從風險管理的觀點探討社會責任與股東價值的關係

The Relationship Between Corporate Social Responsibility And Shareholder Value：A Risk Management Perspective

施柏丞(Po-Cheng Shih)

指導教授 ： 李瓊映

長榮大學/管理學院/經營管理研究所(博)/碩士(2011年)

https://doi.org/10.6833/CJCU.2011.00005

摘要

企業社會責任(Corporate Social Responsibility，CSR)的概念已逐漸成為學術上重要的議題。本研究欲從風險管理的觀點探討企業投入企業社會責任(Corporate Social Responsibility，CSR)對股東價值的影響。本研究利用事件研究法，探討2001至2008年S&P500公司發生負面事件時，企業的CSR行為是否能減緩負面異常報酬而產生類保險的效果。此外本研究亦考量對手的CSR投入與企業本身CSR之長期效果對異常報酬的影響。實證結果顯示，短期CSR與對手CSR投入均對累積異常報酬呈現不顯著；另一方面，企業的CSR長期投入對累計異常報酬有正向的顯著關係，由此可見企業長期投入CSR猶如買保險一樣，可以累積正向的聲譽資本，保護股東財富不受到負面事件所衝擊。

關鍵字

企業社會責任 ； 股東價值 ； 類保險

並列摘要

The concept of corporate social responsibility has become an important academic issue. We want to investigate the relationship between corporate social responsibility and shareholder value by risk management perspective. We use event study to investigate whether the S&P 500s’ CSR participation temper negative abnormal returns when they suffer a negative event because of insurance-like value during 2001-2008. Then we also consider the competitor’s CSR and long-term CSR participation. The empirical results indicate that the short-term CSR and competitor’s CSR have no significant to the cumulative abnormal returns. On the other hand, long-term CSR is positive and significant to the cumulative abnormal returns. So we find that the long-term CSR provides stockholder value with insurance-like protection for a positive reputation capital when a firm suffers a negative event.

並列關鍵字

Corporate Social Responsibility(CSR) ； stockholder value ； insurance-like

參考文獻

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