學術產出-學位論文
文章檢視/開啟
書目匯出
-
題名 台灣企業社會責任之保險價值
The insurance value of corporate social responsibility in Taiwan作者 張智媛
Chih-Yuan, Chang貢獻者 陳彩稚
張智媛
Chih-Yuan, Chang關鍵詞 企業社會責任
保險價值
負面事件
Corporate Social Responsibility
CSR
Insurance
Negative Event日期 2011 上傳時間 4-九月-2013 15:00:49 (UTC+8) 摘要 本研究探討實行企業社會責任(Corporate Social Responsibility, CSR)之公司，相對於未實行企業社會責任之公司，在面對負面事件時，是否有受到較小程度之負面衝擊，亦即企業社會責任之實踐是否為公司帶來類似保險作用之保障價值。本研究以2005年至2010年為樣本期間，台灣上市、上櫃公司為分析對象，取得負面事件樣本點共791筆。藉由計算負面事件前後之收盤股價變動率，與事件研究法(Event Study)之負面事件累積異常報酬，來評估公司所面臨之負面事件衝擊程度。此外，並進一步將整體樣本依公司特性與負面事件型態予以區分為各種子樣本，以探討於不同情況下，公司實行企業社會責任所帶來之保險價值是否有所不同。本研究實證結果發現，台灣企業實行企業社會責任確實能為企業提供防禦負面事件衝擊之保護作用，產生保險價值。此外，實證結果並指出企業社會責任能為高無形資產公司及安全型負面事件帶來更高之保險價值。
This paper intends to study the impact of Corporate Social Responsibility (CSR) on protecting the decline in shareholder value for firms encountering negative events, i.e., the insurance value. This thesis uses a sample of 791 negative events disclosed during years 2005-2010 from TEJ database to examine whether CSR has insurance value for the public firms in Taiwan. Furthermore, the data are grouped into different subsamples according to firm characteristics and event types to examine the insurance value of CSR.The empirical results show that CSR does provide the insurance value for the firms in Taiwan when they encounter negative events. Besides, the empirical results indicate that CSR provides more insurance value for the high-intangible-asset firms and the safety-related negative events.參考文獻 沈中華、李建然(2000)，「事件研究法：財務與會計實證研究必備」，華泰文化事業公司。康峰菁(2003)，「企業社會責任、財務績效與盈餘管理之國際實證研究」，國立台北大學合作經濟研究所碩士論文。張元(2011)，「社會責任公司有較高的股票報酬嗎？」，輔仁管理評論第十八卷第一期，79-118。陳姿伶(2009)，「企業社會責任與企業財務績效、高階經理人薪酬結構之關聯性分析」，國立政治大學企業管理研究所碩士論文。劉昱菁(2009)，「台灣企業社會責任得獎公司之財務績效探討」，國立成功大學財務金融研究所碩士論文。Brown, S. J., and Warner, J. B. (1985), “Using Daily Stock Returns: The Case of Event Studies,” Journal of Financial Economics, 14(1), 3-31.Choi, J. S., Kwak, Y. M., & Choe, C. (2010), “Corporate Social Responsibility and Corporate Financial Performance: Evidence from Korea,” Australian Journal of Management, 35(3), 291-311.Clinebell, S., and Clinebell, J. (1994), “The Effect of Advance Notice of Plant Closings on Firm Value,” Journal of Management, 20(3), 553-553.Commission of the European Communities (2001), “Promoting a European Framework for Corporate Social Responsibility,” European Union Green Paper, 1-32.Cornell, B., and Shapiro, A. (1987), “Corporate Stakeholders and Corporate Finance,” Financial Management, 16(1), 5-5.Dacin, P., and Brown, T. (1997), “The Company and the Product: Corporate Associations and Consumer Product Responses,” Journal of Marketing, 61(1), 68-84.Davidson, W., and Worrell, D. (1992). “Reasearch Notes and Communications: The Effect of Product Recall Announcements on Shareholder Wealth,” Strategic Management Journal, 13(6), 467-467.Davis, K. (1973), “The Case for and against Business Assumptions of Social Responsibilities,” Academy of Management Journal, 16(2), 312-322.Ferrell, O. C., Fraedrich, J., and Ferrell, L. (2000), “Business Ethics: Ethical Decision Making and Cases,” Boston, Mass.: Houghton Mifflin.Godfrey, P., Merrill, C., and Hansen, J. (2009), “The Relationship between Corporate Social Responsibility and Shareholder Value: An Empirical Test of the Risk Management Hypothesis,” Strategic Management Journal, 30(4), 425-445.Lee, M., Fairhurst, A., and Wesley, S. (2009), “Corporate Social Responsibility: A Review of the Top 100 US Retailers,” Corporate Reputation Review, 12(2), 140-158.López, M., 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, 285-300.McWilliams, A., and Siegel, D. (2001), “Corporate Social Responsibility: A Theory of the Firm Perspective,” Academy of