企業社會責任的聲譽效果與價值對公司財務績效的影響

The Reputation Effect and Value in Corporate Social Responsibility

蔡智全(Chih-Chuan Tsai)

指導教授 ： 王衍智

共同指導教授 ： 葉錦徽(Jin-Huei Yeh)

元智大學/管理學院/財務金融學系/碩士(2008年)

摘要

有鑑於落實企業社會責任的公司與其財務績效之間的關係在文獻上仍不明朗，本文透過新的研究設計去探討企業社會責任的聲譽效果與價值對公司財務績效的影響。首先，我們透過道瓊永續性世界指數去研究當美國公司被納入或剔除於此指數時對公司短期財務表現的影響，我們臆測當公司被指數納入 (剔除) 時，此訊息會讓投資人及公司的利害關係人認為公司是相對重視（不重視）企業社會責任的公司，因而提升（降低）其公司的聲譽，進一步影響公司的財務績效。本文同時研究當公司被指數納入或剔除時對公司的法人持股比率及分析師人數的影響。另外，我們亦認為落實企業社會責任的公司將會提升公司無形資產的價值，所以當公司因為社會表現相對好或不好而被道瓊永續性世界指數納入或剔除時，企業社會責任的價值應該也會反映在這兩類公司的長期市場表現上。從實證的結果我們發現市場對於被指數納入或剔除所對公司帶來的正面或負面的訊息有不對稱的反應。被指數納入或剔除的公司其前後一年的會計表現、法人持股比例及分析師人數並沒有顯著的變化。被指數納入的公司，在被納入前五年到被納入後一年有顯著正向的異常報酬。

關鍵字

企業社會責任

並列摘要

How and how much the corporate social responsibility (CSR) influences the corporate financial performance (CFP) has long been debated yet still being controversial in the literature. This paper uses an alternative approach to investigate the role of CSR on CFP by examining the additions and deletions from the Dow Jones Sustainability World Index (DJSI World) among a sample of U.S. companies. We hypothesize that being added or deleted from the DJSI World conveys certain information to investors and stakeholders by indicating the relative devotion in CSR events involved in the corporation. As such those being added (deleted) tend to have a positive (negative) impact on CFP in terms of reputation concerns in the short run. We also investigate whether such addition/deletion information will change institutional ownership and analyst coverage. We further conjecture that firms implementing CSR will enhance the value of intangible assets and in turn reflected in the long run market performance.
Hence the market performance of the addition groups shall perform better than the deletion firms in the long run. In our empirical studies, we found there is a significant negative cumulative abnormal return in the deletion sample but no significant change in the addition sample, which implies an asymmetric price response to addition and deletion. In addition, there is no significant change in operating performance, institutional ownership and analyst coverage both in the addition or deletion samples. Moreover, there is a significant positive abnormal return in the addition sample from 5 years before to one year after around announcement.

並列關鍵字

Corporate Social Responsibility

參考文獻

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