探討企業社會責任與企業營運績效之關聯性

A Study on the Relationship between Corporate Social Responsibility and Financial Performance

陳穎達(Ying-Da Chen)

指導教授 ： 張龍福

國立臺北商業大學/財經學院/財務金融系（所）/碩士(2021年)

摘要

本國在近二十年逐漸重視企業社會責任，發行報告書之企業逐年增加，經由臺灣證券交易所統計已於公開資訊觀測站申報107年度企業社會責任報告書之上市公司共 363 家，上櫃公司共 117 家，總計 480 家。過去也有諸多文獻探討企業社會責任對其營運績效之影響，但鮮少文獻研究環境保護、社會參與、企業承諾與營運績效的影響，故本研究除公司治理變數外，再加入上述三個面向，若企業重視這些面向，對於營運績效是否有關聯性。本研究將以「天下企業公民」之上市櫃公司為樣本，總期間為2011至2018年；並以得獎公司的評分項目作研究，資料取自於，台灣經濟新報(TEJ)資料庫及獲獎企業發行的企業社會責任報告書。
實證結果顯示，能源用電效率、企業參與志工活動、高管薪酬與營運績效呈現正相關。當董事會規模越大時，能降低公司的財務風險，獨立董事可能為顧及聲望，做出不利投資人之舉，董監持股比與營運績效呈現正相關；董監質押比愈高對公司營運績效為負相關，董事長兼總經理與企業營運績效呈正相關。

關鍵字

環境保護 ； 社會參與 ； 企業承諾 ； 公司治理 ； 企業社會責任

並列摘要

Corporate Social Responsibility (CSR) has been focused over the past two decades and the number of companies that have issued CSR Reports grows in the recent years. A total of 480 companies, including 363 listed companies in the Taiwan Stock Exchange and 117 companies in the Taipei Exchange have filed CSR Reports on Market Observation Post System (M.O.P.S) until 2018. There are many studies about the influence of CSR on the corporates’ performance. However, how environmental protection, social engagement, and corporate commitment affect the corporates performance have not examined in the previous studies. The purpose of this study is to analyze the relationship between corporates performance and the three factors mentioned above. Samples of corporates used in the study are the listed companies on Excellence in Corporate Social Responsibility by Commonwealth Magazine from 2011 to 2018. Data are corrected base on Taiwan Economic Journal (TEJ) and CSR reports of the relative corporates.
Our empirical results demonstrate, energy efficiency, corporates participating in volunteer activity, and compensation of executives have positive relation with corporates performance. Larger boards contribute to lower financial risk. Independent directors may act against investors wish considering their prestige. The results also shown that stockholding of directors and supervisors have positive relation with corporates performance. Equity pledge ratios of directors have negative relation with corporates performance. While the chairman of the corporate is also to be a general manager, the corporate performance will be better.

並列關鍵字

Environmental Sustainability ； Social Participation ； Corporate Commitment ； Corporate Governance ； Corporate social responsibility

參考文獻

中文文獻

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