Management Review, 26(1), 117-127.Mill, G. (2006), “The Financial Performance of a Socially Responsible Investment Over Time and a Possible Link with Corporate Social Responsibility,” Journal of Business Ethics, 63(2), 131-148.Peloza, J. (2006), “Using Corporate Social Responsibility as Insurance for Financial Performance,” California Management Review, 48(2), 52-72.Peterson, P. P. (1989), “Event Studies: A Review of Issues and Methodology,” Quarterly Journal of Business and Economics, 28(3), 36-66.Sheldon, O. (1923), “The Philosophy of Management,” London: SIR ISAAC PITMAN and SONS, LTD.Soana, M. (2011), “The Relationship between Corporate Social Performance and Corporate Financial Performance in the Banking Sector,” Journal of Business Ethics, 104(1), 133-148. 描述 碩士
國立政治大學
風險管理與保險研究所
98358005
100資料來源 http://thesis.lib.nccu.edu.tw/record/#G0098358005 資料類型 thesis dc.contributor.advisor 陳彩稚 zh_TW dc.contributor.author (作者) 張智媛 zh_TW dc.contributor.author (作者) Chih-Yuan, Chang en_US dc.creator (作者) 張智媛 zh_TW dc.creator (作者) Chih-Yuan, Chang en_US dc.date (日期) 2011 en_US dc.date.accessioned 4-九月-2013 15:00:49 (UTC+8) - dc.date.available 4-九月-2013 15:00:49 (UTC+8) - dc.date.issued (上傳時間) 4-九月-2013 15:00:49 (UTC+8) - dc.identifier (其他 識別碼) G0098358005 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/60045 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 風險管理與保險研究所 zh_TW dc.description (描述) 98358005 zh_TW dc.description (描述) 100 zh_TW dc.description.abstract (摘要) 本研究探討實行企業社會責任(Corporate Social Responsibility, CSR)之公司，相對於未實行企業社會責任之公司，在面對負面事件時，是否有受到較小程度之負面衝擊，亦即企業社會責任之實踐是否為公司帶來類似保險作用之保障價值。本研究以2005年至2010年為樣本期間，台灣上市、上櫃公司為分析對象，取得負面事件樣本點共791筆。藉由計算負面事件前後之收盤股價變動率，與事件研究法(Event Study)之負面事件累積異常報酬，來評估公司所面臨之負面事件衝擊程度。此外，並進一步將整體樣本依公司特性與負面事件型態予以區分為各種子樣本，以探討於不同情況下，公司實行企業社會責任所帶來之保險價值是否有所不同。本研究實證結果發現，台灣企業實行企業社會責任確實能為企業提供防禦負面事件衝擊之保護作用，產生保險價值。此外，實證結果並指出企業社會責任能為高無形資產公司及安全型負面事件帶來更高之保險價值。 zh_TW dc.description.abstract (摘要) This paper intends to study the impact of Corporate Social Responsibility (CSR) on protecting the decline in shareholder value for firms encountering negative events, i.e., the insurance value. This thesis uses a sample of 791 negative events disclosed during years 2005-2010 from TEJ database to examine whether CSR has insurance value for the public firms in Taiwan. Furthermore, the data are grouped into different subsamples according to firm characteristics and event types to examine the insurance value of CSR.The empirical results show that CSR does provide the insurance value for the firms in Taiwan when they encounter negative events. Besides, the empirical results indicate that CSR provides more insurance value for the high-intangible-asset firms and the safety-related negative events. en_US dc.description.tableofcontents 第一章、 緒論 1第一節、 研究動機 1第二節、 研究流程 3第二章、 文獻回顧 5第一節、 企業社會責任 5第二節、 保險價值 5第三節、 研究假說 8第三章、 研究方法 11第一節、 研究樣本 11第二節、 研究方法 15第三節、 研究變數 17第四章、 實證研究結果 21第一節、 累積異常報酬率 21第二節、 敘述統計量 24第三節、 差異性分析 27第四節、 迴歸分析 48第五節、 小結 52第五章、 結論與建議 55第一節、 研究結論 55第二節、 研究限制 56第三節、 未來研究建議 57參考文獻 58附錄一：負面事件樣本點 61附錄二：遠見雜誌企業社會責任獎 69附錄三：天下雜誌天下企業公民 72附錄四：富邦台灣企業社會責任基金 75附錄五：事件研究法 77附錄六：不同事件期之檢定結果 79圖目錄圖1- 1研究流程 4圖4- 1風險調整模式之事件期累積異常報酬率 22圖4- 2市場指數調整模式之事件期累積異常報酬率 22表目錄表3- 1依市價淨值比區分之負面事件樣本點 12表3- 2依據資產總額區分之負面事件樣本點 12表3- 3依據文獻分類之負面事件樣本點 13表3- 4依據TEJ分類之負面事件樣本點 13表4- 1累積異常報酬率預期模式之基本設定及樣本數 21表4- 2風險調整模式之顯著性檢定 23表4- 3市場指數調整模式之顯著性檢定 23表4- 4風險調整模式之迴歸模型敘述統計量 25表4- 5市場指數調整模式之迴歸模型敘述統計量 25表4- 6風險調整模式之PEARSON相關係數表(樣本數=534) 26表4- 7市場指數調整模式之PEARSON相關係數表(樣本數=783) 27表4- 8整體樣本之差異性分析檢定結果 28表4- 9高無形資產樣本之差異性分析檢定結果 30表4- 10低無形資產樣本之差異性分析檢定結果 31表4- 11大型規模樣本之差異性分析檢定結果 33表4- 12小型規模樣本之差異性分析檢定結果 35表4- 13競爭型樣本之差異性分析檢定結果 37表4- 14安全型樣本之差異性分析檢定結果 38表4- 15誠信型樣本之差異性分析檢定結果 40表4- 16環保及安全問題樣本之差異性分析檢定結果 