本研究以2014年於我國公開資訊觀測站公告揭露企業社會責任報告書情形之上市上櫃公司為研究對象,探討自願性揭露企業社會責任報告書與其認證對公司績效之影響。研究結果主要發現如下:(一)當衡量公司揭露企業社會責任報告書時(不論是自願性及強制性揭露),則揭露企業社會責任報告書的公司,財務績效較低;但未發現揭露企業社會責任報告書與市場績效間二者之關係。(二)雖然未能觀察到自願性揭露企業社會責任報告書與財務績效之影響;然而當自願性揭露企業社會責任報告書時,將可顯著提升市場投資人對公司之評價。(三)若公司不僅為自願性揭露之企業社會責任報告書且經由獨立第三方認證時,對公司財務績效及市場績效並未產生顯著影響。
This study examines the relationships among voluntary CSR reporting, CSR assurance and firm performance for Taiwan’s listed companies that disclosed their CSR reporting on the Market Observation Post System (MOPS) in 2014. The main findings are as follows: (1) As firms disclose their CSR reporting, whether mandatorily or voluntarily, their financial performance tends to be lower, but there is no significant relation between CSR reporting and market performance. (2) Although there is no evidence that CSR reporting and financial performance is correlated, but voluntary CSR reporting is found significantly to increase firm valuation for investors. (3) Even if a firm not only discloses CSR reporting voluntarily, but also obtains certification through an independent, third-party institution to assure its CSR reporting, it still does not have significant impacts on the firm’s financial performance and market performance.