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題名 企業社會責任表現不一致對公司績效的影響-以台灣上市公司為例
The impact of CSR discrepancy on corporate performance: Evidence from Taiwan作者 阮偉勛
Juan, Wei-Hsun貢獻者 譚丹琪
Tan, Dan-Chi
阮偉勛
Juan, Wei-Hsun關鍵詞 公司財務績效
CSR不一致
外部CSR
內部CSR
Corporate financial performance
CSR discrepancy
External CSR
Internal CSR日期 2023 上傳時間 2-Aug-2023 13:13:44 (UTC+8) 摘要 本研究目的是探討企業社會責任不一致對公司財務績效之影響。企業社會責任 (CSR)是全球各公司普遍關注的現象，企業在追求經濟效益的同時，也關注對社會、 環境和利益相關者的影響，並承擔相應的責任。然而，許多企業在實施 CSR 策略時， 內部 CSR 和外部 CSR 的比例可能不一致。這種不平衡的策略可能對企業的長期發展產 生負面影響。因此，企業在實施 CSR 策略時，需要平衡內部 CSR 和外部 CSR 的比例， 既要注重員工福利，也要關注社會和環境議題，承擔企業的社會責任，平衡內部和外部 CSR 也可以帶來多重好處。本研究觀察 TEJ 臺灣經濟新報的資料庫，截至 2022 年 10 月的資料，共計 1801 家臺灣上市公司，並針對其 CSR 指標分數以及公司財務績效進行 量化分析。分析後，本研究有三個發現:(1)當公司的外部 CSR 和內部 CSR 策略比例 一致時，ROA 會明顯高於比例不一致的公司(2)當公司內外部 CSR 分數均高於中位 數時，ROA 會顯著高於內外部 CSR 分數均低於中位數的公司(3)當公司內部 CSR 策 略較外部 CSR 策略重要時，ROA 會顯著高於外部 CSR 策略重於內部 CSR 策略的公司。 最後，本研究認為公司應平衡內外部 CSR 策略的比例，投入足夠資源，並優先考慮內 部 CSR 策略，以進一步提升企業的社會價值、經營效益和財務績效。
The purpose of this study is to examine the impact of inconsistent corporate social responsibility (CSR) on firm financial performance. CSR has become a widespread concern among global companies, as they strive to balance economic interests with their impact on society, the environment, and stakeholders, while assuming corresponding responsibilities. However, many companies may exhibit an imbalance between internal CSR and external CSR when implementing CSR strategies. Such an imbalanced approach can have negative implications for a company`s long-term development. Therefore, it is crucial for companies to strike a balance between internal CSR and external CSR, ensuring the well-being of employees, addressing social and environmental issues, and fulfilling their social responsibilities. This equilibrium between internal and external CSR can yield multiple benefits. This study observes the database of TEJ Taiwan Economic Journal for data as of October 2022, encompassing 1,801 listed companies in Taiwan. It conducts a quantitative analysis of their CSR indicators and financial performance. Based on the analysis, this study makes three key findings: (1) Companies with consistent proportions of external and internal CSR strategies exhibit significantly higher Return on Assets (ROA) compared to those with inconsistent proportions. (2) Companies with both internal and external CSR scores higher than the median show significantly higher ROA compared to those with scores below the median in both dimensions. (3) Companies emphasizing internal CSR strategies over external CSR strategies demonstrate significantly higher ROA compared to companies prioritizing external CSR strategies over internal ones. In conclusion, this study suggests that companies should strike a balance between internal and external CSR strategies, allocate sufficient resources, and prioritize internal CSR strategies to enhance both their social value, operational efficiency and financial performance.參考文獻 ESG 遠見編輯部. (2023, March 15). 亞太永續評比出爐!台灣奪回冠軍、80%企業已揭露 淨零目標. ESG 遠見- 永續共好. https://esg.gvm.com.tw/article/24486. 2023/5/20.Arli, D., Grace, A., Palmer, J., & Pham, C. (2017). Investigating the direct and indirect effects of corporate hypocrisy and perceived corporate reputation on consumers’ attitudes toward the company. Journal of Retailing and Consumer Services, 37, 139-145.Al-Shammari, M. A., Al-Shammari, H., & Banerjee, S. N. (2022). CSR discrepancies, firm visibility and performance: a mediated moderation analysis. Management Decision.Ahi, P., & Searcy, C. (2015). Assessing sustainability in the supply chain:A triple bottom line approach. Applied Mathematical Modelling, 39(10-11), 