投資人情緒對企業社會責任的影響—以公司治理為調節效果

CSR活動對於企業而言係為一避險性的策略，企業乃透過追求CSR活動創造其良好形象。本研究立基於迎合效果，旨在探討企業是否存在受投資人情緒影響而被動追求CSR活動，並著墨於公司治理是否會調節兩者間的關係。本研究之樣本涵蓋台灣2007至2018年上市櫃公司。實證結果顯示投資人情緒對企業追求CSR活動的影響為負向顯著，而公司治理則存在正向調節效果。該結果表示企業追求CSR活動會受投資人情緒影響，當投資人情緒越低迷，企業越傾向採行CSR活動，然而，當公司治理越健全，則有助於減緩投資人情緒對企業追求CSR活動的影響。

關鍵字

企業社會責任；投資人情緒；公司治理；迎合效果

並列摘要

CSR activities are a risk-averse strategy valued by firms, which they may create a good image through the engagement of them. Based on the catering effect, this study aims to explore whether firms are passively engaging in CSR activities due to investor sentiment and whether corporate governance could moderate the relation. The sample of this study covers listed companies in Taiwan Stock Exchange from 2007 to 2018. The empirical results show that the influence of investor sentiment on the engagement of CSR activities is negative, while corporate governance has a positive moderating effect. The findings support that the firm's engagement of CSR activities will be affected by investor sentiment. When the investor sentiment is lower, the firm tends to adopt more CSR activities. However, firms with more sound corporate governance help mitigate investor sentiment on CSR activities.