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題名 企業社會績效與企業價值的關連性
The linkage between corporate social performance and firm value
作者 王嘉宏
Wang, Chia Hong
貢獻者 吳啟銘
王嘉宏
Wang, Chia Hong
關鍵詞 企業社會責任
企業社會績效
企業財務績效
企業價值
托賓q比率
CSR
CSP
CFP
Firm Value
Tobin`s q
日期 2011
上傳時間 30-Oct-2012 11:20:59 (UTC+8)
摘要 　　企業社會績效(Corporate Social Performance; CSP)和企業財務績效(Corporate Financial Performance; CFP)的關聯性是近年來在學術界最常被討論的一個議題，從企業經營的觀點，到底企業進行企業社會責任(Corporate Social Responsibility; CSR)所表現出來的企業社會績效能不能帶動企業財務績效的提升最後創造企業價值(Firm Value; FV)，則是許多企業經營者所關心的。本文試圖研究企業社會績效和企業價值的關聯，希望藉由全盤的分析，從企業社會績效對企業財務績效的因果關係，和企業社會績效透過何種管道提升企業價值，以及企業到底該如何看待企業社會責任這幾個面向，去探討企業社會績效和企業價值的關係。希望能夠將學理上的理論和實務面的思考進行結合。
　　本研究利用Tobin’ q拆解的方式分析可能的假說，接著採取迴歸模型進行實證分析，之後進一步利用兩階段迴歸模型排除可能的內生性問題，最後得到以下的實證結果：企業社會績效能夠提升企業財務績效最後創造企業價值，而企業社會責任是一種策略性的思維，是一種價值維護甚至是創造的手段，財務績效好的公司會更有能耐去利用企業社會責任做為差異化的策略。從以上發現，本研究實證結果支持企業社會責任對於企業經營與企業價值創造有正面的效益，換言之，企業社會績效的提升對企業價值的創造是正面的。
　　The relationship between corporate social performance (CSP) and corporate financial performance (CFP) is the most popular issue for the past few years. From the perspective of business administration, there is always a question aroused. “As a company investment, is it really make sense to invest corporate social responsibility (CSR) in order to increase the CSP?” In other words, is higher CSP really means higher CFP and creating more firm value? This is the central question that all the business manager will like to know. This is the topic that this research paper wants to study. Besides, this research paper not only try to understand the linkage between CSP and CFP but also try to clarify how CSP affect CFP and create firm value.
　　The methodology be used in this study is the decomposition of Tobin’s q and two-stage regression in order to avoid potential endogenous problem. After several empirical tests for the potential hypothesis, the empirical evidence shows that a higher CSP can increase CFP and create firm value in the end. Furthermore, the investment of CSR is a strategic thinking for company to preserve their firm value and create new value of the firm. The linkage between CSP and firm value is positive and should be consider as a strategy for company who want value creation.
參考文獻 一、中文部分
池祥麟、林怡君(2007)，”社會績效與企業財務績效關聯性之分析－以道瓊STOXX永續性指數為例"，2007企業倫理和公司治理國際研討會，輔仁大學主辦。
張元、沈中華與王宗政(2010)，”新聞曝光可以增進企業社會責任對財務績效的影響嗎？－台灣的實證研究”，台灣經濟學會2010年會，台灣大學主辦
郭方昇(2001)，”企業社會責任對企業財務績效與投資組合績效之影響性分析”，私立中原大學企業管理學系碩士論文
葉淑娟(1988)，”企業社會責任之研究－聯合分析法之應用”，國立台灣大學商學系碩士論文
二、英文部分
Alexander, G. J. and Buchholz. R. A., 1978, “Corporate Social Responsibility and Stock Market Performance”, Academy of Management Journal, 21(3), 479-486.
Aupperle, Kenneth, Archie Carroll, and John D. Hatfield, 1985, “An Empirical Examination of the Relationship between Corporate Social Responsibility and Profitability”, Academy of Management Journal 28, 446-463.
