企業社會責任與財務績效的中介效果分析

Mediation Analysis: Corporate Social Responsibility Scores and Financial Performance

安卡(Htet Arkar Lwin)

指導教授 ： 葉家瑜

國立暨南國際大學/管理學院/經濟學系/碩士(2022年)

https://doi.org/10.6837/ncnu202200061

摘要

本論文探討企業社會責任（corporate social responsibility，CSR）與公司財務績效表現（financial performance，FP）的中介效果（mediation effect）。企業社會責任的指標包括公司治理（Corporate Governance，GOV）、企業承諾（Corporate Commitment，CC）、社會參與（Social Involvement，SI）與環境保護（Environmental Protection，EP）等四大項指標。財務績效表現則採用資產收益率（Return on Assets，ROA), 股本回報率（Return on Equity，ROE）與企業的市場價值與資本重置成本比（Tobin’s Q）。本研究採用基本Baron and Kenny 四步驟分析法檢視中介效果並使用自助抽樣法或稱拔靴法（bootstrap resampling）1000次以確保估計結果的一致性。 研究資料來自天下雜誌從2007年到2017年對129家各種產業別的國內企業所做的CSR評比結果，並從台灣經濟新報（TEJ）資料庫取得各年度企業營運相關資料。模型估計結果發現SI指標可以完全中介其他CSR指標與財務績效表現之間的關係，包括GOV指標與Tobin’s Q、CC指標與Tobin’s Q、 CC指標與與ROA。然而，SI指標對EP指標與財務各項指標皆無顯示出中介效果。研究結果顯示企業對社會實質的參與是企業在CSR治理與承諾的關鍵行動，因而對企業的財務績效表現產生直接的助益。然而，本研究資料顯示環境保護的行動對企業的財務表現沒有顯著的幫助。

關鍵字

中介分析 ； 企業社會責任指標 ； 財務績效表現 ； 公司治理 ； 企業承諾 ； 社會參與 ； 環境保護 ； 資產收益率 ； 股本回報率 ； 企業的市場價值與資本重置成本比

並列摘要

This study investigates the mediation effect on the relationship between corporate social responsibility (CSR) and firms’ financial performance (FP). The CSR scores include the Corporate Governance (GOV) score, Corporate Commitment (CC) score, Social Involvement (SI) score and Environmental Protection (EP) score for analysis. The FP variable can be defined by Return on Assets (ROA), Return on Equity (ROE) and Tobin’s Q. The basic four-step Baron and Kenny Approach was adopted to examine the mediation effect with bootstrap resampling (1000) for comparing the result consistency. The CSR scores of firms are generated from Common Wealth Magazine and integrated with firm data from TEJ database. The data includes firm-year observations from year 2007 to 2017 with 129 firms from different industries in Taiwan. The estimated result shows that SI score is fully mediating the relationship between GOV score and Tobin’s Q, CC score and Tobin’s Q and CC score and ROA. However, SI score does not mediate the relationship between EP score and any other FP variables. The results suggest that although the firms keep their promise about CSR activities to community or practice the CSR governance, the actual contribution to the society by the companies plays the crucial role to strengthen their financial performance. If companies address only on the Environmental Protection score, their CSR contribution may have limited effects on the financial performance.

並列關鍵字

Mediation Analysis ； Corporate Social Responsibility Scores ； Financial Performance ； Governance ； Corporate Commitment ； Social Involvement ； Environmental Protection ； Return on Assets ； Return on Equity ； Tobin's Q

參考文獻

References

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Anser, Muhammad & Yousaf, Zahid & Majid, Abdul & Yasir, Muhammad. (2020). Does corporate social responsibility commitment and participation predict environmental and social performance? Corporate Social Responsibility and Environmental Management. 27. 10.1002/csr.1977.

Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182.