企業履行社會責任之回報

The Returns for Firms Fulfilling Social Responsibilities

楊芳喻(Fang-Yu Yang)

指導教授 ： 陳國泰

國立臺灣大學/管理學院/會計學研究所/碩士(2017年)

https://doi.org/10.6342/NTU201702149

摘要

本研究共分為六個章節，敘述了投資人對於企業履行社會責任所給予之回報。本文以西元2007年至2016年為止共十個年度之台灣上市櫃公司為樣本進行分析。研究結果顯示，若公司履行越多的社會責任，能夠創造更多的無形資產，亦能使投資人對未預期盈餘有好的評價，意即有較高的盈餘反應係數，但僅發生於當期盈餘不如預期時，反之，當期盈餘若優於預期時，則無此效果。除此之外，企業在履行越多的社會責任時，也可以使公司的盈餘持續性較佳。

關鍵字

企業社會責任 ； 無形資產 ； 盈餘反應係數 ； 盈餘持續性

並列摘要

This thesis investigates whether investors reward firms who fulfill the social responsibilities. The samples included Taiwanese listed companies from 2007 to 2016.The empirical results show that the more social responsibilities the firms are engaged in, the more intangible asset they create. Also, when the firms are deeply involved in social responsibilities, the market would give greater valuation on unexpected earnings with the larger earnings response coefficient. However, it only happened when the unexpected earnings are negative. If the unexpected earnings are positive, the effect didn’t exist. Finally, if the firms take on social responsibilities, they do have better earnings persistence.

並列關鍵字

social responsibility ； intangible asset ； earnings response coefficient ； earnings persistence

參考文獻

張仲岳 2001，損益表之分類與獲利能力之預測，當代會計，2(1) p. 1-16

蔡智全 2008，企業社會責任的聲譽效果與價值對公司財務績效的影響，元智大學財務金融研究所碩士論文。

詹場, 柯文乾,池祥麟. 2016. CSR 能為公司經營策略帶來什麼好處?—來自世界頂級學術期刊之證據. International Journal, 8(2), 077-086.

Barnett, M.L. 2007, Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. Academy of management review, 32(3): p. 794-816.

Barnett, M.L. and R.M. Salomon 2012 , Does it pay to be really good? Addressing the shape of the relationship between social and financial performance. Strategic Management Journal,. 33(11): p. 1304-1320.