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題名 企業社會責任與財務績效之關聯性-以天下雜誌CSR天下企業公民為研究對象
The Relation Between Corporate Social Responsibility & Financial Performance: Evidence from Taiwan作者 陳志彥
Chen, Chih-Yen貢獻者 顏錫銘
Yen, Shi-Ming
陳志彥
Chen, Chih-Yen關鍵詞 企業社會責任
財務績效
公司治理
企業承諾
社會參與
環境保護日期 2020 上傳時間 3-八月-2020 18:41:50 (UTC+8) 摘要 本研究主要探討台灣企業之企業社會責任表現是否會對其財務績效產生影響。以2016年-2019年天下雜誌「天下公民企業Top50」作為得獎企業目標樣本，同時也從TEJ台灣經濟新報資料庫選取了台灣其他上市櫃企業以1:2得獎：未得獎之比例做為配對樣本，並以多元迴歸模型去探討企業社會責任與財務績效間的關聯性，研究結果發現，天下雜誌得獎企業在企業社會責任上的相對積極作為對其財務績效確實有顯著的正向助益。本研究進一步探討了這些天下雜誌得獎企業中，在「四大構面」上的差異作為而得到的差異分數是否造成不同的財務績效表現，此四大構面包含「公司治理」、「企業承諾」、「社會參與」及「環境保護」，本研究以該四項評鑑分數對企業財務績效：每股盈餘進行多元迴歸，而研究結果顯示，「公司治理」及「企業承諾」可以對企業的財務績效帶來顯著且正向的影響，故完整的董事會結構、透明的資訊揭露和對消費者、供應鏈和其他利害關係人的承諾將有效地影響著企業財務表現。
This study examines whether Taiwanese companies` CSR performance has a relationship with their financial performance. The 2016-2019 World Common Wealth magazines "Citizen Enterprise Top 50" winning companies are used as the target sample. At the same time, other listed companies in Taiwan were selected from the TEJ Taiwan Economic Newspaper database to be the non-award-winning sample under the basis of 1:2 ratio that the number of non-award-winning is twice of winning samples, and using multiple regression models to explore the relationship between corporate social responsibility and financial performance. And the results of the study found that the relative positive ambition of award-winning companies does have a significant positive effect on their financial performance.This research further discusses whether the difference scores obtained by the "four major aspects" of World Common Wealth magazine award-winning companies result in different financial performance. These four major aspects include "corporate governance" and " "Corporate Commitment", "Social Participation" and "Environmental Protection". In this study, the four evaluation scores were used to perform multiple regressions on corporate financial performance: EPS. The research results show that "corporate governance" and "corporate commitment" have a significant and positive impact on the company`s financial performance, so a complete board structure, transparent information disclosure, and commitment to consumers, supply chains, and other stakeholders will effectively affect the company`s financial performance.參考文獻 Alexander, G.J. & R.A. Buchholz (1978). Corporate Social Responsibility and Stock Market Performance. The Academy of Management Journal, 21(3), 479-486.Bragdon, J. & J. Marlin (1972). Is Pollution Profitable. Risk Management, 19, 9-18.Brzenk（2018）. The Impact of the Global Economy on the S&P 500, S&P Dow Jones Indices, 4-6.Calantone, R.J., S.T. Cavusgil & Y. Zhao (2002). Learning Orientation, Firm Innovation Capability, and Firm Performance. Industrial Marketing Management, 31(6), 515-524.Carroll, A.B. (1991). The Pyramid of Corporate Social Responsibility: Toward the Moral Management of Organizational Stakeholders. Business Horizons, 34(4), 39-48.Davis, K. (1960). Can Business Afford to Ignore Social Responsibilities. California Management Review, 2, 70-71.Eilbirt, H. & R. Parket (1972). The corporate responsibility officer: A new position on the organization chart. Business Horizons, 15(6), 45-51.Friedman, M. (1970). The Social Responsibility of Business is to Increase its Profits . The New York Times Magazine, 122-126.Hall, P. & R. Rieck. (1998). The Effect of Postive Corporate Social Actions on Shareholder Wealth. Journal of Financial and Strategic Decisions, 11, 83-88.Hauff, M. & A. Kleine (2009). Sustainability-Driven Implementation of Corporate Social Responsibility: Application of the Integrative Sustainability Triangle. Journal of Business Ethics, 85(3), 517-533.Kaplan, R.S. & D.P. Norton (1996). Strategic learning & the balanced scorecard. Strategy & Leadership, 24(5), 18-24.Levitt, T. (1958). The Dangers of Social Responsibility. Harvard Business Review, 36, 41-50.McGuire, J.W.（1963）. Factors affecting the growth of manufacturing firms: Prepared under the Small Business Administration management research grant program. Bureau of Business Research. 100-110.McWilliams, A. & D. Siegel (2000). Corporate social responsibility and financial performance: Correlation or misspecification? Strategic Management Journal, 21(5), 603-609.Moskowitz, M. (1972). Choosing Socially Responsible Stocks. Business and Society Review, 1, 71-75.Peters, R.H. & M.R. Mullen (2009). Some evidence of the cumulative effects of corporate social responsibility on financial performance. Journal of Global Business Issues, 3(1), 1-14.Vance, S. (1975). Are Socially Responsible Corporations Good Investment Risks? Managerial Review, 64, 18-24. 中文文獻丁昶均(2018)。企業社會責任 ─ 公司治理、財務績效與政策。東吳大學商學院企業管理學系碩士論文，18-25。王言，張佑廷，柯俊禎及張阜民(2017)。善盡企業社會責任對公司治理、獲利能力關係之探討。財金論文叢刊，27期，34-49。朱梓齊(2012)。企業社會責任對高階主管薪酬與績效關聯性影響之探討。國立政治大學會計學系碩士論文，21-35。李秀英，劉俊儒及楊筱翎(2011)。企業社會責任與公司績效之關聯性。東海管理評論，13卷1期，77-112。沈中華及張元(2008)。企業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，36卷3期，339-385。林文玲及傅鍾仁(2001)。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，12卷2期，209-229。林佳欣(2019)。企業社會責任活動對企業長期財務指標的影響。國立政治大學企業管理研究所碩士論文，4-8。莫冬立(2006)。追求典範：企業社會責任評等。證券櫃檯，141期，62-63。曹壽民，金成隆及呂學典(2009)。股權結構與多角化。臺大管理論叢，22卷1期，165-198。陳庭萱，何瑞鎮及林玉婷(2016)。企業社會責任對長短期股價的影響－以台灣銀行業為例，證券市場發展季刊，28卷4期，129-169。黃瓊瑤，王癸元及張鳳真(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，14卷2期，175-204。劉嘉惠（2001）。公司治理下股權結構與經營績效關係之研究－兼論美、日、韓公司治理。私立長榮大學經營管理研究所碩士論文。劉美纓，丁碧慧及朱奐聿(2014)。企業社會責任與公司治理、公司績效之關連性研究。科際整合管理研討會，2014第17屆，17-30。葉旻其（2009）。公司治理機制對企業績效與董監薪酬之影響。國立政治大學會計系碩士論文。 描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
107363019資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107363019 資料類型 thesis dc.contributor.advisor 顏錫銘 zh_TW dc.contributor.advisor Yen, Shi-Ming en_US dc.contributor.author (作者) 陳志彥 zh_TW dc.contributor.author (作者) Chen, Chih-Yen en_US dc.creator (作者) 陳志彥 zh_TW dc.creator (作者) Chen, Chih-Yen en_US dc.date (日期) 2020 en_US dc.date.accessioned 3-八月-2020 18:41:50 (UTC+8) - dc.date.available 3-八月-2020 18:41:50 (UTC+8) - dc.date.issued (上傳時間) 3-八月-2020 18:41:50 (UTC+8) - dc.identifier (其他 識別碼) G0107363019 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/131345 - 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) 107363019 zh_TW dc.description.abstract (摘要) 本研究主要探討台灣企業之企業社會責任表現是否會對其財務績效產生影響。