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題名 企業社會責任、分析師追隨對機構法人持有意願之關聯性
The Relationship between Corporate Social Responsibility, Analyst Following and Institution Investors’ Shareholdings
作者 董建維
Dong, Jian-Wei
貢獻者 郭弘卿
董建維
Dong, Jian-Wei
關鍵詞 企業社會責任
分析師追隨
機構法人持有
Corporate Social Responsibility
Analyst Following
Institution Investors’ Shareholdings
日期 2020
上傳時間 1-Jul-2020 13:35:41 (UTC+8)
摘要 近年全球環境變化劇烈,在經濟、社會與環境等等,都陸續出現問題,國內外過去也有許多企業發生舞弊案件,顯示企業在公司治理方面仍有進步空間。另外在環境保護與社會公義方面的議題,也都是政府、企業界與學者所共同專注的,紛紛投入研究如何建立完善的企業社會責任制度,社會責任投資的概念也因應而生。
藉此研究期能驗證社會責任投資的影響力,讓各界對企業社會責任與投資之間的關聯有所認識,瞭解投資人所重視的項目,同時也能激勵企業做好其應負的社會責任,以吸引投資人的青睞。
最後研究結果顯示,企業社會責任表現較佳的公司,會吸引分析師的追隨,並提高機構法人的持有意願;同時,分析師追隨意願較高的公司,機構法人持有意願也較高。
In recent years, the global environment has changed drastically, and there have been problems in the economy, society and environment. Also, there have been many frauds in Taiwan and abroad, showing that there is still room for improvement in corporate governance.
In addition, environmental protection and social justice are also gradually being valued by the public, and the concept of socially responsible investment has also emerged.
This study expects to verify the influence of socially responsible investment, so that people can understand the relationship between corporate social responsibility and investment, realize the key point which investors focus on. Last but not least, to encourage enterprises to do their best to benefit the society.
The final result shows that companies with better corporate social responsibility performance will attract analysts and institution investors’ shareholdings. At the same time, companies with more analyst following will also have higher institution investors’ shareholdings.
參考文獻 王郁民,2009,公司治理與財務績效:企業社會責任之角色,國立東海大學會計系研究所碩士論文。
池祥麟、林怡君,2007 ,企業社會績效與企業財務績效關連性之分析-以道瓊STOXX永續性指數為例,國立台北大學合作經濟學系碩士論文。
吳佳穗,2006,企業社會責任之鎖鑰:公司治理,證券櫃檯月刊,第116號:22-28。
胡騰井,2004,探討產業特徵、企業資源及高階經理人特質與企業績效的關係,國立政治大學國際貿易研究所碩士論文。
張峻萍,1999,公司監理與經營績效之關係,台灣大學會計學系研究所碩士論文。
張雅嵐,2017,企業社會責任對分析師預測行為影響之研究,銘傳大學財務金融學系研究所碩士論文。
黃瓊瑤、方世榮、陳育成,2012,家族控制與企業社會責任績效之關聯性, 中山管理評論,第2期:673-711。
盧惠伶,2004,企業財務績效、內部治理與環保績效之研究,國立彰化師範大學會計學系研究所碩士論文。

Albion Woodbury and Small. 1895. The era of sociology. American Journal of Sociology 1 (July): 1-15.
Arrow, K. J. 1973. Social Responsibility and Economic Efficiency. Public Policy 21: 303-317.
Asquith, P., Mikhail, M. B., and Au, A. S. 2005. Information content of equity analyst reports. Journal of Financial Economics 75 (2): 245-282.
Beaver, W. 1998. Financial Reporting: An Accounting Revolution. New Jersey: Prentice Hall.
Bontis, N. 1998. Intellectual capital: An exploratory study that develops measures and models. Management Decision 36 (2): 63-76.
Bowen, Howard Rothmann. 1953. Social Responsibilities of the Business. New York: Harper.
Bushee, B. J. 1998. The Influence of Institutional Investors on Myopic R&D Investment Behavior. The Accounting Review 73: 305-333.
