企業社會責任獎宣告效應對股票異常報酬影響之實證分析

An Empirical Examination of the Relationship between the Announcement of Corporate Social Responsibility Award and Stock Price Abnormal Return

陳有生(Yu-Sheng Chen)

指導教授 ： 莊立民

長榮大學/管理學院/高階管理碩士在職專班(EMBA)/碩士(2011年)

https://doi.org/10.6833/CJCU.2011.00078

摘要

社會企業責任的落實是否能對其企業之股價帶來正面的影響，在學術上並無定論。本研究藉由探討企業獲頒社會責任獎項後之股價變化進一步探討此一關係。藉由遠見雜誌於2008年至2010年間頒發之企業社會責任獎得獎企業做為樣本，並採用事件研究法計算其股價異常報酬，最後建立迴歸分析探討異常報酬之影響因素。結果發現，特定群組之得獎企業於得獎宣告後享有正向累積異常報酬，例如上櫃企業以及科技產業，此一結果與以往相關研究不同。且由宣告前後之異常報酬變動可以得知有資訊洩漏的情形出現。此外迴歸分析結果顯示，企業獲頒CSR首獎與其股價累積異常報酬呈現顯著正相關，顯示此獎項確實對企業帶來品牌強化(Brand Enhancement)之效應。但前期之財務績效與宣告前之資訊洩漏程度將影響其股價表現。

關鍵字

企業社會責任 ； 宣告 ； 異常報酬 ； 累積異常報酬 ； 事件研究法

並列摘要

The question which has been touched time to time but not explored is the relationship between corporate social responsibility (CSR) and stock market performance. We try to clear this ambiguity by shedding light on corporations’ stock price variation after the announcement of winning a CSR award. Using the sample of CSR award conferred by the 《GLOBAL VIEW》magazine from 2008 to 2010, we calculate stock price abnormal return for the chosen corporation by event-time study, and then establish an OLS regression model to analyze the factors which influence the stock price abnormal return. We have two main findings. First, some of our subsamples have positive abnormal return after the announcement of winning a CSR award, for example, OTC firms and technology firms. This finding does not correspond with most empirical results which indicate that social responsible portfolio do not have abnormal return. Second, the company which won a title award is significantly positive related with stock price abnormal return. That means CSR award can bring a positive brand enhancement effect to corporations. But this positive stock price abnormal return would be affected by the early financial performance of the company and the degree of information leakage of winning this award as well.

並列關鍵字

Corporate Social Responsibility ； CSR ； Announcement ； Abnormal Return ； Cummulative Abnormal Return ； Event-study

參考文獻

Alexander, Gordon. J. and Rogene. A. Buchholz. 1978. "Corporate Social Performance and Stock Market Performance", Academy of Management Journal, vol. 21, no. 3 (September), pp. 479∼486

Cochran, Phillip. L. and Robert. A. Wood. 1984. "Corporate Social Responsibility and Financial Performance", Academy of Management Journal, vol. 27, no. 1 (March), pp. 42∼56

Griffin, J.J., ＆ Mahon, J.F. 1997. “ The Corporate Social Performance and Corporate Financial Performance Debate：Twenty-Five Years of Incomparable Research. ” Business and Society, 36:5-31