海外掛牌對公司目標影響之研究─跨國分析

從利害關係人理論的發展開始，有關企業社會責任議題的討論已經持續約二十年之久，多數的焦點都放在企業是否該善盡社會責任？或是試圖找出企業社會績效與財務績效之間的關聯性來激勵企業重視社會責任。日本學者Yoshimori (1995)曾對法國、德國、日本、英國與美國這五個國家企業的管理者進行調查，發現對於「企業應以誰的利益為前提來經營」這個觀念隨著國家不同而有明顯的差異，美國與英國的企業較重視股東的利益，德國與法國之企業則是股東與員工的利益並重，而日本企業會考量所有利害關係人的利益，尤其以員工利益為重。隨著科技的進步，全世界已逐步整合為區域共同體，未來整合為一個地球村已經不再是一個夢想。這樣全球化、國際化的浪潮，是否會影響企業社會責任議題的演變值得我們關注。當企業的各項經營、生產、銷售、籌資的活動已經跨越國家的疆界，企業管理者在做任何決策時要考量的不僅是本國的股東、顧客、或員工，還必須面對來自其他國家的股東、顧客或員工等的壓力。這樣的轉變是否會讓企業對於「企業應以誰的利益為前提來經營」的公司目標有所轉變？本研究試圖以實證方法來檢驗公司目標是否因跨國的經營活動而轉變。

關鍵字

海外掛牌；公司目標；跨國分析；利害關係人理論

並列摘要

The concept of the corporation differs from country to country. Yoshimori (1995) has examined the differences in the concept of the corporation and divided countries into three groups. The firm is regarded as the private property of its shareholders in the UK and U.S. Firms in Germany and France take the interests of employees into account as well as those of shareholders. Firms in Japan typically take all stakeholders into account when making decisions and the benefits of employees are given top priority. An interesting article in the New York Times (March 21, 2001) stated the followings: …Siemens, a 154-year-old company based in Munich, has been reinventing itself…, and judging all its operations on profits, not just sales and employment. 'We've gone from being basically an employment company to being a shareholder-value company,' Gerhard Schulmeyer, chief executive of the United States unit, said. 'In other words, we've Americanized.' … The aged company in Germany made the announcement above after listing American depositary receipts (ADRs) on the New York Stock Exchange. The objective of the corporation may be influenced by transnational economic activity like cross-listing.This study employs a cross-country model to examine the influence of cross-listing on corporate objective. The results exhibit that when companies from countries valuing the benefits of employees cross-list in the U.S., they do not sacrifice the value of the employees obviously. But when companies from countries valuing the benefits of stockholders cross-list ADRs in the U.S., they significantly behave more myopically and reduce wage intensity that harming the benefits of employees. These companies become more profit-making and neglect the benefits of other stakeholders.

並列關鍵字

cross-list ； corporate objective ； cross-country analysis ； stakeholder theory

參考文獻

Donaldson, T. and L. Preston, 1995, “The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications,” Academy of Management Review 20(1), 65-91.

Freeman, E., 1984, Strategic Management: A Stakeholder Approach (Pitman, Boston).

Freeman, E., 1994, “The Politics of Stakeholder Theory: Some Future Directions,” Business Ethics Quarterly 4(4), 409-421.

Freeman, E., 2004, “The Stakeholder Approach Revisited,” Zeitschrift fu¨r Wirtschafts- und Unternehmensethik 5(3), 220–241.

Friedman, M., 1970, “The Social Responsibility of Business is to Increase Its Profits,” New York Times Magazine, September 13: 32-33, 122, 124, 126.

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海外掛牌對公司目標影響之研究─跨國分析

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