本研究以2014年至2017年臺灣上市櫃公司作為研究樣本,探討企業社會責任與董監事股權質押之關聯性,並進一步將企業社會責任區分成營運相關企業社會責任與非營運相關企業社會責任來進行測試。結果顯示,董監事股權質押與企業社會責任並無顯著之關聯性;然而,再進一步將企業社會責任區分為營運相關與非營運相關企業社會責任進行檢測,實証結果指出,董監事股權質押與營運相關企業社會責任呈現顯著之正向關聯性,與非營運相關企業社會責任呈現無顯著關聯性;上述結果顯示,董監事股權質押與企業社會責任之間的關聯性,會因企業社會責任不同的構面,產生不同的關聯性;另外,為增加實証穩定性,除了以董監事股權質押比率之外,本研究也進一步以董監事股權是否有質押進行敏感性分析測試,研究結論不變。
Based on Taiwan listed firms, this study investigates the relationship between corporate social responsibility (CSR) and the shares collateralized by board of directors. This study further divides the CSR activities into operation CSR and non-operation CSR to test where there is difference between the impacts of collateralized shares of board on these two kinds of CSR activities on. The empirical results show that there is no relationship between CSR and collateralized shares of board, however, there is a significantly positive relationship between operation CSR and collateralized shares of board, supporting the hypothesis that the shares collateralized by board of directors have different impact on operation and non-operation CSR.