Cardebat, J. M. and N. Sirven. 2010. What Corporate Social Responsibility Reporting Adds to Financial Return. Journal of Economics and International Finance 2 (2): 20-27.
Carroll, A.B. 1991. The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons 34 (4): 39-48.
Carroll, A. B. 2000. A Commentary and an Overview of Key Questions on Corporate Social Performance Measurement. Business and Society 39 (4): 466-478.
Chen, C. Y. Roger, Tang, H. W., and Hung, S. W. 2013. Corporate Social Responsibility and Firm Performance. Journal of American Business Review. 2 (1): 181-188.
Cochran, P. L. and R. A. Wood. 1984. Corporate Social Responsibility and Financial Performance. Academy of Management Journal 27 (1): 42-56.
Drucker, E. 1993. Molecular epidemiology meets the fourth world. The Lancet 342 (8875): 817-818.
Fauzi, H., Mahoney, L. and Rahman, A. A. 2007. Institutional Ownership and Corporate Social Performance: Empirical Evidence from Indonesian Companies. Social and Environmental Accounting. 2: 334-347.
Freeman, R. 1984. Strategic Management: A Stakeholder Approach. Boston: Pitman.
Griffin, R. W. 1999. Management. Boston, MA: Houghton Mifflin Company.
Grosser, K. and J. Moon. 2005. Gender Mainstreaming and Corporate Social Responsibility: Reporting Workplace Issues. Journal of Business Ethic 62: 327-340.
Jo, H. and Harjoto, M. A. 2011. Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. Journal of Business Ethics. 103 (3): 351-383.
McGuire, J. W. 1963. Business and Society. New York: McGraw-hill.
Richard, A., Johnson, and Daniel, W. Greening. 1999. The effects of corporate governance and institutional ownership types on corporate social performance. The Academy of Management Journal 42 (5): 564-576.
Sethi, S. P. 1975. Dimension of Corporate Social Performance: An Analytical Framework. California Management Review 17 (3): 58-64.
Sheldon, O. 1923. The Philosophy of Management. London: Pitman.
Soloman, R. and K. Hansen. 1985. It’s Good Business. New York: Athenaeum.
Stanwick, P. A. and S. D. Stanwick. 1998. The Relationship Between Corporate Social Performance, and Organizational Size, Financial Performance, and Environmental Performance: An Empirical Examination. Journal of Business Ethics 17: 195-204.
Waddock, S. A. and Graves, S. B. 1997. The Corporate Social Performance-Financial Performance Link. Strategic Management Journal 18 (4): 303-319.
Walters, G. 2009. Corporate social responsibility through sport: The community sports trust model as a CSR delivery agency. Journal of Corporate Citizenship 135 (35): 81-94.
Wartick, S. L. and Cochran, P. L. 1985. The Evolution of the Corporate Social Performance Model. Academy of Management Review 10 (4): 758-769.
William C. Frederick. 1960. The Growing Concern Over Business Responsibility, California Management Review 2 (4): 54-61.
Wood, D. J. 1991. Corporate Social Performance Revisited, Academy of Management Review, 16: 691-718.
