企業社會責任－行為財務學的觀點

Corporate Social Responsibility: A Perspective of Behavioral Finance

池祥麟(Hsiang-Lin Chih)

《證券市場發展季刊》 29卷4期 (2017/12) Pp. 63-104

https://doi.org/10.6529/RSFM.201712_29(4).0002

摘要

本文嘗試從行為財務學的觀點，整理與分析與企業社會責任相關的學術研究與提出幾個可能的研究方向，包括：過度自信、迎合效果、社會責任投資與市場效率性、訂價偏誤等。我們發現行為財務學與企業社會責任之間有高度連結，但是就目前已有的學術文獻而言，結合行為財務學與企業社會責任的學術文獻比較有限，所以可能是個值得開發的研究領域。

關鍵字

企業社會責任 ； 行為財務學 ； 過度自信 ； 迎合效果 ； 社會責任投資 ； 市場效率性 ； 訂價偏誤

並列摘要

This paper tries to, from the perspective of behavioral finance, review and analyze literature related to corporate social responsibility (CSR) to provide some research starting points to conduct research in the seemingly unrelated link between behavioral finance and CSR. These research points include overconfidence, catering effect, socially responsible investing, market efficiency, and mispricing. This paper finds that behavioral finance, in fact, is highly linked to CSR, but this link seems to be largely ignored by scholars in the fields of behavioral finance and those in CSR, so it is worthwhile to conduct research in this field.

並列關鍵字

Corporate Social Responsibility ； Behavioral Finance ； Overconfidence ； Catering Effect ； Socially Responsible Investing ； Market Efficiency ； Mispricing

參考文獻

Oliver, B. R., S. McCarthy, and S. Song (2014), “CEO Overconfidence and Corporate Social Responsibility,” Available at SSRN: https://ssrn.com/abstract=2400953 or http://dx.doi.org/10.2139/ssrn.2400953.

Malmendier, U. and Tate, G. (2005b), “CEO Overconfidence and Corporate Investment,” Journal of Finance, Vol. 60, No. 6, 2661-2700.

賴英照 (2008)，《賴英照說法-從內線交易到企業社會責任》，聯經出版。

USSIF (2016), “Report on US Sustainable, Responsible, and Impact Investing Trends,” available form URL: http://www.ussif.org/trends.

March, J. and Z. Sharpia (1987), “Managerial Perspectives on Risk and Risk Taking,” Management Science, Vol. 33, 1404-1418.