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題名 自願編製企業社會責任報告書與其認證對公司股價影響之事件研究
The Impact of Voluntary Preparation and Assurance of Corporate Social Responsibility(CSR) Report on Company`s Stock Price－Event Study作者 章瑋傑
Zhang, Wei-Jie貢獻者 郭弘卿
Kuo, Horng-Ching
章瑋傑
Zhang, Wei-Jie關鍵詞 企業社會責任報告書
自願編製企業社會責任報告書
認證
事件研究法
CSR report
Voluntarily prepare CSR reports
Assurance
Event study日期 2018 上傳時間 4-Jul-2018 14:45:23 (UTC+8) 摘要 本研究以出具2014年度、2015年度或2016年度企業社會責任報告書的上市、上櫃公司為研究樣本，並站在投資者的角度，探討投資者對於企業社會責任報告書的編製原因、認證與否以及認證種類(如：AA1000AS：2008的Type1、Type2， ISAE 3000或確信準則公報第一號)的市場反應程度，以提供給產、官、學界作為實務運作、政策推動的參考。研究結果顯示，企業社會責任報告書經認證的企業相較於非經認證的企業產生顯著較高的股價異常報酬，代表經認證的企業社會責任報告書對投資者而言可以提供更可靠資訊以及提升資訊的內涵價值，使投資者在選擇投資標的時會傾向選擇企業社會責任報告書經認證之企業。另外，自願編製企業社會責任報告書之企業相較於強制編製者，未產生顯著較高的股價異常報酬，表示投資者未特別青睞此種企業。對於採用較可靠認證方法(如：Type2、ISAE 3000或確信準則公報第一號)的企業相較於採用Type1認證或無認證的企業，產生較高的股價異常報酬，但未達顯著水準。本研究認為此仍可推論採用較可靠認證方法能夠提升資訊的內涵價值，投資者亦較偏好投資於提供較可靠資訊之企業；而未達顯著水準，主因在於並非所有的投資者都了解不同認證種類的差異，加上觀察年度較少以及樣本分布不均所致。最後，自願編製企業社會責任報告書且通過較可靠認證的企業其股價異常報酬未顯著高於其他公司，表示投資者亦未特別青睞此種企業。
Using the sample of listed companies with CSR reports for 2014,2015 or 2016. This study investigates investors’ market responses to the preparation of CSR reports, assurance of CSR report and type of assurance of CSR report(eg, Type1 of AA1000AS：2008, Type2 of AA1000AS：2008, ISAE 3000 or ASSURANCE NO.1). This finding may offer advice to the companies, government, and academia.The result shows that companies issuing assured CSR Report have significantly higher abnormal returns than non-assured companies, representing that assured CSR reports can provide investors with more reliable information and enhance the value of information, so investors will tend to choose companies with assured CSR report to invest.In addition, companies that voluntarily prepare CSR reports don’t have significantly higher abnormal returns than mandatory companies, indicating that these companies make no difference to investors. Companies that adapt more reliable assurance methods (eg, Type2, ISAE 3000, or ASSURANCE No. 1) have higher abnormal returns than others, but this result does not achieve a significant level. However, it still indicates that companies which adapt more reliable assurance methods can enhance the value of information and investors also prefer these companies. The reason without achieving a significant level is that not all investors understand the differences between different types of assurance. In addition, fewer observation years and uneven distribution of samples may cause the bias.Finally, companies that voluntarily prepare CSR reports and adapt more reliable assurance methods don’t have significantly higher abnormal returns than others, indicating that investors don’t particularly favor such companies.參考文獻 一、中文文獻池祥萱、繆文娟與莊瀅臻，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，第31卷，第1期：1-19。沈中華與李建然，2000，事件研究法─財務與會計實證研究必備，台灣：華泰文化。沈中華與張元，2008，企業的社會責任行為可以改善財務績效嗎?－以英國FTSE社會責任指數為例，經濟論文，第36卷，第3期：339-385。李秀玲，2012，淺談鼓勵企業編製社會責任報告書之機制，證券暨期貨月刊，第30卷，第3期：14-24。李怡樺，2014，如何提升企業社會責任報告的公信力，資誠通訊，第280期(7月)：10-14。吳泰霖，2016，出具經認證的企業社會責任報告書與盈餘管理之關聯，國立成功大學會計學系碩士論文。別蓮蒂、張明輝與嚴德芬，2017，2017台灣永續報告現況與趨勢，CSRone永續報告平台、國立政治大學商學院信義書院與資誠聯合會計師事務所(PwC Taiwan)研究報告。林文玲與傅鍾仁，2011，企業社會責任之揭露對會計資訊價值攸關性－以台灣資訊電子業上市公司為例，商管科技季刊，第12卷，第2期：209-229。林秀鳳、鄭雅如、林秉孝與陳政彥，2013，自願性環保資訊揭露對公司價值之影響，東海管理評論，第15卷，第1期：37-67。張元，2011，社會責任公司有較高的股票報酬嗎？輔仁管理評論，第18卷，第1期：79-118。張明輝，2015，編製經得起考驗的企業社會責任報告書(下)，證券服務，第634期(2月)：19-23。