描述 碩士
國立政治大學
會計學系
107353106
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107353106
資料類型 thesis
dc.contributor.advisor 郭弘卿zh_TW
dc.contributor.author (Authors) 董建維zh_TW
dc.contributor.author (Authors) Dong, Jian-Weien_US
dc.creator (作者) 董建維zh_TW
dc.creator (作者) Dong, Jian-Weien_US
dc.date (日期) 2020en_US
dc.date.accessioned 1-Jul-2020 13:35:41 (UTC+8)-
dc.date.available 1-Jul-2020 13:35:41 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2020 13:35:41 (UTC+8)-
dc.identifier (Other Identifiers) G0107353106en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130515-
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) 107353106zh_TW
dc.description.abstract (摘要) 近年全球環境變化劇烈,在經濟、社會與環境等等,都陸續出現問題,國內外過去也有許多企業發生舞弊案件,顯示企業在公司治理方面仍有進步空間。另外在環境保護與社會公義方面的議題,也都是政府、企業界與學者所共同專注的,紛紛投入研究如何建立完善的企業社會責任制度,社會責任投資的概念也因應而生。
藉此研究期能驗證社會責任投資的影響力,讓各界對企業社會責任與投資之間的關聯有所認識,瞭解投資人所重視的項目,同時也能激勵企業做好其應負的社會責任,以吸引投資人的青睞。
最後研究結果顯示,企業社會責任表現較佳的公司,會吸引分析師的追隨,並提高機構法人的持有意願;同時,分析師追隨意願較高的公司,機構法人持有意願也較高。
zh_TW
dc.description.abstract (摘要) In recent years, the global environment has changed drastically, and there have been problems in the economy, society and environment. Also, there have been many frauds in Taiwan and abroad, showing that there is still room for improvement in corporate governance.
In addition, environmental protection and social justice are also gradually being valued by the public, and the concept of socially responsible investment has also emerged.
This study expects to verify the influence of socially responsible investment, so that people can understand the relationship between corporate social responsibility and investment, realize the key point which investors focus on. Last but not least, to encourage enterprises to do their best to benefit the society.
The final result shows that companies with better corporate social responsibility performance will attract analysts and institution investors’ shareholdings. At the same time, companies with more analyst following will also have higher institution investors’ shareholdings.
en_US
dc.description.tableofcontents 壹 緒論 1
一 研究動機與目的 1
二 研究問題與貢獻 3
三 研究架構 4
貳 文獻探討與假說發展 6
一 企業社會責任 6
二 企業社會責任、分析師追隨意願與機構法人持有之關聯 21
參 研究方法 23
一 研究架構 23
二 變數定義 23
三 資料來源與樣本篩選 28
四 實證模型 29
肆 實證結果與分析 31
一 企業社會責任對機構法人持有意願影響之實證模型 31
二 企業社會責任對分析師追隨意願影響之實證模型 36
三 分析師追隨對機構法人持有意願影響之實證模型 40
伍 結論與建議 44
一 研究結論 44
二 研究限制 45
三 研究建議 46
參考文獻 47
zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107353106en_US
dc.subject (關鍵詞) 企業社會責任zh_TW
dc.subject (關鍵詞) 分析師追隨zh_TW
dc.subject (關鍵詞) 機構法人持有zh_TW
dc.subject (關鍵詞) Corporate Social Responsibilityen_US
dc.subject (關鍵詞) Analyst Followingen_US
dc.subject (關鍵詞) Institution Investors’ Shareholdingsen_US
dc.title (題名) 企業社會責任、分析師追隨對機構法人持有意願之關聯性zh_TW
dc.title (題名) The Relationship between Corporate Social Responsibility, Analyst Following and Institution Investors’ Shareholdingsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 王郁民,2009,公司治理與財務績效:企業社會責任之角色,國立東海大學會計系研究所碩士論文。
池祥麟、林怡君,2007 ,企業社會績效與企業財務績效關連性之分析-以道瓊STOXX永續性指數為例,國立台北大學合作經濟學系碩士論文。
吳佳穗,2006,企業社會責任之鎖鑰:公司治理,證券櫃檯月刊,第116號:22-28。
胡騰井,2004,探討產業特徵、企業資源及高階經理人特質與企業績效的關係,國立政治大學國際貿易研究所碩士論文。
張峻萍,1999,公司監理與經營績效之關係,台灣大學會計學系研究所碩士論文。
張雅嵐,2017,企業社會責任對分析師預測行為影響之研究,銘傳大學財務金融學系研究所碩士論文。
黃瓊瑤、方世榮、陳育成,2012,家族控制與企業社會責任績效之關聯性, 中山管理評論,第2期:673-711。
盧惠伶,2004,企業財務績效、內部治理與環保績效之研究,國立彰化師範大學會計學系研究所碩士論文。

Albion Woodbury and Small. 1895. The era of sociology. American Journal of Sociology 1 (July): 1-15.
