English  |  正體中文  |  简体中文  |  Post-Print筆數 : 11 |  Items with full text/Total items : 88613/118155 (75%)
Visitors : 23471847      Online Users : 224
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/122464


    Title: 企業社會責任與公司財務表現的關係—以台灣上市公司為例
    Corporate social responsibility and firm financial performance: an empirical analysis from Taiwan
    Authors: 周韋汝
    Chou, Wei-Ju
    Contributors: 洪叔民
    陳立民

    Horng, Shwu-Min
    Chen, Li-Ming

    周韋汝
    Chou, Wei-Ju
    Keywords: 企業社會責任
    企業社會責任揭露
    財務表現
    股價表現
    機構持股比
    Corporate social responsibility
    CSR disclosure
    Financial performance
    Stock price return
    Institutional ownership
    Date: 2019
    Issue Date: 2019-03-07 12:22:32 (UTC+8)
    Abstract: 本研究探討台灣上市公司之企業社會責任(CSR)揭露和績效分別對於財務績效(CFP)和股價表現的關係,並且了解機構持股比對CSR與CFP之關係的調節影響。研究結果顯示 (1) 公司利害關係人對於企業社會責任的關注,使公司揭露CSR活動將有助於企業創造競爭優勢並改善財務績效,提高公司股價。 (2) 對於台灣上市公司的企業社會責任績效和財務業績、股價表現之間的關係未有顯著的正向結果。 (3) 機構持股比對於台灣上市公司的CSR揭露和財務業績之間的關係呈現了負向的調節作用,但對於CSR揭露和股價表現的關係則呈現負向不顯著的調節,表示機構法人投資的公司財務績效受益於CSR揭露分數的效果將減弱。
    This study provides the relationships between corporate social responsibility (CSR) disclosures/performances and corporate financial performances (CFP)/stock price returns for Taiwanese companies, and the impact of institutional ownership on the relationship between CSR and CFP. The results show that stakeholders' concerns about corporate social responsibility disclosures enable companies to create competitive advantages and improve financial performances. On the contrary, there is no significant positive result on the relationship between CSR performances and CFP, and likewise between CSR performances and stock price returns for Taiwanese companies. Nevertheless, the institutional ownership has a negative moderate effect on the relationship between the CSR disclosures and CFP of Taiwanese companies, but an insignificant negative effect on the relationship between the CSR disclosures and stock price returns. The effect demonstrates that CFP benefiting from CSR disclosures declines because of raising institutional investment.
    Reference: 1. Ambec, S., & Lanoie, P. (2008). Does it pay to be green? A systematic overview. Academy of management perspectives, 22(4), 45-62.
    2. Arevalo, J., & Aravind, D. (2017). Strategic outcomes in voluntary CSR: Reporting economic and reputational benefits in principles-based initiatives. Journal of Business Ethics, 144(1), 201-217.
    3. Arouri, M., & Pijourlet, G. (2017). CSR performance and the value of cash holdings: International evidence. Journal of Business Ethics, 140(2), 263-284.
    4. Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics, 97(1), 71-86.
    5. Berman, S. L., Wicks, A. C., Kotha, S., & Jones, T. M. (1999). Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance. Academy of Management Journal, 42(5), 488-506.
    6. Bernal‐Conesa, J. A., Nieves Nieto, C., & Briones‐Peñalver, A. J. (2017). CSR strategy in technology companies: Its influence on performance, competitiveness and sustainability. Corporate Social Responsibility & Environmental Management, 24(2), 96-107.
    7. Birkey, R. N., Guidry, R. P., & Patten, D. M. (2017). Does CSR reporting really impact FERCs? Accounting & the Public Interest, 17(1), 144-162.
    8. Bloom, N., & Van Reenen, J. (2002). Patents, real options and firm performance. The Economic Journal, 112(478), C97-C116.
    9. Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39-48.
    10. Cavaco, S., & Crifo, P. (2014). CSR and financial performance: Complementarity between environmental, social and business behaviours. Applied Economics, 46(27), 3323-3338.
    11. Cheung, W. K. (2011). Do stock investors value corporate sustainability? Evidence from an event study. Journal of Business Ethics, 99, 145-165.
    12. Cho, C. H., Michelon, G., Patten, D. M., & Roberts, R. W. (2015). CSR disclosure: The more things change…? Accounting, Auditing & Accountability Journal, 28(1), 14-35.
    13. Cooper, S. M., & Owen, D. L. (2007). Corporate social reporting and stakeholder accountability: The missing link. Accounting, Organizations and Society, 32(7-8), 649-667.
    14. Cordeiro, J., & Tewari, M. (2015). Firm characteristics, industry context, and investor reactions to environmental CSR: A stakeholder theory approach. Journal of Business Ethics, 130(4), 833-849.