Bowen, H. R, 1953, “Social Responsibilities of the Businessman”, NewYork: Harper&Row.
Bowman, E. H. and M. Haire, 1975, “A Strategic Posture toward Corporate Social Responsibility”, California Management Review, 18(2), 49-58.
Bragdon, J. H. and J. A. T. Marlin, 1972, “Is Pollution Profitable?”, Risk Management 19(4), 9-18.
Brammer, S., C. Brooks and S. Pavelin (2005), "Corporate Social Performance and Stock Returns: UK Evidence from Disaggregate Measures", Financial Management, 35, 97-116.
Carroll, A. B., 1979, “A Three-Dimensional Conceptual Model of Corporate Performance”, Academy of Management Review, 4(4), 497-505.
Carroll, A. B., 1999, “Corporate Social Responsibility: Evolution of a Definitional Construct”, Business Society, 38, 268-295.

Cespa, Giovanni and Giacinta Cestone, 2007, “Corporate Social Responsibility and Managerial Entrenchment”, Journal of Economic and Management Strategy, 16(3). 741-771.
Cheah, Eng-Tuck, Dima Jamali, Johnnie E.V. Johnson and Min-Chien Sung, 2011, “Drivers of Corporate Social Responsibility Attitudes: The Demography of Socially Responsible Investors”, British Journal of Management, 22(2), 305-323.
Cheung, Y. L, Tan W, Ahn H-J and Zhang ,Z., 2010, “Does Corporate Social Responsibility Matter in Asian Emerging Markets?”, Journal of Business Ethic, 92, 401-413.
Coase, Ronald H., 1960, “The Problem of Social Cost”, Journal of Law and Economics, 3(1), 1-44.
Cornell, Bradford and Shapiro, A. C., 1987, “Corporate Stakeholders and Corporate Finance”, Financial Management, 16, 5-14.
Cochran, P. L. and R. A. Wood, 1984, “Corporate Social Responsibility and Financial Performance”, Academy of Management Journal, 27(1), 42-56.
Davis, K., 1960, “Can Business Afford to Ignore Social Responsibility? “, California Management Review, 2. 70-76.
Davis, K. and Blomstrom, R. L., 1966, “Business and Its Environment", New York: McGraw-Hill.
Epstein, E. M., 1987, “The Corporate Social Policy Process: Beyond Business Ethics, Corporate Social Responsibility, and Corporate Social Responsiveness”, California Management Review, Vol. XXIX, 99-114.
Fisman, R., Heal, G., & Nair, V. B.,2005, “Social responsibility: Doing well by doing good?”, Working paper, New York: Columbia University.
Fisman, R., G. Heal and V. Nair: 2006, ‘A Model of Corporate Philanthropy”, Working paper, Wharton School, University of Pennsylvania.
Fogler, R. H., and Fred Nutt, 1975, “A Note on Social Responsibility and Stock Valuation”, Academy of Management Journal, 33, 233-258.
Freedman, M and B. Jaggi, 1982, “Pollution Disclosures, Pollution Performance and Economic Performance,” The International Journal of Management Science, 10(2), 167-176.

Friedman, Milton, 1970, “The Social Responsibility is to Increase Its Profits”, The New York Times Magazine.
Fang, Vivian W., Noe, T. H and Sheri Tice, 2009, “ Stock Market Liquidity and Firm Value”, Journal of Financial Economics, 94, 150-169.
Griffin, J. and J.F. Mohan, 1997, “The corporate social performance and corporate financial performancedebate: Twenty-five years of incomparable research”, Business and Society, 36(1), 5–31.
Harjoto, Maretno A. and Hoje Jo, 2011, “Corporate Governance and CSR Nexus”, Journal of Business Ethics, 100, 45-67
Jensen, M. C. and W. H. Meckling, 1976, “Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure”, Journal of Financial Economics 3, 305–360.
