Does CSR Materiality Affect Financial Performance in Taiwan?

臺灣企業社會責任之重大性議題會影響公司財務績效嗎？

黃啟瑞(Chi-Jui Huang) ； 柯文乾(Wen-Chyan Ke) ； 林志斌(Chih-Pin Lin)

《財務金融學刊》 28卷4期 (2020/12) Pp. 59-109

https://doi.org/10.6545/JFS.202012_28(4).0002

摘要

This study explores the relationship between a firm's performance on corporate social responsibility (CSR) materiality and its financial performance. It develops measures for evaluating firms' performance on CSR materiality. Using the sample of listed firms in Taiwan's electronics and financial industries, this paper shows that firms rated higher in environmental, social, and governance sustainability significantly outperform those rated lower. Furthermore, negative sustainability behaviors have more significant impacts on firms' financial performance than positive sustainability behaviors. Finally, the positive relationship between financial performance and the performance on CSR materiality is more significant in the electronics sector than in the financial sector.

關鍵字

Materiality ； corporate governance ； corporate social responsibility ； CSR disclosure ； financial performance

並列摘要

本研究探討企業社會責任（CSR）重大性議題表現與財務績效之關係。本文建置指標衡量CSR重大性議題。以臺灣電子及金融業上市公司實證發現，在環境、社會和治理等重大性議題評等越高，其財務績效也越優異。相對於正面永續性行為，負面永續性行為對財務績效的影響更大。最後，CSR重大性議題對財務績效之影響，電子業比金融業更顯著。

並列關鍵字

重大性 ； 公司治理 ； 企業社會責任 ； 企業社會責任揭露 ； 財務績效

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