以2016年-2019年天下雜誌「天下公民企業Top50」作為得獎企業目標樣本，同時也從TEJ台灣經濟新報資料庫選取了台灣其他上市櫃企業以1:2得獎：未得獎之比例做為配對樣本，並以多元迴歸模型去探討企業社會責任與財務績效間的關聯性，研究結果發現，天下雜誌得獎企業在企業社會責任上的相對積極作為對其財務績效確實有顯著的正向助益。本研究進一步探討了這些天下雜誌得獎企業中，在「四大構面」上的差異作為而得到的差異分數是否造成不同的財務績效表現，此四大構面包含「公司治理」、「企業承諾」、「社會參與」及「環境保護」，本研究以該四項評鑑分數對企業財務績效：每股盈餘進行多元迴歸，而研究結果顯示，「公司治理」及「企業承諾」可以對企業的財務績效帶來顯著且正向的影響，故完整的董事會結構、透明的資訊揭露和對消費者、供應鏈和其他利害關係人的承諾將有效地影響著企業財務表現。 zh_TW dc.description.abstract (摘要) This study examines whether Taiwanese companies` CSR performance has a relationship with their financial performance. The 2016-2019 World Common Wealth magazines "Citizen Enterprise Top 50" winning companies are used as the target sample. At the same time, other listed companies in Taiwan were selected from the TEJ Taiwan Economic Newspaper database to be the non-award-winning sample under the basis of 1:2 ratio that the number of non-award-winning is twice of winning samples, and using multiple regression models to explore the relationship between corporate social responsibility and financial performance. And the results of the study found that the relative positive ambition of award-winning companies does have a significant positive effect on their financial performance.This research further discusses whether the difference scores obtained by the "four major aspects" of World Common Wealth magazine award-winning companies result in different financial performance. These four major aspects include "corporate governance" and " "Corporate Commitment", "Social Participation" and "Environmental Protection". In this study, the four evaluation scores were used to perform multiple regressions on corporate financial performance: EPS. The research results show that "corporate governance" and "corporate commitment" have a significant and positive impact on the company`s financial performance, so a complete board structure, transparent information disclosure, and commitment to consumers, supply chains, and other stakeholders will effectively affect the company`s financial performance. en_US dc.description.tableofcontents 目錄 VI表目錄 VII圖目錄 VIII第一章 緒論 1第一章第一節 研究背景與動機 1第一章第二節 研究目的 3第一章第三節 研究架構 4第二章 文獻探討 5第二章第一節 企業社會責任的發展 5第二章第二節 企業社會責任與企業財務績效之關聯性 8第二章第三節 用於評估企業經營狀況的指標 10第二章第四節 企業社會責任績效評估 13第三章 研究方法 15第三章第一節 樣本選取 15第三章第二節 變數定義與衡量 16第三章第三節 研究假說 19第四章 實證分析 23第四章第一節 敘述性統計 23第四章第二節 相關性分析 26第四章第三節 迴歸結果分析 30第五章 結論 39第五章第一節 研究結論 39第五章第二節 研究限制 40第五章第三節 研究建議 41參考文獻 42英文文獻 42中文文獻 44附錄 46 zh_TW dc.format.extent 2337062 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107363019 en_US dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) 財務績效 zh_TW dc.subject (關鍵詞) 公司治理 zh_TW dc.subject (關鍵詞) 企業承諾 zh_TW dc.subject (關鍵詞) 社會參與 zh_TW dc.subject (關鍵詞) 環境保護 zh_TW dc.title (題名) 企業社會責任與財務績效之關聯性-以天下雜誌CSR天下企業公民為研究對象 zh_TW dc.title (題名) The Relation Between Corporate Social Responsibility & Financial Performance: Evidence from Taiwan en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Alexander, G.J. & R.A. Buchholz (1978). Corporate Social Responsibility and Stock Market Performance. The Academy of Management Journal, 21(3), 