企業社會責任與各類型投資人持股偏好之關聯

本研究針對台灣證券市場，將投資人以國內外、法人或散戶分為四類型，並使用台灣2012至2016年的上市櫃公司為樣本，探討公司CSR績效與四類型投資人持股比例之關聯。本研究分別以CSR得獎與否以及CSR評分作為公司CSR績效之代理變數，自實證結果及穩健性測試中得知：CSR績效對國內、外機構投資人持股比例變動為顯著正相關，但兩者所關注之面向與指標有所不同；CSR績效對外國散戶投資人持股比例為顯著負相關，顯示外國散戶因缺乏專業知識而尚未完全了解企業落實CSR產生之效益；CSR績效對於國內散戶投資人為顯著負相關，顯示國內散戶對於CSR概念停留於慈善公益活動，認為CSR投入之成本等同耗費企業資源，反倒侵害其股東權益，且未有足夠資源與能力以分析CSR行動之助益，因此對公司落實CSR存有負面態度，傾向減少持有CSR績效高之公司。

關鍵字

企業社會責任；投資人持股；國內機構投資人；國外機構投資人；散戶投資人

並列摘要

Using data from Taiwan publicly traded companies between 2012 and 2016 and categorizing investors into four groups by specific characteristics (foreign/domestic/institutional/individual), this study examines the relationship between firms’ corporate social responsibility (CSR) performance and changes in shareholding of four groups of investors. This study uses CSR award-winning and a self-constructed CSR rating as proxy variables for CSR performance, and the findings are listed below. To foreign institutional investors and domestic institutional investors, the study shows a significantly positive correlation between CSR performance and the change in the shareholding of them, but they focus on different aspects and indicators. To foreign individual investors, the study shows a significantly negative correlation between CSR performance and the change in the shareholding of them, indicating that they don’t fully understand the strengths of implementing CSR due to a lack of professional knowledge. To domestic individual investors, the study shows a significantly negative correlation between CSR performance and the change in their shareholding, implying that they take negative attitudes towards CSR actions because they have few resources and knowledges to gain insights into strengths of implementing CSR. Therefore, believing doing CSR is a burden on firms and shareholders, domestic individual investors tend to decrease their shareholding of companies with high CSR performance.