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企業績效與企業社會責任的因果關係 = Causality of Corp...

國立高雄大學金融管理學系碩士班

企業績效與企業社會責任的因果關係 = Causality of Corporate Performance and Corporate Social Responsibility

紀錄類型:	書目-語言資料,印刷品 : 單行本
並列題名:	Causality of Corporate Performance and Corporate Social Responsibility
作者:	林宜錚,
其他團體作者:	國立高雄大學
出版地:	[高雄市]
出版者:	撰者;
出版年:	2014[民103]
面頁冊數:	82面圖,表 : 30公分;
標題:	企業社會責任
標題:	Corporate Social Responsibility (CSR)
電子資源:	https://hdl.handle.net/11296/y84s6u
附註:	108年10月31日公開
附註:	參考書目：葉68-72
摘要註:	隨著全球經濟競爭日益激烈，在企業追求股東財富極大化的前提下，透過實施企業社會責任，使企業能夠與利害關係人利益、環境和社會福利接軌，並創造出競爭優勢，進而達成企業永續經營及股東財富最大化的企業目標。然而，企業因奉行社會責任而增加在產業的競爭力，進而獲利，還是因企業獲利績效佳，進而善盡企業社會責任以維持企業形象，在文獻上此因果關係尚未有定論。所以本研究首先根據台灣經濟新報對於企業社會責任的定義，分別就持股及控制權偏離、財報透明度、組織及人事穩定度、公平對待股東及負面新聞事件等五大面向形成企業社會責任指數，再以Dumitrescu and Hurlin (2012)的異質非因果關係之追蹤資料模型測試台灣上市櫃公司企業績效與企業社會責任的因果關係。此外，根據不同的產業競爭指標，如毛利率、純益率及產業集中度等，探討企業績效與企業社會責任指標之關係。實證結果發現若財務績效是利用資產報酬率和股東權益報酬率為衡量下，企業社會責任與財務績效之間存在雙向且正向的因果關係，表示當企業善盡社會責任時，對財務績效有正向幫助；當企業財務績效較佳時，會增加企業對社會責任的意願。然而，企業社會責任與股票報酬率之間只存在單向因果關係，即股票報酬愈高才會增加企業對社會責任的投入。此外，考量競爭程度因素後，實證發現競爭程度會顯著影響到企業財務績效與社會責任的因果關係。本研究於政策隱含意義上，意味著政府在制訂鼓勵上市櫃企業善盡社會責任的政策時，若能考量競爭程度因子，便較能達到事半功倍之效。 Because of the globalization, the market is more competitive. The corporate tends to implement social responsibility in the aspects of steak holders' wealth, environment and social welfare to create its competitive advantages and to reach its goal of maximizing shareholders' wealth. The conclusions of existing literature related to the relationship between corporate performance and CSR are still ambiguous. The corporate might improve its profitability by implementing CSR. However, there might a possibility that the corporate implement CSR because of its good profitability. Therefore, the objective of this study is test the granger causality of the corporate performance and CSR by using the model of Dumitrescu and Hurlin (2012). First of all, this study will create a CSR index of all listed firms in Taiwan by using five aspects in measuring CSR of Taiwan Economic Journal database. Furthermore, in terms of the industrial competitiveness, such as gross margin, profit margin, and industrial concentration, this study will test the relationship between corporate performance and CSR. The empirical results show that, using return on assets or return on equity as a measure of corporate performance, the causal relationship between CSR and performance is bilateral and positive. They indicate that implementing CSR improves firms' profitability and superior performance in terms of profitability provides the intention of implementing CSR. However, the causal relationship between CSR and stock return is unilateral. Corporates with higher stock returns lead to higher incentive to implement CSR. Taking competition factor, empirical results show that competitive condition will significant effect the causal relationship between CSR and performance. Therefore, the policy implication of this study is that government can effectively promote CSR by considering competition factor.

企業績效與企業社會責任的因果關係 = Causality of Corporate Performance and Corporate Social Responsibility
林, 宜錚

企業績效與企業社會責任的因果關係 = Causality of Corporate Performance and Corporate Social Responsibility / 林宜錚撰 - [高雄市] : 撰者, 2014[民103]. - 82面 ; 圖,表 ; 30公分.
108年10月31日公開參考書目：葉68-72.
企業社會責任Corporate Social Responsibility (CSR)

企業績效與企業社會責任的因果關係 = Causality of Corporate Performance and Corporate Social Responsibility
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