企業社會責任績效對於投資效率之影響---以臺灣上市公司為例

林鼎舜

doi:10.6342/NTU201800183

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企業社會責任績效對於投資效率之影響---以臺灣上市公司為例

The Effect of Corporate Social Performance on the Investment Efficiency:Evidence From Taiwan

林鼎舜 , Masters　　Advisor：高偉娟;林世銘　　

繁體中文 DOI： 10.6342/NTU201800183

企業社會責任績效；投資效率；盈餘品質；公司治理；代理問題； agency problem ； corporate governance ； corporate social performance (CSP) ； earning quality ； investment efficiency

Abstract │ Reference (89) │ Altmetrics

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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.

Reference ( 89 ) 〈TOP〉

沈中華與張元，2008，企業的社會責任為可以改善財務績效嗎？－以英國FTSE社會責任指數為例，中央研究院經濟研究所經濟論文，第36期(3月)：339-385。
連結：
劉昀庭，2017，公司治理對於企業社會責任績效及報告書確信之影響-以臺灣上市公司為例，國立臺灣大學會計學系碩士論文。
連結：
Arjoon, S. 2005. Corporate governance: An ethical perspective. Journal of business ethics, 61(4): 343-352.
連結：
Atkins, B. 2006. Is corporate social responsibility responsible? Forbes.com (November 28)
連結：
Baker, M., Stein, J. C. and Wurgler, J. 2003. When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms. The Quarterly Journal of Economics, 118(3): 969-1005.
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