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題名 企業社會責任與公司財務表現的關係—以台灣上市公司為例
Corporate social responsibility and firm financial performance: an empirical analysis from Taiwan作者 周韋汝
Chou, Wei-Ju貢獻者 洪叔民<br>陳立民
Horng, Shwu-Min<br>Chen, Li-Ming
周韋汝
Chou, Wei-Ju關鍵詞 企業社會責任
企業社會責任揭露
財務表現
股價表現
機構持股比
Corporate social responsibility
CSR disclosure
Financial performance
Stock price return
Institutional ownership日期 2019 上傳時間 7-Mar-2019 12:22:32 (UTC+8) 摘要 本研究探討台灣上市公司之企業社會責任（CSR）揭露和績效分別對於財務績效（CFP）和股價表現的關係，並且了解機構持股比對CSR與CFP之關係的調節影響。研究結果顯示 (1) 公司利害關係人對於企業社會責任的關注，使公司揭露CSR活動將有助於企業創造競爭優勢並改善財務績效，提高公司股價。 (2) 對於台灣上市公司的企業社會責任績效和財務業績、股價表現之間的關係未有顯著的正向結果。 (3) 機構持股比對於台灣上市公司的CSR揭露和財務業績之間的關係呈現了負向的調節作用，但對於CSR揭露和股價表現的關係則呈現負向不顯著的調節，表示機構法人投資的公司財務績效受益於CSR揭露分數的效果將減弱。
This study provides the relationships between corporate social responsibility (CSR) disclosures/performances and corporate financial performances (CFP)/stock price returns for Taiwanese companies, and the impact of institutional ownership on the relationship between CSR and CFP. The results show that stakeholders` concerns about corporate social responsibility disclosures enable companies to create competitive advantages and improve financial performances. On the contrary, there is no significant positive result on the relationship between CSR performances and CFP, and likewise between CSR performances and stock price returns for Taiwanese companies. Nevertheless, the institutional ownership has a negative moderate effect on the relationship between the CSR disclosures and CFP of Taiwanese companies, but an insignificant negative effect on the relationship between the CSR disclosures and stock price returns. The effect demonstrates that CFP benefiting from CSR disclosures declines because of raising institutional investment.參考文獻 1. Ambec, S., & Lanoie, P. (2008). Does it pay to be green? A systematic overview. Academy of management perspectives, 22(4), 45-62.2. Arevalo, J., & Aravind, D. (2017). Strategic outcomes in voluntary CSR: Reporting economic and reputational benefits in principles-based initiatives. Journal of Business Ethics, 144(1), 201-217.3. Arouri, M., & Pijourlet, G. (2017). CSR performance and the value of cash holdings: International evidence. Journal of Business Ethics, 140(2), 263-284.4. Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics, 97(1), 71-86.5. Berman, S. L., Wicks, A. C., Kotha, S., & Jones, T. M. (1999). Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance. Academy of Management Journal, 42(5), 488-506.6. Bernal‐Conesa, J. A., Nieves Nieto, C., & Briones‐Peñalver, A. J. (2017). CSR strategy in technology companies: Its influence on performance, competitiveness and sustainability. Corporate Social Responsibility & Environmental Management, 24(2), 96-107.7. Birkey, R. N., Guidry, R. P., & Patten, D. M. (2017). Does CSR reporting really impact FERCs? Accounting & the Public Interest, 17(1), 144-162.8. Bloom, N., & Van Reenen, J. (2002). Patents, real options and firm performance. The Economic Journal, 112(478), C97-C116.9. Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39-48.10. Cavaco, S., & Crifo, P. (2014). CSR and financial performance: Complementarity between environmental, social and business behaviours. Applied Economics, 46(27), 3323-3338.11. Cheung, W. K. (2011). Do stock investors value corporate sustainability? Evidence from an event study. Journal of Business Ethics, 99, 145-165.12. Cho, C. H., Michelon, G., Patten, D. M., & Roberts, R. W. (2015). CSR disclosure: The more things change…? Accounting, Auditing & Accountability Journal, 28(1), 14-35.13. Cooper, S. M., & Owen, D. L. (2007). Corporate social reporting and stakeholder accountability: The missing link. Accounting, Organizations and Society, 32(7-8), 649-667.14. Cordeiro, J., & Tewari, M. (2015). Firm characteristics, industry context, and investor reactions to environmental CSR: A stakeholder theory approach. Journal of Business Ethics, 130(4), 833-849.15. Cornett, M. M., Marcus, A. J., Saunders, A., & Tehranian, H. (2007). The impact of institutional ownership on corporate operating performance. Journal of Banking & Finance, 31(6), 1771-1794.16. Davis, K. (1960). Can business afford to ignore social responsibilities? California Management Review, 2(3), 70-76.17. Deegan, C., & Gordon, B. (1996). A study of the environmental disclosure practices of Australian corporations. Accounting and business research, 26(3), 187-199.18. 