Arrow, K. J. 1973. Social Responsibility and Economic Efficiency. Public Policy 21: 303-317.
Asquith, P., Mikhail, M. B., and Au, A. S. 2005. Information content of equity analyst reports. Journal of Financial Economics 75 (2): 245-282.
Beaver, W. 1998. Financial Reporting: An Accounting Revolution. New Jersey: Prentice Hall.
Bontis, N. 1998. Intellectual capital: An exploratory study that develops measures and models. Management Decision 36 (2): 63-76.
Bowen, Howard Rothmann. 1953. Social Responsibilities of the Business. New York: Harper.
Bushee, B. J. 1998. The Influence of Institutional Investors on Myopic R&D Investment Behavior. The Accounting Review 73: 305-333.
Cardebat, J. M. and N. Sirven. 2010. What Corporate Social Responsibility Reporting Adds to Financial Return. Journal of Economics and International Finance 2 (2): 20-27.
Carroll, A.B. 1991. The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons 34 (4): 39-48.
Carroll, A. B. 2000. A Commentary and an Overview of Key Questions on Corporate Social Performance Measurement. Business and Society 39 (4): 466-478.
Chen, C. Y. Roger, Tang, H. W., and Hung, S. W. 2013. Corporate Social Responsibility and Firm Performance. Journal of American Business Review. 2 (1): 181-188.
Cochran, P. L. and R. A. Wood. 1984. Corporate Social Responsibility and Financial Performance. Academy of Management Journal 27 (1): 42-56.
Drucker, E. 1993. Molecular epidemiology meets the fourth world. The Lancet 342 (8875): 817-818.
Fauzi, H., Mahoney, L. and Rahman, A. A. 2007. Institutional Ownership and Corporate Social Performance: Empirical Evidence from Indonesian Companies. Social and Environmental Accounting. 2: 334-347.
Freeman, R. 1984. Strategic Management: A Stakeholder Approach. Boston: Pitman.
Griffin, R. W. 1999. Management. Boston, MA: Houghton Mifflin Company.
Grosser, K. and J. Moon. 2005. Gender Mainstreaming and Corporate Social Responsibility: Reporting Workplace Issues. Journal of Business Ethic 62: 327-340.
Jo, H. and Harjoto, M. A. 2011. Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. Journal of Business Ethics. 103 (3): 351-383.
McGuire, J. W. 1963. Business and Society. New York: McGraw-hill.
Richard, A., Johnson, and Daniel, W. Greening. 1999. The effects of corporate governance and institutional ownership types on corporate social performance. The Academy of Management Journal 42 (5): 564-576.
Sethi, S. P. 1975. Dimension of Corporate Social Performance: An Analytical Framework. California Management Review 17 (3): 58-64.
Sheldon, O. 1923. The Philosophy of Management. London: Pitman.
Soloman, R. and K. Hansen. 1985. It’s Good Business. New York: Athenaeum.
Stanwick, P. A. and S. D. Stanwick. 1998. The Relationship Between Corporate Social Performance, and Organizational Size, Financial Performance, and Environmental Performance: An Empirical Examination. Journal of Business Ethics 17: 195-204.
Waddock, S. A. and Graves, S. B. 1997. The Corporate Social Performance-Financial Performance Link. Strategic Management Journal 18 (4): 303-319.
Walters, G. 2009. Corporate social responsibility through sport: The community sports trust model as a CSR delivery agency. Journal of Corporate Citizenship 135 (35): 81-94.
Wartick, S. L. and Cochran, P. L. 1985. The Evolution of the Corporate Social Performance Model. Academy of Management Review 10 (4): 758-769.
William C. Frederick. 1960. The Growing Concern Over Business Responsibility, California Management Review 2 (4): 54-61.
Wood, D. J. 1991. Corporate Social Performance Revisited, Academy of Management Review, 16: 691-718.
zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202000641en_US