Jensen, M., 2001, “Value Maximization, Stakeholder Theory, and the Corporate Objective Function”, Journal of Applied Corporate Finance 14(3), 8–21.
Johnson, H.L., 1971, “Business in Contemporary Society: Framework and Issues.” Business Horizons, 19, 34-40
Lougee, B. and J. Wallace, 2008, “The Corporate Social Responsibility (CSR) Trend”, Journal of Applied Corporate Finance, 20, 96-108
Lopez, M. V., Garcia, A., and Rodriguez, L., 2007, “Sustainable Development and Corporate Performance: A Study Based on the Dow Jones Sustainability Index.” Journal of Business Ethics, 75(3), 285-300.
McGuire, J. B., Sundgren, A. and Schneeweis, T., 1988, “ Corporate Social Responsibility And Firm Financial Performance”, Academy of Management Journal, 31, 854-872
Pae, Jinhan and Choi, T. H., 2011, “Corporate Governance, Commitment to Business Ethics, and firm Valuation: Evidence from the Korean Stock Market”. Journal of Business Ethics, 100, 321-348.
Porter, M. E. and M.R. Kramer, 2006, “Strategy and Society: The Link Between Competitive Advantage and Corporate Social Responsibility”, Harvard Business Review, 2006.
Preston, L. E. and D. P. O’Bannon, 1997, “The Corporate Social-Financial Performance Relationship: A Typology and Analysis.” Business and Society, 36(4), 419–429.
Schuler, D. A. and Margret Cording, 2006, “ A Corporate Social Performance-Corporate Financial Performance Behavioral Model For Consumers”, Academy of Management Review, 31(3), 540-558
Shen, Chung-Hua and Yuan Chang, 2008, “Ambition Versus Conscience, Does Corporate Social Responsibility Pay Off? The Application of Matching Methods”, Journal of Business Ethics, 88, 133-153
Spiegel, Matthew and Xiaotong Wang, 2005, “Corss-Sectional Variation in Stock Returns: Liquidity and Idiosyncratic Risk,” unpublished working paper, Yale University
Statman, Meir and D. Glushkov, 2009, “ The Wages of Social Responsibility”, Financial Analysts Journal, 65, 33-46
Vance, Stanley, 1975, “Are Socially Responsible Firms Good Investment Risk?”, Management Review, 29(4), 57-168
Wood, D. J., 1991, “Corporate Social Performance Revisited”, Academy of Management Review, 16, 691-718
Waddock, S. A. and Graves, S. B., 1997, “The Corporate Social Performance-Financial Performance Link”, Strategic Management Journal, 18(4), 303-319
Wu, Chiming and I-Hsuan Liu, 2011, “Market Liquidity, Corporate Governance, and Firm Value - Taiwan Evidence,” Proceeding of the Asia-Pacific Research Conference, World Business Institute, Sydney, Australia
描述 碩士
國立政治大學
財務管理研究所
99357031
100
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0993570311
資料類型 thesis
dc.contributor.advisor 吳啟銘zh_TW
dc.contributor.author (Authors) 王嘉宏zh_TW
dc.contributor.author (Authors) Wang, Chia Hongen_US
dc.creator (作者) 王嘉宏zh_TW
dc.creator (作者) Wang, Chia Hongen_US
dc.date (日期) 2011en_US
dc.date.accessioned 30-Oct-2012 11:20:59 (UTC+8)-
dc.date.available 30-Oct-2012 11:20:59 (UTC+8)-
dc.date.issued (上傳時間) 30-Oct-2012 11:20:59 (UTC+8)-
dc.identifier (Other Identifiers) G0993570311en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54554-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 99357031zh_TW
dc.description (描述) 100zh_TW