42表4- 17資訊公告問題樣本之差異性分析檢定結果 43表4- 18勞資關係樣本之差異性分析檢定結果 45表4- 19其他違法或違規問題樣本之差異性分析檢定結果 47表4- 20風險調整模式之迴歸模型分析結果 49表4- 21市場指數調整模式之迴歸模型分析結果 51表4- 22實證結果匯整表 52 zh_TW dc.format.extent 614615 bytes - dc.format.mimetype application/pdf - dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0098358005 en_US dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) 保險價值 zh_TW dc.subject (關鍵詞) 負面事件 zh_TW dc.subject (關鍵詞) Corporate Social Responsibility en_US dc.subject (關鍵詞) CSR en_US dc.subject (關鍵詞) Insurance en_US dc.subject (關鍵詞) Negative Event en_US dc.title (題名) 台灣企業社會責任之保險價值 zh_TW dc.title (題名) The insurance value of corporate social responsibility in Taiwan en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 沈中華、李建然(2000)，「事件研究法：財務與會計實證研究必備」，華泰文化事業公司。康峰菁(2003)，「企業社會責任、財務績效與盈餘管理之國際實證研究」，國立台北大學合作經濟研究所碩士論文。張元(2011)，「社會責任公司有較高的股票報酬嗎？」，輔仁管理評論第十八卷第一期，79-118。陳姿伶(2009)，「企業社會責任與企業財務績效、高階經理人薪酬結構之關聯性分析」，國立政治大學企業管理研究所碩士論文。劉昱菁(2009)，「台灣企業社會責任得獎公司之財務績效探討」，國立成功大學財務金融研究所碩士論文。Brown, S. J., and Warner, J. B. (1985), “Using Daily Stock Returns: The Case of Event Studies,” Journal of Financial Economics, 14(1), 3-31.Choi, J. S., Kwak, Y. M., & Choe, C. (2010), “Corporate Social Responsibility and Corporate Financial Performance: Evidence from Korea,” Australian Journal of Management, 35(3), 291-311.Clinebell, S., and Clinebell, J. (1994), “The Effect of Advance Notice of Plant Closings on Firm Value,” Journal of Management, 20(3), 553-553.Commission of the European Communities (2001), “Promoting a European Framework for Corporate Social Responsibility,” European Union Green Paper, 1-32.Cornell, B., and Shapiro, A. (1987), “Corporate Stakeholders and Corporate Finance,” Financial Management, 16(1), 5-5.Dacin, P., and Brown, T. (1997), “The Company and the Product: Corporate Associations and Consumer Product Responses,” Journal of Marketing, 61(1), 68-84.Davidson, W., and Worrell, D. (1992). “Reasearch Notes and Communications: The Effect of Product Recall Announcements on Shareholder Wealth,” Strategic Management Journal, 13(6), 467-467.Davis, K. (1973), “The Case for and against Business Assumptions of Social Responsibilities,” Academy of Management Journal, 16(2), 312-322.Ferrell, O. C., Fraedrich, J., and Ferrell, L. (2000), “Business Ethics: Ethical Decision Making and Cases,” Boston, Mass.: Houghton Mifflin.Godfrey, P., Merrill, C., and Hansen, J. (2009), “The Relationship between Corporate Social Responsibility and Shareholder Value: An Empirical Test of the Risk Management Hypothesis,” Strategic Management Journal, 30(4), 425-445.Lee, M., Fairhurst, A., and Wesley, S. (2009), “Corporate Social Responsibility: A Review of the Top 100 US Retailers,” Corporate Reputation Review, 12(2), 140-158.López, M., 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, 285-300.McWilliams, A., and Siegel, D. (2001), “Corporate Social Responsibility: A Theory of the Firm Perspective,” Academy of Management Review, 26(1), 117-127.Mill, G. (2006), “The Financial Performance of a Socially Responsible Investment Over Time and a Possible Link with Corporate Social Responsibility,” Journal of Business Ethics, 63(2), 131-148.Peloza, J. (2006), “Using Corporate Social Responsibility as Insurance for Financial Performance,” California Management Review, 48(2), 52-72.Peterson, P. P. (1989), “Event Studies: A Review of Issues and Methodology,” Quarterly Journal of Business and Economics, 28(3), 36-66.Sheldon, O. (1923), “The Philosophy of Management,” London: SIR ISAAC PITMAN and SONS, LTD.Soana, M. (2011), “The Relationship between Corporate Social Performance and Corporate Financial Performance in the Banking Sector,” Journal of Business Ethics, 104(1), 133-148. zh_TW
