企業社會責任、公司治理與經營績效之實證研究

有鑑於過去有關CSR實施對公司績效探討之研究，其結果並不一致，(Preston and O’Bannon , 1997；Becchetti , 2007) 兩位學者分別提出不同的論點。Becchetti (2007)，提出企業實行社會責任為轉移公司的經營焦點，從事利潤非極大化的行為。Preston and O’Bannon (1997)，提出若能執行企業社會責任，滿足社會上利害關係人的要求並強化社會參與，將提高公司聲譽，對公司財務績效也會有正向的影響。且現實中消費者購買意願可能不會受到該企業實施CSR而增加消費，進而改善企業績效。因此，本研究針對有實施CSR之企業，採用資料包絡分析法 (data envelopment analysis, DEA)、麥氏生產力指數 (Malmquist productivity index, MPI)，估計榮獲天下公民獎獲獎廠商之效率與生產力。之後，再建構企業社會責任與公司治理對經營績效影響之panel data model，進一步探究獲得天下企業公民獎，即實施企業社會責任的企業，其績效決定因素。實證結果顯示，運用技術效率衡量，在資料包絡分析法方面，效率表現為有實施CSR的金融業表現優於非金融業；在麥氏生產力指數方面，生產力表現為實施CSR的非金融業表現優於金融業。關於探討CSR企業績效之決定因素方面，在ROA、ROE、DEA、MPI及Stock模型中，在公司治理變數方面，董事會規模、大股東持股比與董事持股比，對經營績效呈現負向的影響，這表示董事會規模越大與大股東持有流通在外股數越高，金融業的經營決策權越容易被董事會把持，而大股東會因為自身的持股數多，因自身的利益與決策看法的不同，進而牽制金融業，由此可知，設置良好的公司治理準則，對於經營績效是很重要的。

關鍵字

企業社會責任；公司治理；經營績效； panel data model

並列摘要

In view of past research on CSR implementation on company performance, the results are not consistent. (Preston and O’Bannon , 1997；Becchetti , 2007),the two scholars made different arguments. Preston and O’Bannon (1997), proposed that corporate social responsibility will be seen as a shift in the company’s business focus, engage in non-maximizing profits. Becchetti (2007) proposed that if corporate social responsibility can be implemented to meet the requirements of stakeholders, strengthen social participation will increase the company's reputation and have a positive impact on the company's financial performance. In reality, consumers ’purchase intentions may not be increased by the company’s implementation of CSR to improve corporate performance. Therefore, this study is aimed at companies that have implemented CSR, use data envelopment analysis and malmquist productivity index, estimate the efficiency and productivity of the winners of the World Citizen Award. After that, build a panel data model of the impact of corporate social responsibility and corporate governance on operating performance, further exploration to win the World Corporate Citizenship Award, the determinants of performance of an enterprise that implements corporate social responsibility. Empirical results show that, using technical efficiency measures, in terms of DEA, the efficiency of the financial industry with CSR implementation is better than that of the non-financial industry. In terms of MPI, productivity shows that the non-financial industry implementing CSR performs better than the financial industry. The determinants of CSR corporate performance, under the ROA, ROE, DEA, MPI and Stock models, in terms of corporate governance variables ,the size of the board of directors, the shareholding ratio of major shareholders and the shareholding ratio of directors have a negative impact on financial performance in the financial industry Stock model. It means that the larger the board of directors and the higher the number of outstanding shares held by major shareholders, the easier financial industry’s decision-making power is manipulated by the board of directors. The large shareholders will hold the financial industry because of their own holdings, because of their own interests and differences in decision-making views, which shows that setting good corporate governance standards is very important for operating performance.