企業社會責任對企業價值之影響－兼論經營績效之效果

本研究旨在探討臺灣疫情爆發前與爆發期間，企業社會責任對企業價值的影響，並兼論企業經營績效的中介與調節效果。研究期間係2018第二季至2021第三季共14季，研究對象係利用傾向分數配對法進行一比一配對，配對後共計784筆觀察值，採用階層迴歸分析法。研究結果顯示疫情爆發前與爆發期間，企業社會責任對企業價值之間皆具正向關係，經營績效具部分中介效果，在疫情爆發期間，其中介效果則較疫情爆發前低。此外，本研究亦以經營績效為調節變數，探討企業社會責任對企業價值之影響，發現企業社會責任與經營績效之相互影響對企業價值具正向之關係，惟在疫情爆發期間，企業社會責任與經營績效之交互作用降低了對企業價值的影響。

關鍵字

企業社會責任；經營績效；企業價值；傾向分數配對法(PSM)

並列摘要

This study aims to explore the impact of corporate social responsibility on firm value before and during the outbreak in Taiwan, and to discuss the mediating and moderating effects of corporate operating performance. The research period was 14 seasons from the second quarter of 2018 to the third quarter of 2021. The research objects were paired one-to-one using the propensity score matching method. After matching, a total of 784 observations were made, and the hierarchical regression analysis method was used. The research results show that there is a positive relationship between corporate social responsibility and firm value before and during the outbreak, and operating performance has a partial mediating effect. During the outbreak, the mediating effect is lower than before the outbreak. In addition, this study also uses operating performance as a moderating variable to explore the impact of corporate social responsibility on firm value. It is found that the interaction between corporate social responsibility and operating performance has a positive relationship with firm value. However, during the outbreak, corporate social responsibility Interaction with operating performance reduces the impact on firm value.