企業善盡社會責任對資本市場影響的實證研究較為缺乏,且已開發國家與開發中國家的制度環境與發展經驗不同,也導致企業在所處經營環境下面臨不同的CSR 期望與壓力,而學者對於開發中國家有關CSR 對股票價值議題的討論更顯不足。本文即以台灣資本市場的上市櫃公司作為研究對象,探討企業社會責任事件宣告對於股票異常報酬率之影響。採用事件研究法加以檢測假說,實證結果發現正面企業社會責任獲獎訊息宣告可產生正向異常報酬率表現;反之,負面企業社會責任事件宣告則會導致負向異常報酬率反映。此結果意謂著台灣資本市場投資人會重視企業社會責任訊息的宣告,並採取具體的支持或懲治行動,進而反映在股價的異常報酬率表現。本文研究結果不僅可提供股市投資人投資決策參考,並可作為公司管理當局制定企業社會責任策略之依據。
Few empirical researches explore the impact of corporate fulfilling social responsibility on the capital market. In addition, social expectations to CSR fulfilled by enterprises are different due to dissimilar institutional environment and development experience between developed countries and developing countries. This study focuses on the relationships between the CSR announcement and abnormal stock returns. The empirical results find significant positive and negative relations between positive CSR event announcement vs. abnormal stock returns; and negative CSR event announcement vs. abnormal stock returns. These findings can offer a reference rule to the stock investor and as a reference to managers for adopting a CSR strategy.