本文探討企業社會責任及股利發放與公司價值之關係,係以台灣證券交易所發行強調創造就業機會之企業社會責任指數:臺灣就業99指數為樣本,研究區間從為2011年至2020年。研究結果顯示,當不考慮行銷密集度及股利發放時,企業社會責任與公司價值之關係顯著。股利發放在企業社會責任與公司價值之關係具有顯著地中介效果,顯示股利發放比例高的臺灣就業99指數成分股有較高的公司價值。因此,當投資者瞭解公司善盡企業社會責任且願意發放較高的股利,該公司可以提升企業形象,進而增加其公司價值,穩健性測試依然支持股利具有中介效果。
This article explores the relationship among corporate social responsibility, dividend payment and company value. The sample is based on the corporate social responsibility index issued by the Taiwan Stock Exchange that emphasizes job creation: The Taiwan Employment 99 Index. The research period is from 2011 to 2020. The research results show that when marketing intensity and dividends are not considered, the relationship between corporate social responsibility and company value is significant. Dividend has a significant intermediary effect on the relationship between corporate social responsibility and company value. It shows that the 99 constituent stocks of Taiwan’s employment with a high percentage of dividends have a higher corporate value. Therefore, when investors understand that the company fulfills its corporate social responsibilities and are willing to pay higher dividends, the company can enhance its corporate image and thereby increase its company value. The robustness test still supports the intermediary effect of dividends.