社會責任公司有較高的股票報酬嗎？

Do Companies with Corporate Social Responsibility Perform Better in Stock Returns?

張元(Yuan Chang)

《輔仁管理評論》 18卷1期 (2011/01) Pp. 79-118

https://doi.org/10.29698/FJMR.201101.0004

摘要

本文分析獲選爲天下雜誌最佳企業公民之30家上市公司的股票報酬，評估這些公司在評等結果公佈日附近的短期宣告效果，以及長期股價表現是否較那些未入選的公司要來得好。實證結果發現，30家公司在評等結果公佈日當天的平均異常報酬，以及公佈日前數日、公佈日後數日的累積平均異常報酬並不顯著，而就長期股票報酬而言，30家公司的表現並沒有比未入選的其他公司要來得好。這個現象，即使是透過重新建構與入選公司特性變數相類似的未入選公司配對樣本，或是考量投資報酬率的風險，仍未有明顯的改變。因此我們的結論是，不論是短期或是長期，最佳企業公民之30家公司的投資人或股東，並無法獲得較高之投資報酬，因此善盡企業社會責任的好公司不一定是個好的投資標的。

關鍵字

企業社會責任 ； 企業公民 ； 股票報酬

並列摘要

This paper examines the stock performance of 30 TWSE-listed companies among Taiwan's Best Corporate Citizens from the 2007's survey by Common Wealth magazine. We examine both short-term announcement effects around the time of the survey's publication, and whether longer-term returns are higher for firms that are listed as good citizens. We did not find evidence of a positive market reaction to a firm's presence in the top 30 firms, and there is also no long-term return superiority against non-top 30 firms. This principal outcome unchanged as we use matching theory to construct samples of similar in characteristics non-top 30 firms and consider risk-adjusted stock returns. We conclude that stockholders and investors of top 30 firms cannot get higher returns than non-top 30 firms by buy-and-hold strategy, and thus implies that companies taking corporate social responsibilities are not necessarily good investments.

並列關鍵字

corporate social responsibility ； corporate citizens ； stock returns

參考文獻

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