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14卷，第2期：175-204。程心瑤，2011，公司治理與企業責任報告之揭露，會計評論，第52期(1月)：35-76。蔡育哲，2011，我國修正式無保留意見與企業價值之關聯性研究，東海大學會計研究所碩士論文。劉謹銓，2015，強化企業社會責任報告書的公信力，透過獨立公正的第三方查證(AA1000 以及 ISAE3000 之比較)，BSI電子報，第131期(1月)。盧玫君，2002，企業網站揭露財務資訊對股價的影響，國立成功大學會計學系碩士論文。二、英文文獻Ahmed, S. U., Abdullah, M. and Ahmed, S. P. 2017. Linkage between corporate social performance and stock return: an evidence from financial sector of Bangladesh. The Journal of Developing Areas 51(June): 287-299.Al-Tuwaijri, S. A., Christensen, T. E., and Hughes, K. E. 2004. The relations among environmental disclosure, environmental performance, and economic performance:A simultaneous equations approach. Accounting, Organizations and Society 29(July): 447-471.Anderson, J. C., and Frankle, A. W. 1980. Voluntary social reporting:An Iso-Beta portfolio analysis. The Accounting Review 55(July): 467-479.Anis, I., and Utama, S. 2016. The effect of conditional conservatism on cost of debt and mediation role of CSR disclosure: Empirical evidences from IDX. OIDA International Journal of Sustainable Development 9(September): 19-34.Arrow, K. J. 1973. Social responsibility and economic efficiency. Public Policy 21(January): 303-317.Arya, B., and Zhang, G. 2009. Institutional reforms and investor reactions to CSR announcements:Evidence from an Emerging Economy. Journal of Management Studies 46(November): 1089-1112.Bansal, P. and Roth, K. 2000. Why companies go green: a model of ecological responsiveness. Academy of Management Journal 43(August): 717–36.Barnett, M. L. 2007. Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. The Academy of Management Review 32 (July): 794-816.Brown-Liburd, H., Cohen, J., & Zamora, V. L. 2011. The effects of corporate social responsibility investment, assurance, and perceived fairness on investors’ judgments.Working paper, Boston College.Brown-Liburd, H., & Zamora, V. L. 2015. The role of corporate social responsibility(CSR) assurance in investors` judgments when managerial pay is explicitly tied to CSR performance. Auditing: A Journal of Practice & Theory 34(February): 75-96.Bowen, H. R. 1953. Social Responsibility of the Businessman. New York: Harper and Row.Cardebat, J. M., and Sirven, N. 2010. What corporate social responsibility reporting adds to financial return? Journal of Economics and International Finance 2(February): 20-27.Carroll, A. B. 1979. A three-dimensional conceptual model of corporate performance. Academy of Management Review 4(October): 497-505.Davis, K. 1960. Can business afford to ignore social responsibilities? California Management Review 2(April): 70-76.Dhaliwal, D. S., Li, O. Z., Tsang, A., and Yang, Y. G. 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review 86(January): 59-100.Diamond, D. W., and Verrecchia, R. E. 1991. Disclosure, liquidity, and the cost of capital. Journal of Finance 46(September): 1325-1359 .Fama, E. F., and French, K. R. 1992. The Cross-Section of expected stock returns. Journal of Finance 47(June): 427-465.Friedman, M. 1970. The social responsibility of business is to increase its profits. New York Times Magazine (September): 122-126.Healy, P. M., Hutton, A. P., and Palepu, K. G. 1999. Stock performance and intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research 16(September): 485-520.Hodge, K., Subramaniam, N., and Stewart, J. 2009. Assurance of sustainability reports: Impact on report users` confidence and