    15. Cornett, M. M., Marcus, A. J., Saunders, A., & Tehranian, H. (2007). The impact of institutional ownership on corporate operating performance. Journal of Banking & Finance, 31(6), 1771-1794.
    16. Davis, K. (1960). Can business afford to ignore social responsibilities? California Management Review, 2(3), 70-76.
    17. Deegan, C., & Gordon, B. (1996). A study of the environmental disclosure practices of Australian corporations. Accounting and business research, 26(3), 187-199.
    18. Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59-100.
    19. Dixon-Fowler, H., Slater, D., Johnson, J., Ellstrand, A., & Romi, A. (2013). Beyond “does it pay to be green?” A meta-analysis of moderators of the CEP–CFP relationship. Journal of Business Ethics, 112(2), 353-366.
    20. DJSI. (1999). Corporate Sustainability Assessment. Retrieved Jan 10 2019, from: https://www.sustainability-indices.com/
    21. Eabrasu, M. (2015). Post hoc ergo propter hoc: methodological limits of performance-oriented studies in CSR. Business Ethics: A European Review, 24, S11-S23.
    22. Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621-640.
    23. Ettredge, M. L., Soo Young, K., Smith, D. B., & Zarowin, P. A. (2005). The impact of SFAS No. 131 business segment data on the market's ability to anticipate future earnings. The Accounting Review, 80(3), 773-804.
    24. Fiegenbaum, A., & Karnani, A. (1991). Output flexibility—a competitive advantage for small firms. Strategic Management Journal, 12(2), 101-114.
    25. Fieseler, C. (2011). On the corporate social responsibility perceptions of equity analysts. Business Ethics: A European Review, 20(2), 131-147.
    26. Fijałkowska, J., Zyznarska-Dworczak, B., & Garsztka, P. (2017). The relation between the CSR and the accounting information system data in Central and Eastern European (CEE) countries - the evidence of the Polish financial institutions. Accounting & Management Information Systems / Contabilitate si Informatica de Gestiune, 16(4), 490-521.
    27. Freeman, R. E. (1984). Strategic management: A stakeholder perspective. Boston: Pitman, 13.
    28. Friedman, M. (1970). The social responsibility of business is to increase its profits. The New York Times Magazine.
    29. García‐Sánchez, I. M., & García‐Meca, E. (2017). CSR engagement and earnings quality in banks. The moderating role of institutional factors. Corporate Social Responsibility & Environmental Management, 24(2), 145-158.
    30. Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794-1810.
    31. Gray, R., Kouhy, R., & Lavers, S. (1995). Corporate social and environmental reporting: A review of the literature and a longitudinal study of UK disclosure. Accounting, Auditing & Accountability Journal, 8(2), 47-77.
    32. GRI. (1997). The GRI sustainability reporting standards. Retrieved Nov 12 2018, from: https://www.globalreporting.org/
    33. Haigh, M., & Hazelton, J. (2004). Financial markets: A tool for social responsibility? Journal of Business Ethics, 52(1), 59-71.
    34. Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E., & Tatham, R. L. (2006). Multivariate data analysis (Vol. 6). In: Upper Saddle River, NJ: Pearson Prentice Hall.
    35. Harjoto, M., & Jo, H. (2011). Corporate governance and CSR nexus. Journal of Business Ethics, 100(1), 45-67.
    36. Harjoto, M., & Jo, H. (2015). Legal vs. normative CSR: Differential impact on analyst dispersion, stock return volatility, cost of capital, and firm value. Journal of Business Ethics, 128(1), 1-20.
    37. Henderson, R., & Cockburn, I. (1994). Measuring competence? Exploring firm effects in pharmaceutical research. Strategic Management Journal, 15(S1), 63-84.
    38. Howard, B. (1953). Social responsibilities of the businessman. New York, Happer & Brothers.
    39. Huang, S. K., & Yang, C.-L. (2014). Corporate social performance: why it matters? Case of Taiwan. Chinese Management Studies, 8(4), 704-716.
    40. IIRC. (2013). The integrated reporting framework. Retrieved Jan 6 2019, from: http://integratedreporting.org/
    41. Jiambalvo, J., Rajgopal, S., & Venkatachalam, M. (2002). Institutional ownership and the extent to which stock prices reflect future earnings. Contemporary Accounting Research, 19(1), 117-145.