dc.description.abstract (摘要) 　　企業社會績效(Corporate Social Performance; CSP)和企業財務績效(Corporate Financial Performance; CFP)的關聯性是近年來在學術界最常被討論的一個議題，從企業經營的觀點，到底企業進行企業社會責任(Corporate Social Responsibility; CSR)所表現出來的企業社會績效能不能帶動企業財務績效的提升最後創造企業價值(Firm Value; FV)，則是許多企業經營者所關心的。本文試圖研究企業社會績效和企業價值的關聯，希望藉由全盤的分析，從企業社會績效對企業財務績效的因果關係，和企業社會績效透過何種管道提升企業價值，以及企業到底該如何看待企業社會責任這幾個面向，去探討企業社會績效和企業價值的關係。希望能夠將學理上的理論和實務面的思考進行結合。
　　本研究利用Tobin’ q拆解的方式分析可能的假說，接著採取迴歸模型進行實證分析，之後進一步利用兩階段迴歸模型排除可能的內生性問題，最後得到以下的實證結果：企業社會績效能夠提升企業財務績效最後創造企業價值，而企業社會責任是一種策略性的思維，是一種價值維護甚至是創造的手段，財務績效好的公司會更有能耐去利用企業社會責任做為差異化的策略。從以上發現，本研究實證結果支持企業社會責任對於企業經營與企業價值創造有正面的效益，換言之，企業社會績效的提升對企業價值的創造是正面的。		zh_TW
dc.description.abstract (摘要) 　　The relationship between corporate social performance (CSP) and corporate financial performance (CFP) is the most popular issue for the past few years. From the perspective of business administration, there is always a question aroused. “As a company investment, is it really make sense to invest corporate social responsibility (CSR) in order to increase the CSP?” In other words, is higher CSP really means higher CFP and creating more firm value? This is the central question that all the business manager will like to know. This is the topic that this research paper wants to study. Besides, this research paper not only try to understand the linkage between CSP and CFP but also try to clarify how CSP affect CFP and create firm value.
　　The methodology be used in this study is the decomposition of Tobin’s q and two-stage regression in order to avoid potential endogenous problem. After several empirical tests for the potential hypothesis, the empirical evidence shows that a higher CSP can increase CFP and create firm value in the end. Furthermore, the investment of CSR is a strategic thinking for company to preserve their firm value and create new value of the firm. The linkage between CSP and firm value is positive and should be consider as a strategy for company who want value creation.		en_US
dc.description.tableofcontents 第一章　緒論 1
第一節　研究背景、目的與動機 1
第二節　研究範圍 4
第三節　研究流程 5
第二章　文獻回顧 7
第一節　企業社會責任(CSR) 7
第二節　企業社會績效與企業財務績效 10
第三章　研究方法 14
第一節　研究假說 14
第二節　主要變數及實證架構 18
第三節　控制變數及資料來源 20
第四節　實證模型 23
第四章　實證結果 27
第一節　敘述統計和單變量檢定 27
第二節　企業社會績效與企業價值之實證結果 31
第三節　穩健性測試 41
第五章　結論與建議 43
第一節　研究結論 43
第二節　貢獻和限制 44
第三節　未來研究建議 46
參考文獻 47
附錄 51		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0993570311en_US
dc.subject (關鍵詞) 企業社會責任zh_TW
dc.subject (關鍵詞) 企業社會績效zh_TW
dc.subject (關鍵詞) 企業財務績效zh_TW
dc.subject (關鍵詞) 企業價值zh_TW
dc.subject (關鍵詞) 托賓q比率zh_TW
dc.subject (關鍵詞) CSRen_US
dc.subject (關鍵詞) CSPen_US
dc.subject (關鍵詞) CFPen_US
dc.subject (關鍵詞) Firm Valueen_US
dc.subject (關鍵詞) Tobin`s qen_US
dc.title (題名) 企業社會績效與企業價值的關連性zh_TW
dc.title (題名) The linkage between corporate social performance and firm valueen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 一、中文部分
池祥麟、林怡君(2007)，”社會績效與企業財務績效關聯性之分析－以道瓊STOXX永續性指數為例"，2007企業倫理和公司治理國際研討會，輔仁大學主辦。
張元、沈中華與王宗政(2010)，”新聞曝光可以增進企業社會責任對財務績效的影響嗎？－台灣的實證研究”，台灣經濟學會2010年會，台灣大學主辦
郭方昇(2001)，”企業社會責任對企業財務績效與投資組合績效之影響性分析”，私立中原大學企業管理學系碩士論文
葉淑娟(1988)，”企業社會責任之研究－聯合分析法之應用”，國立台灣大學商學系碩士論文
二、英文部分
Alexander, G. J. and Buchholz. R. A., 1978, “Corporate Social Responsibility and Stock Market Performance”, Academy of Management Journal, 21(3), 479-486.
