從企業違法事件對股市的影響探討企業社會責任的意涵

The Implications of Corporate Social Responsibility from the Impact of Corporate Illegal Events on the Stock Market

謝懿(Xie Yi) ； 羅文綺(Wen-Chi Lo) ； 蕭育仁(Yu-Jen Hsiao) ； 陳雯雯(Wen-Wen Chen)

《證券市場發展季刊》 34卷4期 (2022/12) Pp. 85-117

https://doi.org/10.6529/RSFM.202212_34(4).0003

摘要

本研究透過分析臺灣上市櫃公司發生違法事件宣告後，其CSR的評比優劣對於股價的影響，以期發現企業社會責任（CSR）對於企業的重要性。實證主要發現，排名好的CSR優等生企業在發生違法事件宣告後，股票的累積異常報酬率沒有發生負向的影響，而排名CSR後段班的企業，在違法事件後的累積異常報酬率為負向顯著。結論告訴我們對於投資者來說，表現好的CSR企業在發生違法事件後，市場會給予支撐及諒解；對於CSR評比表現末班車的企業發生違法事件時，市場對於公司股價會給予更進一步拋售的懲罰。

關鍵字

企業違法 ； 企業社會責任 ； 股票市場 ； 事件研究法

並列摘要

This study analyzes the impact of CSR evaluation on the stock price of Taiwanese listed companies after they are declared illegal to discover the importance of corporate social responsibility (CSR) to companies. The empirical findings found that the cumulative abnormal return of stocks in the top-ranked CSR companies after a significant illegal event did not affect significance negatively. When an illegal incident occurs in a company in the lower CSR class, they had a significant negative cumulative abnormal return, in other words, the market will impose further penalties on the company's stock price for selling.

並列關鍵字

corporate illegality ； corporate social responsibility ； stock market ； event study

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