    42. Kaserer, C., & Moldenhauer, B. (2008). Insider ownership and corporate performance: evidence from Germany. Review of Managerial Science, 2(1), 1-35.
    43. Kiessling, T., Isaksson, L., & Yasar, B. (2016). Market orientation and CSR: Performance implications. Journal of Business Ethics, 137(2), 269-284.
    44. Lackmann, J., Ernstberger, J., & Stich, M. (2012). Market reactions to increased reliability of sustainability information. Journal of Business Ethics, 107(2), 111-128.
    45. Mǎnescu, C. (2011). Stock returns in relation to environmental, social and governance performance: Mispricing or compensation for risk? Sustainable Development, 19(2), 95-118.
    46. Mata, J. (1994). Firm growth during infancy. Small Business Economics, 6(1), 27-39.
    47. Matuszak, Ł., & Różańska, E. (2017). An examination of the relationship between CSR disclosure and financial performance: The case of Polish banks. Accounting & Management Information Systems / Contabilitate si Informatica de Gestiune, 16(4), 522-533.
    48. Mishra, D. (2017). Post-innovation CSR performance and firm value. Journal of Business Ethics, 140(2), 285-306.
    49. Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization studies, 24(3), 403-441.
    50. Oswald, S. L., & Jahera, J. S., Jr. (1991). The influence of ownership on performance: An empirical study. Strategic Management Journal, 12(4), 321.
    51. Schons, L., & Steinmeier, M. (2016). Walk the talk? How symbolic and substantive CSR actions affect firm performance depending on stakeholder proximity. Corporate Social Responsibility & Environmental Management, 23(6), 358-372.
    52. Soana, M.-g. (2011). The relationship between corporate social performance and corporate financial performance in the banking sector. Journal of Business Ethics, 104(1), 133-148.
    53. Sprinkle, G. B., & Maines, L. A. (2010). The benefits and costs of corporate social responsibility. Business Horizons, 53(5), 445-453.
    54. Tihanyi, L., Johnson, R. A., Hoskisson, R. E., & Hitt, M. A. (2003). Institutional ownership differences and international diversification: The effects of boards of directors and technological opportunity. Academy of Management Journal, 46(2), 195-211.
    55. UN. (2015). SDG Compass: The guide for business action on the SDGs. Retrieved Jan 2019, from: https://www.un.org/sustainabledevelopment/
    56. UNGC. (2000). The United Nations Global Compact. Retrieved Jan 8 2019, from: https://www.unglobalcompact.org/what-is-gc/mission
    57. Unilever. (2015). Unilever annual report and accounts 2015.
    58. Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic Management Journal, 18(4), 303-319.
    59. Wahba, H. (2008). Does the market value corporate environmental responsibility? An empirical examination. Corporate Social Responsibility & Environmental Management, 15(2), 89-99.
    60. WBCSD. (1998). Corporate social responsibility definition. Retrieved Dec 30 2018, from: https://www.wbcsd.org/
    61. Wins, A., & Zwergel, B. (2016). Comparing those who do, might and will not invest in sustainable funds: A survey among German retail fund investors. Business Research, 9(1), 51-99.
    62. Wu, M.-W., & Shen, C.-H. (2013). Corporate social responsibility in the banking industry: Motives and financial performance. Journal of Banking & Finance, 37(9), 3529-3547.
    63. 高渭川, 陳怡伶, 謝秋華, & 耿建新. (2016). 碳排放量對企業股價影響之初探研究. [The Initial Exploratory Research on the Influence of Carbon Emission to Stock Price]. 華人前瞻研究, 12(1), 23-38.
    64. 陳育成, 許峰睿, & 黃聖雯. (2013). 企業社會責任與經營績效之關聯性研究. [An Empirical Study on the Relationship between Corporate Social Responsibility and Operating Performance]. 評價學報(6), 53-72.
    65. 葛俊佑. (2015). 企業社會責任表現變動與股價報酬關聯之實證研究. 臺灣大學, Available from Airiti AiritiLibrary database. (2015年)
    Description: 碩士
    國立政治大學
    企業管理研究所(MBA學位學程)
    105363069
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0105363069
    Data Type: thesis
    DOI: 10.6814/THE.NCCU.MBA.012.2019.F08
    Appears in Collections:[企業管理研究所(MBA學位學程)] 學位論文

    Files in This Item:

    File SizeFormat
    306901.pdf1151KbAdobe PDF0View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback