本研究從企業社會責任預算(Corporate social responsibility budget,以下簡稱CSR預算)的角度,探討CSR預算對專業及非專業投資人在有利得或損失之情況下,對其處分係數、處分意願、處分比例與持有期間所造成之影響。本研究針對中部地區具有商業管理背景與投資經驗之碩士在職專班147位同學,以實驗設計之方式進行測驗。 研究結果發現:(1)不論投資人專業程度高或低,CSR預算揭露有助於降低投資人的處分係數;(2)在面對獲利的情況下,CSR預算對投資人之處分意願、處分比例及持有期間有顯著差異影響;(3)在面對損失的情況下,CSR預算對投資人之處分意願及處分比例有顯著差異影響。本研究進一步分析後,發現CSR預算之有、無與不同專業程度的投資人之間的處分係數存在交互效果,顯示CSR預算有、無對不同專業程度的投資人在處分係數有不同的影響。
This study discussed the effect between Corporate Social Responsibility Budget (CSR Budget) and the disposition coefficient, intention, proportion and holding period between professional and nonprofessional investors under the investment position of gain or loss. We used the experimental design method to analyze the 147 students of EMBA (Executive Master of Business Administration) who had investment experiences in the central area of Taiwan. The results of this study were as follow: First, the disclosure of CSR Budget can decrease the disposition coefficient of professional and nonprofessional investors. Second, the CSR Budget had significant effect of investors’ disposition intention, proportion and holding period under the investment position of gain. Third, the CSR Budget had significant effect of investors’ disposition intention and proportion under the investment position of loss. Finally, this study found that the CSR Budget and the degree of investors’ professional had the interaction effect and it revealed that the CSR Budget had different effects on the disposition coefficient under different degree of investors’ professional.