企業社會責任對財務績效影響之研究

A Study on the Effects of Corporate Social Responsibility on Financial Performance

黃雅旻(Ya-Min Huang)

指導教授 ： 丁碧慧

長榮大學/管理學院/企業管理學系(所)/碩士(2011年)

https://doi.org/10.6833/CJCU.2011.00040

摘要

企業社會責任發展至今，在學術界或者是業界皆愈來愈受到重視，其與財務績效之間的相關性也備受關注，但實證結果相當分歧。部分文獻指出企業落實社會責任可能會提升公司的形象，進而贏取社會大眾的好感，增加顧客群，吸引更多優秀人才，但也有研究發現如果企業要負起社會責任，必須投入不少企業資源，將因此提高經營成本，不利競爭，因此，本研究藉由企業毛利與企業費用的雙中介模型探討企業社會責任對財務績效之影響，以釐清企業履行社會責任是否將提高企業毛利，同時增加企業經營成本，並探討其對企業經營績效之整體效果。
本研究以標準普爾500指數所涵蓋的公司為樣本，研究期間為2002-2009年，企業社會責任衡量指標取自KLD STATS資料庫，公司相關財務資料來源為Compustat資料庫。實證結果顯示，企業履行社會責任活動會正向影響公司的銷貨毛利，進而正向影響公司的資產報酬率(ROA)與股東權益報酬率(ROE)，而企業履行企業社會責任活動也會使得公司的營業費用增加，進而降低公司的資產報酬率(ROA)與股東權益報酬率(ROE)。綜合企業社會責任對公司銷貨毛利與營業費用的效果後，企業社會責任對財務績效是顯著正向的影響。
在各企業社會責任活動中，多實施有關多樣性的正面活動，可顯著提升財務績效，但也要避免員工關係的負面活動之產生，造成財務績效降低。

關鍵字

企業社會責任 ； 財務績效

並列摘要

Concerns about Corporate Social Responsibility (CSR) have grown significantly during the last two decades. The concept of CSR is gaining more and more attention in both the business and academic fields.
Most of the theoretically oriented research on this subject has focused on investigating the connection between CSR and corporate financial performance. But the relationship may indicate negative, neutral, or positive linkages between CSR and financial performance. In other words, the link between CSR and financial performance has not been fully established. Therefore, the first objective of this study is to attempt to examine the impact of CSR activities on corporate financial performance.
There are two conflicting views regarding the impact of engaging in CSR activities on the financial performance of a firm. The first one is that CSR activities improves the relationship between enterprises and stakeholders, and garners more benefits than the cost incurred. An alternative view is that the other is CSR activities increases costs and declines financial performance. Therefore, the second objective of this study is to explore how firms’ CSR activities affect their financial performance through changes in corporate income and expenses.
Besides, the prevailing literature shows that the types of CSR activities affect the relationship between CSR activities and corporate financial performance. Therefore, the third objective of this study is to explore whether the mediating effects of firms’ income and expenses also depend on the types of CSR activities.
The data in the study are based on the companies within the S & P 500 Index between 2002 and 2009. Moreover, I perform a Path analysis to test the hypotheses by using AMOS software.
The findings of this study indicate that corporate social responsibility activities does not directly affect the company's return on assets (ROA) and return on equity (ROE). The corporate social responsibility activities that performed by the enterprise will positively affect the company's gross profit, and thus positively affect the company's return on assets (ROA) and return on equity (ROE). The corporate social responsibility activities that performed by the enterprise will also make the company's operating expenses, thereby reduce the company's return on assets (ROA) and return on equity (ROE). Final, the effects of corporate social responsibility on financial performance is positive.

並列關鍵字

Corporate Social Responsibility ； Financial Performance

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