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 responsibility reporting. The Accounting Review, 86(1), 59-100.19. Dixon-Fowler, H., Slater, D., Johnson, J., Ellstrand, A., & Romi, A. (2013). Beyond “does it pay to be green?” A meta-analysis of moderators of the CEP–CFP relationship. Journal of Business Ethics, 112(2), 353-366.20. DJSI. (1999). Corporate Sustainability Assessment. Retrieved Jan 10 2019, from: https://www.sustainability-indices.com/21. Eabrasu, M. (2015). Post hoc ergo propter hoc: methodological limits of performance-oriented studies in CSR. Business Ethics: A European Review, 24, S11-S23.22. Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621-640.23. Ettredge, M. L., Soo Young, K., Smith, D. B., & Zarowin, P. A. (2005). The impact of SFAS No. 131 business segment data on the market`s ability to anticipate future earnings. The Accounting Review, 80(3), 773-804.24. Fiegenbaum, A., & Karnani, A. (1991). Output flexibility—a competitive advantage for small firms. Strategic Management Journal, 12(2), 101-114.25. Fieseler, C. (2011). On the corporate social responsibility perceptions of equity analysts. Business Ethics: A European Review, 20(2), 131-147.26. Fijałkowska, J., Zyznarska-Dworczak, B., & Garsztka, P. (2017). The relation between the CSR and the accounting information system data in Central and Eastern European (CEE) countries - the evidence of the Polish financial institutions. Accounting & Management Information Systems / Contabilitate si Informatica de Gestiune, 16(4), 490-521.27. Freeman, R. E. (1984). Strategic management: A stakeholder perspective. Boston: Pitman, 13.28. Friedman, M. (1970). The social responsibility of business is to increase its profits. The New York Times Magazine.29. García‐Sánchez, I. M., & García‐Meca, E. (2017). CSR engagement and earnings quality in banks. The moderating role of institutional factors. Corporate Social Responsibility & Environmental Management, 24(2), 145-158.30. Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794-1810.31. Gray, R., Kouhy, R., & Lavers, S. (1995). Corporate social and environmental reporting: A review of the literature and a longitudinal study of UK disclosure. Accounting, Auditing & Accountability Journal, 8(2), 47-77.32. GRI. (1997). The GRI sustainability reporting standards. Retrieved Nov 12 2018, from: https://www.globalreporting.org/33. Haigh, M., & Hazelton, J. (2004). Financial markets: A tool for social responsibility? Journal of Business Ethics, 52(1), 59-71.34. Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E., & Tatham, R. L. (2006). Multivariate data analysis (Vol. 6). In: Upper Saddle River, NJ: Pearson Prentice Hall.35. Harjoto, M., & Jo, H. (2011). Corporate governance and CSR nexus. Journal of Business Ethics, 100(1), 45-67.36. Harjoto, M., & Jo, H. (2015). Legal vs. normative CSR: Differential impact on analyst dispersion, stock return volatility, cost of capital, and firm value. Journal of Business Ethics, 128(1), 1-20.37. Henderson, R., & Cockburn, I. (1994). Measuring competence? Exploring firm effects in pharmaceutical research. Strategic Management Journal, 15(S1), 63-84.38. Howard, B. (1953). Social responsibilities of the businessman. New York, Happer & Brothers.39. Huang, S. K., & Yang, C.-L. (2014). Corporate social performance: why it matters? Case of Taiwan. Chinese Management Studies, 8(4), 704-716.40. IIRC. (2013). The integrated reporting framework. Retrieved Jan 6 2019, from: http://integratedreporting.org/41. 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[An Empirical Study on the Relationship between Corporate Social Responsibility and Operating Performance]. 評價學報(6), 53-72.65. 葛俊佑. (2015). 企業社會責任表現變動與股價報酬關聯之實證研究. 臺灣大學, Available from Airiti AiritiLibrary database. (2015年) 描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
