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  • 學位論文

負面企業社會責任對企業評價之影響

The Impact of Negative Corporate Social Responsibility on Corporate Valuation

指導教授 : 廖彩伶
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摘要


本研究自台灣經濟新報(TEJ)之企業社會責任(CSR)資料庫中選取1996年至2010年間之619家公司,共1212筆經媒體披露之負面CSR事件進行分析,歸納出4種負面CSR事件,(1)環境及安全問題;(2)資訊公告問題;(3)勞資關係問題以及(4)其他違法或違規問題。接著本研究利用風險調整模式、Scholes-Williams OLS風險調整模式與市場指數調整模式,三種「事件研究法」之預測模型,計算負面事件前一天至後一天之累計異常報酬作為衡量短期市場反應之變數,之後再考慮公司特徵與公司治理機制之變數,利用迴歸模型進行探討。另外,以事件宣告後一年至後三年買進持有異常報酬作為長期市場績效之衡量指標,及以事件宣告後一年至後三年之產業調整後的營收成長率變動、資產報酬率變動及資產周轉率變動作為長期經營績效之衡量變數,探討負面CSR事件對長期績效之影響,並且以產業調整後之平均自由現金流量變動、產業調整後之平均研發費用率變動及產業調整後之平均資本支出率變動,探討負面CSR事件對後續自由現金及投資之影響。 實證結果發現負面CSR事件確實伴隨著顯著的負報酬,顯示企業未善盡CSR,遭致負面新聞遭揭露時,確實會影響投資人對公司的看法,而導致負面之市場反應。進一步迴歸分析後,發現短期市場反應會受到公司特徵所影響,尤其是「公司規模」。當企業發生負面事件時,規模越小的公司,由於其資訊不對稱之情況較嚴重,引發的負向反應越顯著。此外,本文亦發現第四類「其他違法或違規問題」事件,其伴隨市場負面反應較其他三類顯著,顯示在不同類別之負面事件影響之下,所造成之負面市場反應程度不盡相同。另一方面,發現負面CSR事件揭露後,公司後續亦伴隨顯著的負向買進持有異常報酬及衰退的營收成長率,顯示負面CSR事件對公司長期的市場及經營績效亦有負面之影響,並且企業會減少其資本支出成本,以減緩負面反應程度以及後續伴隨的不確定風險。

並列摘要


The study examines the valuation effect of 1212 negative corporate social responsibility events from 619 companies over 1996 to 2010. We use three models (e.g., risk-adjusted model, scholes-williams ols model, and market adjusted returns model) to calculate cumulative abnormal returns over the day before to the day after the announcement date as the measure of short-term market reactions. In addition, we consider the influence of firm characteristics and corporate governance mechanisms on market reactions. Moreover, we analyze the buy and hold abnormal returns (BHARs) over the post-announcement three years and the change of industry-adjusted sales growth, the change of industry-adjusted return on assets, and the change of industry-adjusted asset turnover to investigate the effects of negative CSR events on long-term performance. Finally, we use the industry-adjusted free cash flow, the industry-adjusted R&D, and the industry-adjusted capital expenditure to explore the negative CSR events’ effects on free cash flows and investments. The results that show the negative CSR events are associated with significantly negative short-term market reactions, suggesting that negative CSR events affect investor perceptions of the company. The regression results show that short-term market reaction is influenced by firm characteristics, in particularly “firm size”. When negative CSR events happened, smaller firms are associated with more negative reactions because of severe information asymmetry. Among four types of negative CSR events, we find that the type of “other illegal” events are associated with significantly poorer market reactions than the other types of events. We also find that after the negative CSR events, firms have significantly negative BHARs and decreased sales growth. Moreover, firms are found to reduce their capital expenditures to mitigate the negative effect and associated uncertainty risk.

參考文獻


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被引用紀錄


孫崇恆(2017)。負面企業社會事件對支付政策之影響〔碩士論文,國立虎尾科技大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0028-1707201710421900

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