2882-2896.Brickson, S. L. (2007). Organizational identity orientation: The genesis ofthe role of the firm and distinct forms of social value. Academy of management review, 32(3), 864-888.Bilbao-Terol, A., Arenas-Parra, M., Alvarez-Otero, S. and Canal-Fernandez, V. (2020), “Integrating corporate social responsibility and financial performance”, Management Decision, Vol. 57 No. 2, pp. 324-348.Cruz, C., Larraza–Kintana, M., Garcés–Galdeano, L., & Berrone, P. (2014).Are family firms really more socially responsible?. Entrepreneurship Theory and Practice, 38(6), 1295-1316.Campbell JL. (2007). Why Would Corporations Behave in Socially Responsible Ways? An Institutional Theory of Corporate Social Responsibility. Academy of Management Review 32(3): 946-967.Dahlsrud, A. (2008). How corporate social responsibility is defined: An analysis of 37 definitions. Corporate Social Responsibility and Environmental Management, 15(1), 1–13Demasi, R., & Voegtlin, C. (2022). When the Private and the Public Self Don’t Align: The Role of Discrepant Moral Identity Dimensions in Processing Inconsistent CSR Information. Journal of Business Ethics, 1-24.Ferrero-Ferrero, I., Fernández-Izquierdo, M. Á ., & Muñoz-Torres, M. J. (2016). The effect of environmental, social and governance consistency on economic results. Sustainability, 8(10), 1005.Farooq, Q., Fu, P., Liu, X., & Hao, Y. (2021). Basics of macro to microlevel corporate social responsibility and advancement in triple bottomline theory. Corporate Social Responsibility and Environmental Management, 28(3), 969-979.Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge university press.Giang, H. T. T., & Dung, L. T. (2022). The effect of internal corporate social responsibility practices on firm performance: the mediating role of employee intrapreneurial behaviour. Review of Managerial Science, 16(4), 1035-1061.Habaragoda, B. S. (2018). Corporate social responsibility (CSR) and firm performance: Impact of internal and external CSR on financial performance. Business and Management, 10(3), 156- 170.Hammer, J., & Pivo, G. (2017). The triple bottom line and sustainable economic development theory and practice. Economic Development Quarterly, 31(1), 25-36.Hong, J., Zhang, Y., & Ding, M. (2018). Sustainable supply chain managementpractices, supply chain dynamic capabilities, and enterprise performance.Journal of cleaner production, 172, 3508-3519.Hawn, O., & Ioannou, I. (2016). Mind the gap: The interplay between external and internal actions in the case of corporate social responsibility. Strategic management journal, 37(13), 2569-2588.Hou, T. C. T. (2019). The relationship between corporate social responsibility and sustainable financial performance: Firm‐level evidence from Taiwan. Corporate Social Responsibility and Environmental Management, 26(1), 19-28.Hur, W. M., Moon, T. W., & Choi, W. H. (2019). When are internal and external corporate social responsibility initiatives amplified? Employee engagement in corporate social responsibility initiatives on prosocial and proactive behaviors. Corporate Social Responsibility and Environmental Management, 26(4), 849-858.Huang, Y. C., & Jim Wu, Y. C. (2010). The effects of organizational factorson green new product success: Evidence from high‐tech industries in Taiwan. Management Decision, 48(10), 1539-1567.Lin, C. H., Yang, H. L., & Liou, D. Y. (2009). The impact of corporate social responsibility on financial performance: Evidence from business in Taiwan. Technology in society, 31(1), 56-63.Lin, L., Hung, P. H., Chou, D. W., & Lai, C. W. (2019). Financial performance and corporate social responsibility: Empirical evidence from Taiwan. Asia