企業社會責任對公司價值之影響：以新冠肺炎疫情為例

本研究探討企業社會責任(CSR)對公司價值的影響。2020年在全球大流行的新冠肺炎疫情使得全球經濟遭受極大的負面衝擊。本研究藉此機會探討公司投入CSR活動多寡與新冠肺炎疫情負面衝擊市場反應之間的關係。具體來說，本研究採用事件研究法分析臺灣疾病管制局在 2020年 3月 19日宣佈即日起非本國籍人士不得入境之事件前後的股價異常報酬率，檢驗 CSR概念股的股票異常報酬是否優於其他非 CSR概念股。研究結果發現，有揭露 CSR報告書之企業的累積異常報酬顯著地高於沒有揭露 CSR報告書之企業。其次，納入天下永續公民奬或擁有較高天下雜誌 CSR分數企業的累積異常報酬也顯著優於沒有納入天下永續永民奬之企業。實證結果支持 CSR對於企業提供類似保險的功能，當公司遭遇新冠肺炎疫情負面衝擊時 CSR概念股將比其他非 CSR概念股有更好的股價表現，顯示企業社會責任對於公司價值具有正面的影響。

關鍵字

企業社會責任；公司價值；事件研究法；新冠肺炎疫情

並列摘要

This study examines the impact of corporate social responsibility (CSR) on firm value. The global economy has suffered a significant negative impact from the coronavirus pandemic (COVID-19) since 2020. This study takes the opportunity to examine the relationship between the involvement of CSR activities and the market reaction to the adverse event of COVID-19. Specifically, I use an event study to analyze the abnormal stock returns before and after the date when the Taiwan Centers for Disease Control announced that non-nationals would be prohibited from entering Taiwan on March 19, 2020. I examine whether the firms with more CSR activities perform better stock returns than those without CSR activities. Empirical results find that firms with CSR report experience higher cumulative abnormal returns than those without CSR report. Firms with excellence awards in CSR from Common Wealth Magazine perform better market reactions than those without such awards. These results support the notion that CSR provides an insurance-like function for companies. Thus, CSR stocks will have better performance than non-CSR stocks when companies experience the negative impact of COVID-19, indicating that CSR has a positive impact on firm value.