企業社會責任與風險管理決策

Corporate Social Responsibility and Risk Management

蔡亞真(Ya-Chen Tsai)

指導教授 ： 戴維芯

國立暨南國際大學/管理學院/財務金融學系/碩士(2020年)

https://doi.org/10.6837/ncnu202000207

摘要

本研究以2001年的2014年的S&P1500為研究樣本，探討企業社會責任與公司避險策略之間的關係。實證結果發現企業參與社會活動與其實施避險策略呈正向關係，代表公司參與社會活動是企業採用避險策略的重要決定因素，且解決內生性、樣本選擇偏誤等問題下維持穩定結果。我們進一步分析，這結果主要是由於企業社會評價中的正面評分所影響。另外，將企業社會責任區分為六大元素，其中多樣性、員工關係以及產品品質類別與避險策略之間顯著為正。進一步考慮到客戶特性與不同的競爭狀態下，發現商品或是資產的獨特性以及競爭產業密集度高時，企業參與社會活動導因於企業避險意願或程度提高效果較強。最後，將樣本區分為金融風暴期間與非金融危機期間，可以發現不論是否在金融風暴期間，企業參與社會活動與企業避險意願或程度皆呈正向關係，但是在非金融風暴期間，正向影響會減弱。

關鍵字

企業社會責任 ； 避險 ； 風險管理

並列摘要

Using S&P 1500 from 2001 to 2014 as the research sample, this study discusses the relationship between corporate social responsibility (CSR) and corporate hedging strategies. The empirical results show that the company's participation in social activities have a positive relationship with corporate hedging strategies. Representing the company's participation in social activities is an important determinant of the company's hedging strategies, and it maintains robust results, after controlling the endogeneity problems and self-selection bias. We further find that the positive relation between CSR and corporate hedging activities is mainly driven by the CSR Strengths in corporate social evaluation. Among six major dimensions in the CSR, the results suggest that the diversity, employee relations, and the product quality positively affect the corporate hedging strategies. Additionally, our results show that the positive relationship between CSR and corporate hedging are stronger for firms with uniqueness of products and high industry concentration. Finally, the positive relationship between the company's participation in social activities and the company’s hedging willingness and extent both during financial crisis period and non-financial crisis period, and the positive relationship is weaker during non-crisis period.

並列關鍵字

Corporate Social Responsibility ； Hedging ； Risk Management

參考文獻

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