of corporate boards of directors: The organization and its environment. Administrative Science Quarterly, 218-228. Posnikoff, J. F. (1997). Disinvestment from South Africa: They did well by doing good. Contemporary Economic Policy, 15(1), 76-86. Post, C., Rahman, N., & Rubow, E. (2011). Green governance: Boards of directors’ composition and environmental corporate social responsibility. Business and Society, 50(1), 189-223. Rahman, S. (2011). Evaluation of definitions: ten dimensions of corporate social responsibility. World Review of Business Research, 1(1), 166-176. Sen, S., & Bhattacharya, C. B. (2001). Does doing good always lead to doing better? Consumer reactions to corporate social responsibility. Journal of Marketing Research, 38(2), 225-243. Starks, L. T., & Wei, K. D. (2013). Cross‐Border Mergers and Differences in Corporate Governance. International Review of Finance, 13(3), 265-297. Steiner, G. A. (1972). Social policies for business. California Management Review, 15(2), 17-24. Strahilevitz, M., & Myers, J. G. (1998). Donations to charity as purchase incentives: How well they work may depend on what you are trying to sell. Journal of Consumer Research, 24(4), 434-446. Teoh, S. H., Welch, I., & Wazzan, C. P. (1999). The effect of socially activist investment policies on the financial markets: Evidence from the South African boycott. The Journal of Business, 72(1), 35-89. Van Knippenberg, D., & Schippers, M. C. (2007). Work group diversity. Annu. Rev. Psychol., 58, 515-541. Waddock, S. A., & Graves, S. B. (1997). The corporate social performance-financial performance link. Strategic Management Journal, 303-319. Walton, C. C. (1967). Corporate social responsibilities: Wadsworth Publishing Company.Webb, E. (2004). An examination of socially responsible firms` board structure. Journal of Management and Governance, 8(3), 255-277. Williams, R. J. (2003). Women on Corporate Boards of Directors and Their Influence on Corporate Philanthropy. Journal of Business Ethics, 42, 1-10.Woodward-Clyde. (1990). "Key Opportunities and Risks to New Zealand‟s Export Trade from Green Market Signals‟,New Zealand Trade and Development Board, Auckland. Final paper, Sustainable Management Fund Project 6117. Wright, P., & Ferris, S. P. (1997). Agency conflict and corporate strategy: The effect of divestment on corporate value. Strategic Management Journal, 77-83. zh_TW