Pacific Management Review, 24(1), 61-71.Lee, Y. H., & Yang, L. T. Y. (2021). Corporate social responsibility and financial performance: a case study based in Taiwan. Applied Economics, 53(23), 2661-2670.Mohr, L. A., Webb, D. J., & Harris, K. E. (2001). Do consumers expect companies to be socially responsible? The impact of corporate social responsibility on buying behavior. Journal of Consumer Affairs, 35(1), 45-72.Pressgrove, G., Barra, C., & Kim, C. (2022). Identifying a credible spokesperson for corporate social responsibility initiatives: Findings from a cross-national study. Public Relations Review, 48(2), 102177.Pham, H. S. T., & Tran, H. T. (2020). CSR disclosure and firm performance: The mediating role of corporate reputation and moderating role of CEO integrity. Journal of Business Research, 120, 127-136Porter, M. E., & Kramer, M. R. (2006). Strategy and society: The link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 78-92.Rim, H., & Kim, S. (2016). Dimensions of corporate social responsibility (CSR) skepticism and their impacts on public evaluations toward CSR. Journal of Public Relations Research, 28(5–6), 248–267Saka, C., & Oshika, T. (2014). Disclosure effects, carbon emissions and corporate value. Sustainability Accounting, Management and Policy Journal, 5(1), 22-45.Scheidler, S., Edinger-Schons, L.M., Spanjol, J. and Wieseke, J. (2019), “Scrooge posing as Mother Teresa: how hypocritical social responsibility strategies hurt employees and firms”, Journal of Business Ethics, Vol. 157No. 2, pp. 339-358.Tantalo, C., & Priem, R. L. (2016). Value creation through stakeholder synergy. Strategic management journal, 37(2), 314-329.Turker, D. (2009). How corporate social responsibility influences organizational commitment. Journal of Business Ethics, 89(2), 189-204.Tang, Z., Hull, C.E. and Rothenberg, S. (2012), “How corporate social responsibility engagement strategy moderates the CSR–Financial performancerelationship”, Journal of Management Studies, Vol. 49 No. 7, pp.1274-1303.Uyar, A., Kuzey, C., & Karaman, A. S. (2022). ESG performance and CSR awards: Does consistency matter?. Finance Research Letters, 50, 103276.Vashchenko, M. (2017). An external perspective on CSR: What matters and what does not?. Business Ethics: A European Review, 26(4), 396-412.Waddock S. (2008). Building a new institutional infrastructure for corporate responsibility. The Academy of Management Perspectives 22(3): 87-108.Wagner, T., Lutz, R. J., & Weitz, B. A. (2009). Corporate hypocrisy: Overcoming the threat of inconsistent corporate social responsibility perceptions. Journal of marketing, 73(6), 77-91.Yoo, D., & Lee, J. (2018). The effects of corporate social responsibility (CSR) fit and CSR consistency on company evaluation: The role of CSR support. Sustainability, 10(8), 2956.Yang, M., Bento, P., & Akbar, A. (2019). Does CSR influence firm performance indicators? Evidence from Chinese pharmaceutical enterprises. Sustainability, 11(20), 5656. 描述 碩士
國立政治大學
國際經營與貿易學系
110351035資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110351035 資料類型 thesis dc.contributor.advisor 譚丹琪 zh_TW dc.contributor.advisor Tan, Dan-Chi en_US dc.contributor.author (Authors) 阮偉勛 zh_TW dc.contributor.author (Authors) Juan, Wei-Hsun en_US dc.creator (作者) 阮偉勛 zh_TW dc.creator (作者) Juan, Wei-Hsun en_US dc.date (日期) 2023 en_US dc.date.accessioned 2-Aug-2023 13:13:44 (UTC+8) - dc.date.available 2-Aug-2023 13:13:44 (UTC+8) - dc.date.issued (上傳時間) 2-Aug-2023 13:13:44 (UTC+8) - dc.identifier (Other Identifiers) G0110351035 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146343 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營與貿易學系 zh_TW dc.description (描述) 110351035 zh_TW dc.description.abstract (摘要) 本研究目的是探討企業社會責任不一致對公司財務績效之影響。