perceptions of information credibility. Australian accounting review 19(September): 178-194.Hopfenbeck, W. 1993. The Green Management Revolution: Lessons in Environmental Excellence. New York: Prentice Hall.Kinney, W. 2000. Information Quality Assurance and Internal Control. Burr Ridge, IL: Irwin & McGraw Hill.KPMG. 2015. The KPMG survey of corporate responsibility reporting 2015. Available at: https://home.kpmg.com/xx/en/home/insights/2015/11/kpmg-international-survey-of-corporate-responsibility-reporting-2015.htmlMallin, C., Farag, H., and Ow-Yong, K. 2014. Corporate social responsibility and financial performance in Islamic banks. Journal of Economic Behavior & Organization 103(July): 21-38.Marna De, K., Charl de, V., and Chris van, S. 2015. The influence of corporate social responsibility disclosure on share prices: Evidence from the United Kingdom. Pacific Accounting Review 27(2): 208-228.McGuire, J. B. 1963. Business and Society. New York: McGraw Hill.Moskowitz, M. 1972. Choosing socially responsible stocks. Business and Society Review 1: 71-75.Muslu, V., Mutlu, S., Radhakrishnan, S., and Tsang, A. 2017. Corporate social responsibility report narratives and analyst forecast accuracy. Journal of Business Ethics: 1-24.Preston, L. E., and O`bannon, D. P. 1997. The corporate social-financial performance relationship: A typology and analysis. Business & Society 36(December): 419-429.Schwert, G. W. 1989. Why does stock market volatility change over time? Journal of Finance 44(December): 1115-1153.Vance, S. C. 1975. Are socially responsible corporations good investment risks. Management Review 64(August): 19-24.World Business Council for Sustainable Development. 2000. Corporate social responsibility: Making good business sense. Available at: http://www.ceads.org.ar/downloads/Making%20good%20business%20sense.pdf 描述 碩士
國立政治大學
會計學系
105353031資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105353031 資料類型 thesis dc.contributor.advisor 郭弘卿 zh_TW dc.contributor.advisor Kuo, Horng-Ching en_US dc.contributor.author (Authors) 章瑋傑 zh_TW dc.contributor.author (Authors) Zhang, Wei-Jie en_US dc.creator (作者) 章瑋傑 zh_TW dc.creator (作者) Zhang, Wei-Jie en_US dc.date (日期) 2018 en_US dc.date.accessioned 4-Jul-2018 14:45:23 (UTC+8) - dc.date.available 4-Jul-2018 14:45:23 (UTC+8) - dc.date.issued (上傳時間) 4-Jul-2018 14:45:23 (UTC+8) - dc.identifier (Other Identifiers) G0105353031 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/118355 - 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) 105353031 zh_TW dc.description.abstract (摘要) 本研究以出具2014年度、2015年度或2016年度企業社會責任報告書的上市、上櫃公司為研究樣本，並站在投資者的角度，探討投資者對於企業社會責任報告書的編製原因、認證與否以及認證種類(如：AA1000AS：2008的Type1、Type2， ISAE 3000或確信準則公報第一號)的市場反應程度，以提供給產、官、學界作為實務運作、政策推動的參考。研究結果顯示，企業社會責任報告書經認證的企業相較於非經認證的企業產生顯著較高的股價異常報酬，代表經認證的企業社會責任報告書對投資者而言可以提供更可靠資訊以及提升資訊的內涵價值，使投資者在選擇投資標的時會傾向選擇企業社會責任報告書經認證之企業。另外，自願編製企業社會責任報告書之企業相較於強制編製者，未產生顯著較高的股價異常報酬，表示投資者未特別青睞此種企業。對於採用較可靠認證方法(如：Type2、ISAE 3000或確信準則公報第一號)的企業相較於採用Type1認證或無認證的企業，產生較高的股價異常報酬，但未達顯著水準。本研究認為此仍可推論採用較可靠認證方法能夠提升資訊的內涵價值，投資者亦較偏好投資於提供較可靠資訊之企業；而未達顯著水準，主因在於並非所有的投資者都了解不同認證種類的差異，加上觀察年度較少以及樣本分布不均所致。最後，自願編製企業社會責任報告書且通過較可靠認證的企業其股價異常報酬未顯著高於其他公司，表示投資者亦未特別青睞此種企業。 