股東利益觀點、社會績效及企業價值關聯性之研究

The Relationship among Stockholder-oriented view, Social Performance and Firm Value

蕭立群(Li-Chen Hsiao)

指導教授 ： 黃振豊

共同指導教授 ： 孔繁華(Fan-Hua Kung)

淡江大學/管理學院/會計學系碩士班/碩士(2011年)

https://doi.org/10.6846/TKU.2011.00190

摘要

本研究以S&P 500企業為對象，探討股東利益觀點、社會績效與企業價值間之關聯性。股東為企業利害關係人之一，然而，股東兼具企業之法定所有人身分，企業為了滿足股東之利益，常會違背其他利害關係人對於企業之期望，以往企業經營總以股東為重，隨著企業社會責任之發展，企業經營從以往重視單一股東需求的觀念慢慢轉變成照顧多元利害關係人，開始逐漸重視各方利害關係人之期望，故股東與其他利害關係人間之關係，對於企業價值有何影響，乃是十分值得研究之議題。
本研究參考Axinn, Blair and Thack (2004)的倫理道德與社會責任認知量表，分為股東與其他利害關係人等兩個群體，藉此來研究股東與其他利害關係人間之關係對於企業價值有何影響。以Axinn et al, (2004)之股東觀點問項，選用企業之獲利能力、營運效率與競爭力等來衡量其股東利益觀點。社會績效則是採用KLD Database所提供之社會績效指標作為衡量，企業價值部分選用能反映有形與無形資產相對價值之Tobin’s Q。
本研究以結構方程模式（Structural equation model）分析同年度之股東利益觀點、社會績效與企業價值間之關聯性，並加入時間序列之概念，進行跨期間的比較，以此建構股東利益觀點、社會績效與企業價值間之關聯性模型。實證結果顯示，股東利益觀點有助於提升當年度或下年度之企業價值，此外，驗證了在資源寬鬆理論的主張下，企業之股東利益觀點能透過擁有寬鬆的資源分配，使其社會績效之提升。而社會績效有助於提高企業價值，則是驗證了良好管理理論之主張。

關鍵字

股東利益觀點 ； 社會績效 ； 企業價值 ； 利害關係人

並列摘要

This research investigates the relationship among stockholder-oriented view, social performance and firm value of the constituents of S&P 500. Stockholders are considered as one of the many stakeholders of a firm and act as legal owner. In the past, profits are often stockholder oriented. Many times, decisions have been made to favor stockholders at the cost of sacrificing stakeholders’ interests and expectations. However, as corporate social responsibility prevails, firms in turn have switched their attention to the satisfactory of the stakeholders. Hence, whether the relationship among stockholders and the rest of the stakeholders will impose effect on firm value is ripe for further analysis.
This research references the perceived role of ethics and social responsibility from Axinn, Blair and Thack (2004), meanwhile, distinguishes stockholders from the rest of the stakeholders in order to analyze the possible effect that the relationship (i.e. among stockholders and stakeholders) may have imposed on the firm value. Based on Axinn et al, (2004)’s stockholder-oriented view, this research includes firm profit yields, operating efficiency and competitiveness as proxies to evaluate stockholder-oriented view, and in the mean time, adopts social performance index provided by KLD Database to evaluate social performance. As for measuring firm value, the Tobin’s Q serves as proxy since it reflects the relative value of a firm’s tangible and intangible assets.
The relation among stockholder-oriented view, social performance, and firm value is analyzed using structural equation model, meanwhile, time-series’ analysis is adopted for cross-period comparative evaluation. Finally, these modules construct the relational model of stockholder-oriented view, social performance and corporate social performance.
The main implication of this study indicates that the stockholder-oriented view helps in raising firm value in current year or subsequent year. In addition, the result evidences that under the slack resource theory, stockholder-oriented view can enhance social performance via allocating slack resource. Furthermore, the fact that social performance raises firm value evidences the good management theory.

並列關鍵字

stockholder-oriented view ； social performance ； firm value ； stakeholder

參考文獻

廖婉鈞、林月雲、虞邦祥，2009，知覺組織利害關係人重要程度與組織績效之關係：企業社會責任作為中介之效果，管理學報，第26卷第2期，213-232。

方妙玲，2008，高階主管薪資與財務績效及社會績效之關聯性：代理理論及利害關係人理論觀點，企業管理學報，第77卷，47-80。

Aupperle, K. E., A. B. Carroll, and J. D. Hatfoeld. 1985. An empirical examination of the relationship between corporate social responsibility and profitability. Academy of Management Journal 28(2): 446-463.

Avian, V. A., Y. Ge, and J. Qiu. 2005. The impact of leverage on firm investment: Canadian evidence. Journal of Finance 11: 277-291

Axinn, C. N., M. E. Blair, A. Heorhiadi, and S. V. Thach. 2004. Comparing ethical ideologies across cultures. Journal Of Business Ethics 54: 103-119.