Corporate Governance, Corporate Social Responsibility, and Information Asymmetry

公司治理、企業社會責任與資訊不對稱

王健聰(Janchung Wang) ； 王泓達(Hong-Da Wang) ； 林財印(Tsai-Yin Lin)

《管理學報》 39卷1期 (2022/03) Pp. 37-63

https://doi.org/10.6504/JMBR.202203_39(1).0002

摘要

This study investigates whether high-quality corporate governance and better corporate social responsibility (CSR) performance help reduce information asymmetry in the Taiwan stock market. Additionally, the study focuses on examining that corporate governance has a moderating or substitute effect on the relationship between CSR performance and information asymmetry. Using the percentage bid-ask spread and market depth as proxies for information asymmetry, univariate and multivariate regression results show that high-quality corporate governance and better CSR performance reduce information asymmetry. Importantly, the study also finds that the better corporate governance quality is, the stronger the negative relationship between CSR performance and information asymmetry. That is, corporate governance has a moderating effect on this relationship. Robust results again confirm that both corporate governance and CSR performance play a significant role in reducing information asymmetry.

關鍵字

corporate governance ； CSR performance ； information asymmetry ； moderating effect ； endogeneity

並列摘要

本文檢視高品質的公司治理與較佳的企業社會責任（CSR）績效是否有助於降低台灣股票市場資訊不對稱的問題。此外，本文也檢視公司治理對於企業社會責任績效與資訊不對稱之間關係是具有調節效果影響或是替代效果影響。本文使用買賣差價百分比以及市場深度作為資訊不對稱的代理變數，單變量檢定以及多元迴歸結果都指出高品質的公司治理與較佳的CSR績效有助於降低台灣股票市場之資訊不對稱。重要的是，本文實證也發現公司治理品質愈佳，企業社會責任績效與資訊不對稱之間的負向關係就越強。即公司治理應具有調節效果。穩健性分析再次證明公司治理和企業社會責任績效在降低股票市場資訊不對稱扮演著重要的任務。

並列關鍵字

公司治理 ； CSR績效 ； 資訊不對稱 ； 調節效果 ； 內生性

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