zh_TW dc.description.abstract (摘要) Using the sample of listed companies with CSR reports for 2014,2015 or 2016. This study investigates investors’ market responses to the preparation of CSR reports, assurance of CSR report and type of assurance of CSR report(eg, Type1 of AA1000AS：2008, Type2 of AA1000AS：2008, ISAE 3000 or ASSURANCE NO.1). This finding may offer advice to the companies, government, and academia.The result shows that companies issuing assured CSR Report have significantly higher abnormal returns than non-assured companies, representing that assured CSR reports can provide investors with more reliable information and enhance the value of information, so investors will tend to choose companies with assured CSR report to invest.In addition, companies that voluntarily prepare CSR reports don’t have significantly higher abnormal returns than mandatory companies, indicating that these companies make no difference to investors. Companies that adapt more reliable assurance methods (eg, Type2, ISAE 3000, or ASSURANCE No. 1) have higher abnormal returns than others, but this result does not achieve a significant level. However, it still indicates that companies which adapt more reliable assurance methods can enhance the value of information and investors also prefer these companies. The reason without achieving a significant level is that not all investors understand the differences between different types of assurance. In addition, fewer observation years and uneven distribution of samples may cause the bias.Finally, companies that voluntarily prepare CSR reports and adapt more reliable assurance methods don’t have significantly higher abnormal returns than others, indicating that investors don’t particularly favor such companies. en_US dc.description.tableofcontents 壹、緒論 1一、研究背景與動機 1二、研究問題 9三、研究目的與貢獻 10四、研究架構與流程 10貳、文獻探討 13一、企業社會責任 13二、企業社會責任與公司績效 14三、企業自願性揭露資訊與公司績效 15四、企業社會責任報告書之認證 16參、研究方法 18一、研究假說 18二、事件研究法 20三、實證模型、變數定義與衡量 23四、樣本期間、選取與資料來源 29肆、實證結果與分析 30一、敘述性統計 30二、PEARSON相關係數分析 32三、股價異常報酬之T檢定 38四、迴歸分析 45伍、研究結論與建議 48一、研究結論 48二、研究限制與建議 50參考文獻 51 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105353031 en_US dc.subject (關鍵詞) 企業社會責任報告書 zh_TW dc.subject (關鍵詞) 自願編製企業社會責任報告書 zh_TW dc.subject (關鍵詞) 認證 zh_TW dc.subject (關鍵詞) 事件研究法 zh_TW dc.subject (關鍵詞) CSR report en_US dc.subject (關鍵詞) Voluntarily prepare CSR reports en_US dc.subject (關鍵詞) Assurance en_US dc.subject (關鍵詞) Event study en_US dc.title (題名) 自願編製企業社會責任報告書與其認證對公司股價影響之事件研究 zh_TW dc.title (題名) The Impact of Voluntary Preparation and Assurance of Corporate Social Responsibility(CSR) Report on Company`s Stock Price－Event Study en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、中文文獻池祥萱、繆文娟與莊瀅臻，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，第31卷，第1期：1-19。沈中華與李建然，2000，事件研究法─財務與會計實證研究必備，台灣：華泰文化。沈中華與張元，2008，企業的社會責任行為可以改善財務績效嗎?－以英國FTSE社會責任指數為例，經濟論文，第36卷，第3期：339-385。李秀玲，2012，淺談鼓勵企業編製社會責任報告書之機制，證券暨期貨月刊，第30卷，第3期：14-24。李怡樺，2014，如何提升企業社會責任報告的公信力，資誠通訊，第280期(7月)：10-14。吳泰霖，2016，出具經認證的企業社會責任報告書與盈餘管理之關聯，國立成功大學會計學系碩士論文。別蓮蒂、張明輝與嚴德芬，2017，2017台灣永續報告現況與趨勢，CSRone永續報告平台、國立政治大學商學院信義書院與資誠聯合會計師事務所(PwC Taiwan)研究報告。林文玲與傅鍾仁，2011，企業社會責任之揭露對會計資訊價值攸關性－以台灣資訊電子業上市公司為例，商管科技季刊，第12卷，第2期：209-229。林秀鳳、鄭雅如、林秉孝與陳政彥，2013，自願性環保資訊揭露對公司價值之影響，東海管理評論，第15卷，第1期：37-67。張元，2011，社會責任公司有較高的股票報酬嗎？輔仁管理評論，第18卷，第1期：79-118。張明輝，2015，編製經得起考驗的企業社會責任報告書(下)，證券服務，第634期(2月)：19-23。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14卷，第2期：175-204。程心瑤，2011，公司治理與企業責任報告之揭露，會計評論，第52期(1月)：35-76。蔡育哲，2011，我國修正式無保留意見與企業價值之關聯性研究，東海大學會計研究所碩士論文。劉謹銓，2015，強化企業社會責任報告書的公信力，透過獨立公正的第三方查證(AA1000 以及 ISAE3000 之比較)，BSI電子報，第131期(1月)。盧玫君，2002，企業網站揭露財務資訊對股價的影響，國立成功大學會計學系碩士論文。二、英文文獻Ahmed, S. 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