企業社會責任對公司財務績效的影響–考慮公司規模與成長率的中介效應

The Impact of Corporate Social Responsibility on Corporate Financial Performance: Considering Corporate Size and Growth

程議慧(Yi-Hui Cheng)

指導教授 ： 劉啟群

國立臺灣大學/管理學院/會計學研究所/碩士(2015年)

https://doi.org/10.6342/NTU.2015.01346

摘要

本文探討企業社會責任與公司財務績效之間的關係，並引入公司規模與成長率為中介變數，一窺究竟。以S&P500裡的每一間公司做樣本分析，從KLD資料庫算出每間公司從1995-2013年的企業社會責任評分，並相對應於從COMPUSTAT資料庫抓出的依變數(資產報酬率ROA、股東權益報酬率ROE、本期淨利率ROS)和其他控制變數做迴歸分析。更依循前人的作法，將企業社會責任的評分，區分為與營運活動相關的企業社會責任(Operations-related CSR)和與營運活動不相關的企業社會責任(Non-Operations-related CSR)。由迴歸結果可以發現，公司從事與營運活動相關的企業社會責任和與營運活動不相關的企業社會責任皆能促進其財務報表現得更亮眼。而不論成長速度快或慢的公司，從事與營運活動相關的企業社會責任都是優先首選。小公司當資源有限時，較不鼓勵從事與營運活動不相關的企業社會責任。

關鍵字

公司財務績效 ； 與營運活動相關的企業社會責任 ； 與營運活動不相關的企業社會責任 ； 規模 ； 成長率

並列摘要

This essay has proved a positive impact of corporate social responsibility (CSR) on corporate financial performance (CFP). In this paper, it also adds corporate size and growth to verify their intermediate effects between corporate social responsibility and corporate financial performance. This essay searches for every company in S&P500 from1995-2013, and uses the databases KLD and COMPUSTAT to find out their corresponding value. The dependent variables are return on assets(ROA), return on equity(ROE), return on sales(ROS), separately. The scores of corporate social responsibility is divided into two segments, operation-related corporate social responsibility and non-operation-related corporate social responsibility. The result of multiple regression analysis is that either operation-related corporate social responsibility or non-operation-related corporate social responsibility can increase corporate financial performance. Moreover, operation-related corporate social responsibility is the first choice when considering corporate social responsibility. In conclusion, the more you engage in corporate social responsibility, the more beautifully your financial statements show.

並列關鍵字

Corporate Financial Performance ； Operation-Related Corporate Social Responsibility ； Non-Operation-Related Corporate Social Responsibility ； Size ； Growth

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