企業社會責任 (CSR)是全球各公司普遍關注的現象，企業在追求經濟效益的同時，也關注對社會、 環境和利益相關者的影響，並承擔相應的責任。然而，許多企業在實施 CSR 策略時， 內部 CSR 和外部 CSR 的比例可能不一致。這種不平衡的策略可能對企業的長期發展產 生負面影響。因此，企業在實施 CSR 策略時，需要平衡內部 CSR 和外部 CSR 的比例， 既要注重員工福利，也要關注社會和環境議題，承擔企業的社會責任，平衡內部和外部 CSR 也可以帶來多重好處。本研究觀察 TEJ 臺灣經濟新報的資料庫，截至 2022 年 10 月的資料，共計 1801 家臺灣上市公司，並針對其 CSR 指標分數以及公司財務績效進行 量化分析。分析後，本研究有三個發現:(1)當公司的外部 CSR 和內部 CSR 策略比例 一致時，ROA 會明顯高於比例不一致的公司(2)當公司內外部 CSR 分數均高於中位 數時，ROA 會顯著高於內外部 CSR 分數均低於中位數的公司(3)當公司內部 CSR 策 略較外部 CSR 策略重要時，ROA 會顯著高於外部 CSR 策略重於內部 CSR 策略的公司。 最後，本研究認為公司應平衡內外部 CSR 策略的比例，投入足夠資源，並優先考慮內 部 CSR 策略，以進一步提升企業的社會價值、經營效益和財務績效。 zh_TW dc.description.abstract (摘要) The purpose of this study is to examine the impact of inconsistent corporate social responsibility (CSR) on firm financial performance. CSR has become a widespread concern among global companies, as they strive to balance economic interests with their impact on society, the environment, and stakeholders, while assuming corresponding responsibilities. However, many companies may exhibit an imbalance between internal CSR and external CSR when implementing CSR strategies. Such an imbalanced approach can have negative implications for a company`s long-term development. Therefore, it is crucial for companies to strike a balance between internal CSR and external CSR, ensuring the well-being of employees, addressing social and environmental issues, and fulfilling their social responsibilities. This equilibrium between internal and external CSR can yield multiple benefits. This study observes the database of TEJ Taiwan Economic Journal for data as of October 2022, encompassing 1,801 listed companies in Taiwan. It conducts a quantitative analysis of their CSR indicators and financial performance. Based on the analysis, this study makes three key findings: (1) Companies with consistent proportions of external and internal CSR strategies exhibit significantly higher Return on Assets (ROA) compared to those with inconsistent proportions. (2) Companies with both internal and external CSR scores higher than the median show significantly higher ROA compared to those with scores below the median in both dimensions. (3) Companies emphasizing internal CSR strategies over external CSR strategies demonstrate significantly higher ROA compared to companies prioritizing external CSR strategies over internal ones. In conclusion, this study suggests that companies should strike a balance between internal and external CSR strategies, allocate sufficient resources, and prioritize internal CSR strategies to enhance both their social value, operational efficiency and financial performance. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景與動機 1第二節 研究問題與目的 3第二章 文獻探討 4第一節 CSR定義與種類 4第二節 外部與內部CSR對財務績效的影響 5第三節 內外部CSR不一致之利益衝突 7第三章 研究假說 10第四章 研究方法 15第一節 資料來源與研究對象 15第二節 檢定方法與名稱定義 15第五章 結果分析 18第一節 內外部CSR比例一致與不一致之公司財務績效差異分析 18第二節 內外部CSR比例一致之公司財務績效差異分析 20第三節 內外部CSR比例不一致之公司財務績效差異分析 22第四節 穩健度測試 24第六章 結果與建議 28第一節 研究結論 28第二節 管理意涵 31第三節 研究限制與未來方向 32引用文獻 34 zh_TW dc.format.extent 752808 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110351035 en_US dc.subject (關鍵詞) 公司財務績效 zh_TW dc.subject (關鍵詞) CSR不一致 zh_TW dc.subject (關鍵詞) 外部CSR zh_TW dc.subject (關鍵詞) 內部CSR zh_TW dc.subject (關鍵詞) Corporate financial performance en_US dc.subject (關鍵詞) CSR discrepancy en_US dc.subject (關鍵詞) External CSR en_US dc.subject (關鍵詞) Internal CSR en_US dc.title (題名) 企業社會責任表現不一致對公司績效的影響-以台灣上市公司為例 zh_TW dc.title (題名) The impact of CSR discrepancy on corporate performance: Evidence from Taiwan en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) ESG 遠見編輯部. (2023, March 15). 