105363069資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105363069 資料類型 thesis dc.contributor.advisor 洪叔民<br>陳立民 zh_TW dc.contributor.advisor Horng, Shwu-Min<br>Chen, Li-Ming en_US dc.contributor.author (Authors) 周韋汝 zh_TW dc.contributor.author (Authors) Chou, Wei-Ju en_US dc.creator (作者) 周韋汝 zh_TW dc.creator (作者) Chou, Wei-Ju en_US dc.date (日期) 2019 en_US dc.date.accessioned 7-Mar-2019 12:22:32 (UTC+8) - dc.date.available 7-Mar-2019 12:22:32 (UTC+8) - dc.date.issued (上傳時間) 7-Mar-2019 12:22:32 (UTC+8) - dc.identifier (Other Identifiers) G0105363069 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/122464 - 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) 105363069 zh_TW dc.description.abstract (摘要) 本研究探討台灣上市公司之企業社會責任（CSR）揭露和績效分別對於財務績效（CFP）和股價表現的關係，並且了解機構持股比對CSR與CFP之關係的調節影響。研究結果顯示 (1) 公司利害關係人對於企業社會責任的關注，使公司揭露CSR活動將有助於企業創造競爭優勢並改善財務績效，提高公司股價。 (2) 對於台灣上市公司的企業社會責任績效和財務業績、股價表現之間的關係未有顯著的正向結果。 (3) 機構持股比對於台灣上市公司的CSR揭露和財務業績之間的關係呈現了負向的調節作用，但對於CSR揭露和股價表現的關係則呈現負向不顯著的調節，表示機構法人投資的公司財務績效受益於CSR揭露分數的效果將減弱。 zh_TW dc.description.abstract (摘要) This study provides the relationships between corporate social responsibility (CSR) disclosures/performances and corporate financial performances (CFP)/stock price returns for Taiwanese companies, and the impact of institutional ownership on the relationship between CSR and CFP. The results show that stakeholders` concerns about corporate social responsibility disclosures enable companies to create competitive advantages and improve financial performances. On the contrary, there is no significant positive result on the relationship between CSR performances and CFP, and likewise between CSR performances and stock price returns for Taiwanese companies. Nevertheless, the institutional ownership has a negative moderate effect on the relationship between the CSR disclosures and CFP of Taiwanese companies, but an insignificant negative effect on the relationship between the CSR disclosures and stock price returns. The effect demonstrates that CFP benefiting from CSR disclosures declines because of raising institutional investment. en_US dc.description.tableofcontents 第一章 緒論 6第一節 研究動機與目的 6第二節 研究流程 8第二章 文獻回顧與研究假說 9第一節 企業社會責任的定義 9第二節 CSR揭露程度對財務績效、股價表現的影響 11第三節 CSR績效對財務績效、股價表現的影響 13第四節 干擾變數對CSR揭露與財務績效、股價表現關係的影響 15第三章 樣本、資料與研究方法 17第一節 樣本選取 17第二節 自變數、依變數與控制變數 19第三節 研究方法 22第四章 研究結果 26第一節 敘述性統計分析 26第二節 實證結果分析 28第三節 穩健性測試（Robustness Test） 35第五章 結論與建議 40第一節 研究結論 40第二節 研究貢獻 41第三節 研究限制與後續研究建議 41 zh_TW dc.format.extent 1179264 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105363069 en_US dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) 企業社會責任揭露 zh_TW dc.subject (關鍵詞) 財務表現 zh_TW dc.subject (關鍵詞) 股價表現 zh_TW dc.subject (關鍵詞) 機構持股比 zh_TW dc.subject (關鍵詞) Corporate social responsibility en_US dc.subject (關鍵詞) CSR disclosure en_US dc.subject (關鍵詞) Financial performance en_US dc.subject (關鍵詞) Stock price return en_US dc.subject (關鍵詞) Institutional ownership en_US dc.title (題名) 企業社會責任與公司財務表現的關係—以台灣上市公司為例 zh_TW dc.title (題名) Corporate social responsibility and firm financial performance: an empirical analysis from Taiwan en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 1. Ambec, S., & Lanoie, P. (2008). Does it pay to be green? A systematic overview. Academy of management perspectives, 22(4), 45-62.2. Arevalo, J., & Aravind, D. (2017). Strategic outcomes in voluntary CSR: Reporting economic and reputational benefits in principles-based initiatives. Journal of Business Ethics, 144(1), 201-217.3. Arouri, M., & Pijourlet, G. (2017). CSR performance and the value of cash holdings: International evidence. Journal of Business Ethics, 140(2), 263-284.4. Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics, 97(1), 71-86.5. Berman, S. L., Wicks, A. C., Kotha, S., & Jones, T. M. (1999). Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance. Academy of Management Journal, 42(5), 488-506.6. Bernal‐Conesa, J. A., Nieves Nieto, C., & Briones‐Peñalver, A. J. (2017). CSR strategy in technology companies: Its influence on performance, competitiveness and sustainability. Corporate Social Responsibility & Environmental Management, 24(2), 96-107.7. Birkey, R. N., Guidry, R. P., & Patten, D. M. (2017). Does CSR reporting really impact FERCs? Accounting & the Public Interest, 17(1), 144-162.8. Bloom, N., & Van Reenen, J. (2002). Patents, real options and firm performance. The Economic Journal, 112(478), C97-C116.9. Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39-48.10. Cavaco, S., & Crifo, P. (2014). CSR and financial performance: Complementarity between environmental, social and business behaviours. Applied Economics, 46(27), 3323-3338.11. Cheung, W. K. (2011). Do stock investors value corporate sustainability? Evidence from an event study. Journal of Business Ethics, 99, 145-165.12. Cho, C. H., Michelon, G., Patten, D. M., & Roberts, R. W. (2015). CSR disclosure: The more things change…? Accounting, Auditing & Accountability Journal, 28(1), 14-35.13. Cooper, S. M., & Owen, D. L. (2007). Corporate social reporting and stakeholder accountability: The missing link. Accounting, Organizations and Society, 32(7-8), 649-667.14. Cordeiro, J., & Tewari, M. (2015). Firm characteristics, industry context, and investor reactions to environmental CSR: A stakeholder theory approach. Journal of Business Ethics, 130(4), 833-849.15. Cornett, M. M., Marcus, A. J., Saunders, A., & Tehranian, H. (2007). The impact of institutional ownership on corporate operating performance. Journal of Banking & Finance, 31(6), 1771-1794.16. Davis, K. (1960). Can business afford to ignore social responsibilities? California Management Review, 2(3), 70-76.17. Deegan, C., & Gordon, B. (1996). A study of the environmental disclosure practices of Australian corporations. Accounting and business research, 26(3), 187-199.18. 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 responsibility reporting. The Accounting Review, 86(1), 59-100.19. Dixon-Fowler, H., Slater, D., Johnson, J., Ellstrand, A., & Romi, A. (2013). Beyond “does it pay to be green?” A meta-analysis of moderators of the CEP–CFP relationship. Journal of Business Ethics, 112(2), 353-366.20. DJSI. (1999). Corporate Sustainability Assessment. Retrieved Jan 10 2019, from: https://www.sustainability-indices.com/21. Eabrasu, M. (2015). Post hoc ergo propter hoc: methodological limits of performance-oriented studies in CSR. Business Ethics: A European Review, 24, S11-S23.22. Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621-640.23. Ettredge, M. L., Soo Young, K., Smith, D. B., & Zarowin, P. A. (2005). The impact of SFAS No. 131 business segment data on the market`s ability to anticipate future earnings. The Accounting Review, 80(3), 773-804.24. Fiegenbaum, A., & Karnani, A. (1991). Output flexibility—a competitive advantage for small firms. Strategic Management Journal, 12(2), 101-114.25. Fieseler, C. (2011). On the corporate social responsibility perceptions of equity analysts. Business Ethics: A European Review, 20(2), 131-147.26. Fijałkowska, J., Zyznarska-Dworczak, B., & Garsztka, P. (2017). The relation between the CSR and the accounting information system data in Central and Eastern European (CEE) countries - the evidence of the Polish financial institutions. Accounting & Management Information Systems / Contabilitate si Informatica de Gestiune, 16(4), 490-521.27. Freeman, R. E. (1984). Strategic management: A stakeholder perspective. Boston: Pitman, 13.28. Friedman, M. (1970). The social responsibility of business is to increase its profits. The New York Times Magazine.29. García‐Sánchez, I. M., & García‐Meca, E. (2017). CSR engagement and earnings quality in banks. The moderating role of institutional factors. Corporate Social Responsibility & Environmental Management, 24(2), 145-158.30. Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794-1810.31. Gray, R., Kouhy, R., & Lavers, S. (1995). Corporate social and environmental reporting: A review of the literature and a longitudinal study of UK disclosure. Accounting, Auditing & Accountability Journal, 8(2), 47-77.32. GRI. (1997). The GRI sustainability reporting standards. Retrieved Nov 12 2018, from: https://www.globalreporting.org/33. Haigh, M., & Hazelton, J. (2004). Financial markets: A tool for social responsibility? Journal of Business Ethics, 52(1), 59-71.34. Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E., & Tatham, R. L. (2006). Multivariate data analysis (Vol. 6). 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