企業社會責任績效對資訊不對稱之影響：從公司治理機制作分析

The effects of corporate social responsibility on information asymmetry: Analyses from corporate governance mechanisms

黃鈺娟(Yu-Juan Huang) ； 吳冠勳(Guan-Xun Wu) ； 陳韻珊(Yun-Shan Chen) ； 石又澄(You-Cheng Shi)

《商業現代化學刊》 8卷2期 (2016/10) Pp. 355-370

https://doi.org/10.6132/JCM.2016.8.2.19

摘要

本文基於利害關係人理論探討履行企業社會責任對資訊不對稱之影響，認為好的社會責任績效有利於取得各種利害關係人之資源，本文預期並發現企業社會責任績效獲獎之公司於獎項公佈後期間之買賣價差顯著低於該獎項公佈前。此外，本文探索數種公司治理機制，發現企業社會責任獲獎公佈前公司治理較好之公司，獲頒獎項愈有助於降低買賣價差，說明著投資人將企業社會責任之投入視為多種評價資訊之一，若該評價資訊與其他公司治理機制所映射之意涵皆一致地顯示係保護各利害關係人之權益，則企業社會責任之付出愈具備評價輔助效果。

關鍵字

企業社會責任 ； 資訊不對稱 ； 利害關係人理論 ； 公司聲譽

並列摘要

This study baes on stakeholder theory and probes the relation between the effect of corporate social responsibility on information asymmetry. We predict and find that winner firms at the competition of corporate social performance experienced a decrease in the bid-ask spread post the announcement of evaluation results. We also test whether corporate governance plays an interactive role between the relation of corporate social responsibility and information asymmetry. As a result, our evidence reveals that the decrease in bid-ask spread post the announcements of corporate social responsibility competition is furthered if these winners with better governance mechanisms. This paper thus implies that the efforts into social responsibility are considered more value-relevant if these CSR endeavors are more consistent with firms’ historical behaviors treated their stakeholders more friendly.

並列關鍵字

Corporate social responsibility ； Information asymmetry ； Stakeholder theory ； Corporate reputation