亞太永續評比出爐!台灣奪回冠軍、80%企業已揭露 淨零目標. ESG 遠見- 永續共好. https://esg.gvm.com.tw/article/24486. 2023/5/20.Arli, D., Grace, A., Palmer, J., & Pham, C. (2017). Investigating the direct and indirect effects of corporate hypocrisy and perceived corporate reputation on consumers’ attitudes toward the company. Journal of Retailing and Consumer Services, 37, 139-145.Al-Shammari, M. A., Al-Shammari, H., & Banerjee, S. N. (2022). CSR discrepancies, firm visibility and performance: a mediated moderation analysis. Management Decision.Ahi, P., & Searcy, C. (2015). Assessing sustainability in the supply chain:A triple bottom line approach. Applied Mathematical Modelling, 39(10-11), 2882-2896.Brickson, S. L. (2007). Organizational identity orientation: The genesis ofthe role of the firm and distinct forms of social value. Academy of management review, 32(3), 864-888.Bilbao-Terol, A., Arenas-Parra, M., Alvarez-Otero, S. and Canal-Fernandez, V. (2020), “Integrating corporate social responsibility and financial performance”, Management Decision, Vol. 57 No. 2, pp. 324-348.Cruz, C., Larraza–Kintana, M., Garcés–Galdeano, L., & Berrone, P. (2014).Are family firms really more socially responsible?. Entrepreneurship Theory and Practice, 38(6), 1295-1316.Campbell JL. (2007). Why Would Corporations Behave in Socially Responsible Ways? An Institutional Theory of Corporate Social Responsibility. Academy of Management Review 32(3): 946-967.Dahlsrud, A. (2008). How corporate social responsibility is defined: An analysis of 37 definitions. Corporate Social Responsibility and Environmental Management, 15(1), 1–13Demasi, R., & Voegtlin, C. (2022). When the Private and the Public Self Don’t Align: The Role of Discrepant Moral Identity Dimensions in Processing Inconsistent CSR Information. Journal of Business Ethics, 1-24.Ferrero-Ferrero, I., Fernández-Izquierdo, M. Á ., & Muñoz-Torres, M. J. (2016). The effect of environmental, social and governance consistency on economic results. Sustainability, 8(10), 1005.Farooq, Q., Fu, P., Liu, X., & Hao, Y. (2021). Basics of macro to microlevel corporate social responsibility and advancement in triple bottomline theory. Corporate Social Responsibility and Environmental Management, 28(3), 969-979.Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge university press.Giang, H. T. T., & Dung, L. T. (2022). The effect of internal corporate social responsibility practices on firm performance: the mediating role of employee intrapreneurial behaviour. Review of Managerial Science, 16(4), 1035-1061.Habaragoda, B. S. (2018). Corporate social responsibility (CSR) and firm performance: Impact of internal and external CSR on financial performance. Business and Management, 10(3), 156- 170.Hammer, J., & Pivo, G. (2017). The triple bottom line and sustainable economic development theory and practice. Economic Development Quarterly, 31(1), 25-36.Hong, J., Zhang, Y., & Ding, M. (2018). Sustainable supply chain managementpractices, supply chain dynamic capabilities, and enterprise performance.Journal of cleaner production, 172, 3508-3519.Hawn, O., & Ioannou, I. (2016). Mind the gap: The interplay between external and internal actions in the case of corporate social responsibility. Strategic management journal, 37(13), 2569-2588.Hou, T. C. T. (2019). The relationship between corporate social responsibility and sustainable financial performance: Firm‐level evidence from Taiwan. Corporate Social Responsibility and Environmental Management, 26(1), 19-28.Hur, W. M., Moon, T. W., & Choi, W. H. (2019). When are internal and external corporate social responsibility initiatives amplified? Employee engagement in corporate social