479-486.Bragdon, J. & J. Marlin (1972). Is Pollution Profitable. Risk Management, 19, 9-18.Brzenk（2018）. The Impact of the Global Economy on the S&P 500, S&P Dow Jones Indices, 4-6.Calantone, R.J., S.T. Cavusgil & Y. Zhao (2002). Learning Orientation, Firm Innovation Capability, and Firm Performance. Industrial Marketing Management, 31(6), 515-524.Carroll, A.B. (1991). The Pyramid of Corporate Social Responsibility: Toward the Moral Management of Organizational Stakeholders. Business Horizons, 34(4), 39-48.Davis, K. (1960). Can Business Afford to Ignore Social Responsibilities. California Management Review, 2, 70-71.Eilbirt, H. & R. Parket (1972). The corporate responsibility officer: A new position on the organization chart. Business Horizons, 15(6), 45-51.Friedman, M. (1970). The Social Responsibility of Business is to Increase its Profits . The New York Times Magazine, 122-126.Hall, P. & R. Rieck. (1998). The Effect of Postive Corporate Social Actions on Shareholder Wealth. Journal of Financial and Strategic Decisions, 11, 83-88.Hauff, M. & A. Kleine (2009). Sustainability-Driven Implementation of Corporate Social Responsibility: Application of the Integrative Sustainability Triangle. Journal of Business Ethics, 85(3), 517-533.Kaplan, R.S. & D.P. Norton (1996). Strategic learning & the balanced scorecard. Strategy & Leadership, 24(5), 18-24.Levitt, T. (1958). The Dangers of Social Responsibility. Harvard Business Review, 36, 41-50.McGuire, J.W.（1963）. Factors affecting the growth of manufacturing firms: Prepared under the Small Business Administration management research grant program. Bureau of Business Research. 100-110.McWilliams, A. & D. Siegel (2000). Corporate social responsibility and financial performance: Correlation or misspecification? Strategic Management Journal, 21(5), 603-609.Moskowitz, M. (1972). Choosing Socially Responsible Stocks. Business and Society Review, 1, 71-75.Peters, R.H. & M.R. Mullen (2009). Some evidence of the cumulative effects of corporate social responsibility on financial performance. Journal of Global Business Issues, 3(1), 1-14.Vance, S. (1975). Are Socially Responsible Corporations Good Investment Risks? Managerial Review, 64, 18-24. 中文文獻丁昶均(2018)。企業社會責任 ─ 公司治理、財務績效與政策。東吳大學商學院企業管理學系碩士論文，18-25。王言，張佑廷，柯俊禎及張阜民(2017)。善盡企業社會責任對公司治理、獲利能力關係之探討。財金論文叢刊，27期，34-49。朱梓齊(2012)。企業社會責任對高階主管薪酬與績效關聯性影響之探討。國立政治大學會計學系碩士論文，21-35。李秀英，劉俊儒及楊筱翎(2011)。企業社會責任與公司績效之關聯性。東海管理評論，13卷1期，77-112。沈中華及張元(2008)。企業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，36卷3期，339-385。林文玲及傅鍾仁(2001)。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，12卷2期，209-229。林佳欣(2019)。企業社會責任活動對企業長期財務指標的影響。國立政治大學企業管理研究所碩士論文，4-8。莫冬立(2006)。追求典範：企業社會責任評等。證券櫃檯，141期，62-63。曹壽民，金成隆及呂學典(2009)。股權結構與多角化。臺大管理論叢，22卷1期，165-198。陳庭萱，何瑞鎮及林玉婷(2016)。企業社會責任對長短期股價的影響－以台灣銀行業為例，證券市場發展季刊，28卷4期，129-169。黃瓊瑤，王癸元及張鳳真(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，14卷2期，175-204。劉嘉惠（2001）。公司治理下股權結構與經營績效關係之研究－兼論美、日、韓公司治理。私立長榮大學經營管理研究所碩士論文。劉美纓，丁碧慧及朱奐聿(2014)。企業社會責任與公司治理、公司績效之關連性研究。科際整合管理研討會，2014第17屆，17-30。葉旻其（2009）。公司治理機制對企業績效與董監薪酬之影響。國立政治大學會計系碩士論文。 zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202000693 en_US
