企業社會責任與非財務績效關聯性之研究

The Relationship between Corporate Social Responsibility and Non-financial Performance

廖雅惠(Ya-Hui Liao)

指導教授 ： 林慧葉

國立虎尾科技大學/管理學院/財務金融研究所/碩士(2013年)

摘要

由於企業舞弊和掏空案件頻傳，導致投資人開始關注非財務性指標，因此企業社會責任(Corporate Social Responsibility, CSR)在近年來已逐漸納入企業的經營理念。以往有關企業社會責任對公司經營績效之影響，尚未獲得一致性的結論，故本研究納入非財務指標進行實證研究，探討企業社會責任對經營績效之影響是否透過非財務指標的中介效果。
天下雜誌主要以公司治理、企業承諾、社會參與以及環境保護這四大構面進行CSR之評比，其中企業承諾包含對消費者的承諾，對員工的培育照顧，和對創新研發的投入。由於員工是企業人力資本的重要核心，企業績效必須經由員工盡心付出與貢獻來達成目標，藉由員工對於企業的高度向心力進而提升工作效率，並增加企業的生產力與績效，故本研究以人力資本的員工流動率作為非財務指標。
實證結果顯示，企業社會責任對公司績效具有顯著正向關係，執行企業社會責任的公司有較低的員工流動率，當計量模型同時納入企業社會責任和員工流動率兩項變數時，只有非財務指標的員工流動率對企業經營績效有顯著影響。由此可知，企業社會責任對公司績效的正向顯著影響是透過非財務指標員工流動率的完全中介效果達成。本研究除了補足以往有關企業社會責任對公司經營績效之文獻，也讓企業了解，CSR的執行可以提升人力資本的效率，進而增進企業的經營績效。本研究結果希望能為企業帶來更完善的績效衡量，多方考量非財務性指標，以作為企業與投資人擬定相關策略的參考。

關鍵字

企業社會責任 ； 經營績效 ； 非財務指標

並列摘要

Due to increase of corporate scandals and frauds, investors start paying attention to non-financial indicators. Thus, in recent years, Corporate Social Responsibility (CSR) is included in the operational concepts of enterprises. Past research on the effect of CSR on corporate operational performance has not lead to consistent conclusion. Thus, this study includes non-financial indicators for empirical research, and attempts to find if non-financial indicators have moderating effect between CSR and operational performance.
CommonWealth Magazine rated CSR by corporate governance, corporate commitment, social participation and environmental protection. Corporate commitment includes commitment to consumers, cultivation and care for employees, and investment in innovation and R&D. Since employees are the core of corporate human capital, corporate performance must be based on employees’ total efforts and contribution. Work efficiency and corporate productivity and performance are reinforced by employees’ high degree of loyalty to enterprises. Thus, this study treats employee turnover rate as a non-financial indicator.
According to empirical results, CSR significantly and positively influences corporate performance. Enterprises which practice CSR have lower turnover rate of employees. When Econometric Model includes both CSR and employee turnover rate, only employee turnover rate, non-financial indicator, significantly influences corporate operational performance. Therefore, the significant and positive effect of CSR on corporate performance is based on full moderating effect of non-financial indicator, namely employee turnover rate. This study supplements the research on effect of CSR on corporate operational performance, and argues that CSR can enhance efficiency of human capital and increase corporate operational performance. The findings can allow enterprises to have more complete performance measurement and non-financial indicators as reference for enterprises and investors to establish related strategies.

並列關鍵字

Corporate social responsibility ； Operating performance ； non-financial indicators

參考文獻

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