本研究旨在探討企業社會責任績效對於企業投資效率之影響。過去對於企業社會責任與投資相關之研究,較著墨於與資金成本的投資議題上,而本研究則探討企業社會責任績效與公司投資效率之關係,使企業社會責任能運用的構面更為廣泛。本研究除了探討整體的企業社會責任績效外,更進一步探討在不同的公司治理品質下,企業社會責任績效對於公司投資效率的改善。 本研究引用天下、遠見雜誌以及臺灣企業社會責任獎於2012至2015年之評鑑結果,做為企業社會整體績效衡量指標;並引用Chen, Kao, Tsao and Wu (2007)及臺灣公司治理評鑑制度中的部分評分標準,以及劉昀庭(2017)的企業社會責任績效計算方式,作為公司治理的變數。本研究實證結果顯示:公司具有較佳的企業社會責任績效,是可以有效改善公司之過度投資,降低公司之投資代理問題;而在公司盈餘品質較差時,企業社會責任依然能夠發揮效果,改善公司之投資效率;最後,在不同的公司治理品質下,公司治理品質較佳時,企業社會責任績效對於改善公司投資效率之關聯性最為顯著。另外,在額外測試部分,本研究考量到選取樣本時,可能產生選擇性偏誤,因此藉由Heckman (1979)的二階段測試,排除內生性問題。本研究的各項研究成果,對於學術界與實務界,皆具有參考引用價值。
This study investigates the impact corporate social performance (CSP) on corporate investment efficiency in Taiwan. Prior literature focuses on the relation between CSP and cost of capital, but little is understood about whether CSP improves corporate investment efficiency. As such, this study fills the gap by examining the association between CSP and investment efficiency, extending the understanding of the CSP impacts. This study also investigates the impact of CSP on investment efficiency given different impacts of corporate governance qualities. This study uses various measure of CSP, including evaluations made by Common Wealth Magazine, Global Views Monthly and Taiwan Corporate Sustainability Awards between 2012 and 2015. Further, this study measures corporate governance using the evaluation standards used by Taiwan Stock Exchange following Chen, Kao, Tsao and Wu (2007). We find that when a company has relatively good CSP, it can effectively reduce over-investment, alleviating the agency problem related to corporate investments. In addition, when a company’s earning quality is poor, CSP still exerts its positive impact and improve the company’s investment efficiency. Conditional on corporate governance qualities, we find that the relation between CSP and company investment efficiency is prominent when the corporate governance quality is high. To reduce self-selection bias, we further use two-stage Heckman test. This study provides robust results and can contribute to both the academic and practical field of business.