Aupperle, Kenneth, Archie Carroll, and John D. Hatfield, 1985, “An Empirical Examination of the Relationship between Corporate Social Responsibility and Profitability”, Academy of Management Journal 28, 446-463.
Bowen, H. R, 1953, “Social Responsibilities of the Businessman”, NewYork: Harper&Row.
Bowman, E. H. and M. Haire, 1975, “A Strategic Posture toward Corporate Social Responsibility”, California Management Review, 18(2), 49-58.
Bragdon, J. H. and J. A. T. Marlin, 1972, “Is Pollution Profitable?”, Risk Management 19(4), 9-18.
Brammer, S., C. Brooks and S. Pavelin (2005), "Corporate Social Performance and Stock Returns: UK Evidence from Disaggregate Measures", Financial Management, 35, 97-116.
Carroll, A. B., 1979, “A Three-Dimensional Conceptual Model of Corporate Performance”, Academy of Management Review, 4(4), 497-505.
Carroll, A. B., 1999, “Corporate Social Responsibility: Evolution of a Definitional Construct”, Business Society, 38, 268-295.

Cespa, Giovanni and Giacinta Cestone, 2007, “Corporate Social Responsibility and Managerial Entrenchment”, Journal of Economic and Management Strategy, 16(3). 741-771.
Cheah, Eng-Tuck, Dima Jamali, Johnnie E.V. Johnson and Min-Chien Sung, 2011, “Drivers of Corporate Social Responsibility Attitudes: The Demography of Socially Responsible Investors”, British Journal of Management, 22(2), 305-323.
Cheung, Y. L, Tan W, Ahn H-J and Zhang ,Z., 2010, “Does Corporate Social Responsibility Matter in Asian Emerging Markets?”, Journal of Business Ethic, 92, 401-413.
Coase, Ronald H., 1960, “The Problem of Social Cost”, Journal of Law and Economics, 3(1), 1-44.
Cornell, Bradford and Shapiro, A. C., 1987, “Corporate Stakeholders and Corporate Finance”, Financial Management, 16, 5-14.
Cochran, P. L. and R. A. Wood, 1984, “Corporate Social Responsibility and Financial Performance”, Academy of Management Journal, 27(1), 42-56.
Davis, K., 1960, “Can Business Afford to Ignore Social Responsibility? “, California Management Review, 2. 70-76.
Davis, K. and Blomstrom, R. L., 1966, “Business and Its Environment", New York: McGraw-Hill.
Epstein, E. M., 1987, “The Corporate Social Policy Process: Beyond Business Ethics, Corporate Social Responsibility, and Corporate Social Responsiveness”, California Management Review, Vol. XXIX, 99-114.
Fisman, R., Heal, G., & Nair, V. B.,2005, “Social responsibility: Doing well by doing good?”, Working paper, New York: Columbia University.
Fisman, R., G. Heal and V. Nair: 2006, ‘A Model of Corporate Philanthropy”, Working paper, Wharton School, University of Pennsylvania.