responsibility initiatives on prosocial and proactive behaviors. Corporate Social Responsibility and Environmental Management, 26(4), 849-858.Huang, Y. C., & Jim Wu, Y. C. (2010). The effects of organizational factorson green new product success: Evidence from high‐tech industries in Taiwan. Management Decision, 48(10), 1539-1567.Lin, C. H., Yang, H. L., & Liou, D. Y. (2009). The impact of corporate social responsibility on financial performance: Evidence from business in Taiwan. Technology in society, 31(1), 56-63.Lin, L., Hung, P. H., Chou, D. W., & Lai, C. W. (2019). Financial performance and corporate social responsibility: Empirical evidence from Taiwan. Asia Pacific Management Review, 24(1), 61-71.Lee, Y. H., & Yang, L. T. Y. (2021). Corporate social responsibility and financial performance: a case study based in Taiwan. Applied Economics, 53(23), 2661-2670.Mohr, L. A., Webb, D. J., & Harris, K. E. (2001). Do consumers expect companies to be socially responsible? The impact of corporate social responsibility on buying behavior. Journal of Consumer Affairs, 35(1), 45-72.Pressgrove, G., Barra, C., & Kim, C. (2022). Identifying a credible spokesperson for corporate social responsibility initiatives: Findings from a cross-national study. Public Relations Review, 48(2), 102177.Pham, H. S. T., & Tran, H. T. (2020). CSR disclosure and firm performance: The mediating role of corporate reputation and moderating role of CEO integrity. Journal of Business Research, 120, 127-136Porter, M. E., & Kramer, M. R. (2006). Strategy and society: The link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 78-92.Rim, H., & Kim, S. (2016). Dimensions of corporate social responsibility (CSR) skepticism and their impacts on public evaluations toward CSR. Journal of Public Relations Research, 28(5–6), 248–267Saka, C., & Oshika, T. (2014). Disclosure effects, carbon emissions and corporate value. Sustainability Accounting, Management and Policy Journal, 5(1), 22-45.Scheidler, S., Edinger-Schons, L.M., Spanjol, J. and Wieseke, J. (2019), “Scrooge posing as Mother Teresa: how hypocritical social responsibility strategies hurt employees and firms”, Journal of Business Ethics, Vol. 157No. 2, pp. 339-358.Tantalo, C., & Priem, R. L. (2016). Value creation through stakeholder synergy. Strategic management journal, 37(2), 314-329.Turker, D. (2009). How corporate social responsibility influences organizational commitment. Journal of Business Ethics, 89(2), 189-204.Tang, Z., Hull, C.E. and Rothenberg, S. (2012), “How corporate social responsibility engagement strategy moderates the CSR–Financial performancerelationship”, Journal of Management Studies, Vol. 49 No. 7, pp.1274-1303.Uyar, A., Kuzey, C., & Karaman, A. S. (2022). ESG performance and CSR awards: Does consistency matter?. Finance Research Letters, 50, 103276.Vashchenko, M. (2017). An external perspective on CSR: What matters and what does not?. Business Ethics: A European Review, 26(4), 396-412.Waddock S. (2008). Building a new institutional infrastructure for corporate responsibility. The Academy of Management Perspectives 22(3): 87-108.Wagner, T., Lutz, R. J., & Weitz, B. A. (2009). Corporate hypocrisy: Overcoming the threat of inconsistent corporate social responsibility perceptions. Journal of marketing, 73(6), 77-91.Yoo, D., & Lee, J. (2018). The effects of corporate social responsibility (CSR) fit and CSR consistency on company evaluation: The role of CSR support. Sustainability, 10(8), 2956.Yang, M., Bento, P., & Akbar, A. (2019). Does CSR influence firm performance indicators? Evidence from Chinese pharmaceutical enterprises. Sustainability, 11(20), 5656. zh_TW
