隨著企業社會責任(Corporate Social Responsibility;CSR)越來越受社會大眾所重視,臺灣自2014年起推動永續性報告書GRI G4,企業編製企業社會責任報告書揭露非財務資訊也漸成為趨勢,亦成為利害關係人評估企業風險及獲利能力的重要資訊。本文以公司治理為中介變數探討對企業社會責任揭露與公司經營績效之間的關係。 本文以2014年台灣上市245家公司為樣本,企業社會責任揭露指標係以公開資訊觀測站企業社會責任報告書的資訊,採用內文分析法對樣本做衡量,公司經營績效則以會計基礎的績效指標(ROA、ROE及EPS)做為衡量之依據,並採用獨立董事比率做為公司治理的代理變數,加上其他控制變數進行迴歸分析。 實證結果顯示,(1)企業社會責任揭露對公司經營績效呈現反向顯著影響,支持焦點移轉假說,即在資源有限的情形下,公司在各利害關係人間進行權衡,而當其履行對其他利益團體的社會責任(例如從事員工關係、環境保護、社區關係及人權環境保護等轉移企業經營焦點的非利潤最大化行為)時,將會帶來額外的成本,進而降低財務績效。(2)企業社會責任揭露對公司治理則是無顯著影響。(3)公司治理對公司經營績效,則呈現正向顯著影響,即獨立董事席次比例對公司經營績效產生正向影響。(4)公司治理對企業社會責任揭露與公司經營績效之中介效果則不顯著。
Corporate social responsibility (CSR) have attracted much attention and promoted CSR reports following the GRI G4 guidelines since 2014 in Taiwan. Published corporate social responsibility reports need to reveal non-financial information have become a trend gradually and act as an important information of assessing enterprise’s risks and profitability. This research examines the corporate governance as the mediator variable to verify the mediating effects between corporate social responsibility disclosure and firm performance. The ratio of independent directors on board is used as a proxy of corporate governance and to examine the mediating effects of independent director on firm performance. It is based on a samples of 245 publicly listed firms in Taiwan for the year of 2014 to support the model. The corporate social responsibility disclosure is measured by using content analysis with CSR reports based on GRI G4 from TWSE. The firm performance is measured by ROA、ROE、EPS. Regression analysis is employed to test the hypotheses. The results are summarized as follows: (1) CSR report disclosure has a negative and significant impact on firm performance. Supporting Shift of Focus Hypothesis that under the limited resource, CSR will bring the extra costs and reduce the financial performance. (2)CSR report disclosure does not have a significant impact on corporate governance. (3)Independent directors have positive and significant impact on firm performance. (4)Corporate governance (Independent directors) have no mediating effect on the relationship between corporate social responsibility disclosure and firm performance.