Fogler, R. H., and Fred Nutt, 1975, “A Note on Social Responsibility and Stock Valuation”, Academy of Management Journal, 33, 233-258.
Freedman, M and B. Jaggi, 1982, “Pollution Disclosures, Pollution Performance and Economic Performance,” The International Journal of Management Science, 10(2), 167-176.

Friedman, Milton, 1970, “The Social Responsibility is to Increase Its Profits”, The New York Times Magazine.
Fang, Vivian W., Noe, T. H and Sheri Tice, 2009, “ Stock Market Liquidity and Firm Value”, Journal of Financial Economics, 94, 150-169.
Griffin, J. and J.F. Mohan, 1997, “The corporate social performance and corporate financial performancedebate: Twenty-five years of incomparable research”, Business and Society, 36(1), 5–31.
Harjoto, Maretno A. and Hoje Jo, 2011, “Corporate Governance and CSR Nexus”, Journal of Business Ethics, 100, 45-67
Jensen, M. C. and W. H. Meckling, 1976, “Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure”, Journal of Financial Economics 3, 305–360.
Jensen, M., 2001, “Value Maximization, Stakeholder Theory, and the Corporate Objective Function”, Journal of Applied Corporate Finance 14(3), 8–21.
Johnson, H.L., 1971, “Business in Contemporary Society: Framework and Issues.” Business Horizons, 19, 34-40
Lougee, B. and J. Wallace, 2008, “The Corporate Social Responsibility (CSR) Trend”, Journal of Applied Corporate Finance, 20, 96-108
Lopez, M. V., Garcia, A., and Rodriguez, L., 2007, “Sustainable Development and Corporate Performance: A Study Based on the Dow Jones Sustainability Index.” Journal of Business Ethics, 75(3), 285-300.
McGuire, J. B., Sundgren, A. and Schneeweis, T., 1988, “ Corporate Social Responsibility And Firm Financial Performance”, Academy of Management Journal, 31, 854-872
Pae, Jinhan and Choi, T. H., 2011, “Corporate Governance, Commitment to Business Ethics, and firm Valuation: Evidence from the Korean Stock Market”. Journal of Business Ethics, 100, 321-348.
Porter, M. E. and M.R. Kramer, 2006, “Strategy and Society: The Link Between Competitive Advantage and Corporate Social Responsibility”, Harvard Business Review, 2006.
Preston, L. E. and D. P. O’Bannon, 1997, “The Corporate Social-Financial Performance Relationship: A Typology and Analysis.” Business and Society, 36(4), 419–429.
Schuler, D. A. and Margret Cording, 2006, “ A Corporate Social Performance-Corporate Financial Performance Behavioral Model For Consumers”, Academy of Management Review, 31(3), 540-558
Shen, Chung-Hua and Yuan Chang, 2008, “Ambition Versus Conscience, Does Corporate Social Responsibility Pay Off? The Application of Matching Methods”, Journal of Business Ethics, 88, 133-153
Spiegel, Matthew and Xiaotong Wang, 2005, “Corss-Sectional Variation in Stock Returns: Liquidity and Idiosyncratic Risk,” unpublished working paper, Yale University
Statman, Meir and D. Glushkov, 2009, “ The Wages of Social Responsibility”, Financial Analysts Journal, 65, 33-46
Vance, Stanley, 1975, “Are Socially Responsible Firms Good Investment Risk?”, Management Review, 29(4), 57-168
Wood, D. J., 1991, “Corporate Social Performance Revisited”, Academy of Management Review, 16, 691-718
Waddock, S. A. and Graves, S. B., 1997, “The Corporate Social Performance-Financial Performance Link”, Strategic Management Journal, 18(4), 303-319
Wu, Chiming and I-Hsuan Liu, 2011, “Market Liquidity, Corporate Governance, and Firm Value - Taiwan Evidence,” Proceeding of the Asia-Pacific Research Conference, World Business Institute, Sydney, Australia		zh_TW