臺灣博碩士論文加值系統

追求股東利潤最大值與企業社會責任行為是必然矛盾的嗎？本研究以Panel Data追縱資料模型法來分析FTSE全球指數成分股中，企業履行社會責任與財務績效表現的關聯性，依產業特性不同，分別探討金融產業與非金融產業的差異，並驗證企業社會責任的實行是否對企業產生節稅效果。實證分析結果發現金融業在總資產報酬率與股東權益報酬率表現上之差異，並證實企業社會責任行為確實有節稅利益。整體而言，實證結果傾向支持社會影響假說，實行企業社會責任會為財務績效帶來正向影響。

Is there necessarily a contradiction between maximize shareholder‟s value and pursuing corporate social responsibility? In this study, it is to analyze the relevance of corporate social responsibility and financial performance by constituents in the FTSE All-world Index by panel data analysis. It discusses the differences between different industries with distinguishing characteristics, financial industry and non-financial industries. Furthermore, we also test whether there is tax-saving effect by implementation of corporate social responsibility. Empirical results display the variation of return on assets and return on equity in financial industry. The consequence of tax-saving effect is verified as well. The empirical studies tend to support social impact hypothesis in this paper. It is to conclude that the implementation of corporate social responsibility has positive effects on financial performance.

目 錄
壹、 緒論 ................................................ 1
一、 研究背景與動機 ...................................... 1
二、 研究目的 ............................................ 3
三、 研究流程 ............................................ 5
貳、 文獻探討 ............................................ 6
一、 企業社會責任之定義與範圍 ............................ 6
二、 企業社會責任之發展 ................................. 11
三、 企業社會責任之國際標準 ............................. 17
四、 企業社會責任與財務績效 ............................. 21
參、 研究方法 ........................................... 26
一、 研究樣本資料 ....................................... 26
二、 研究變數與衡量 ..................................... 26
三、 研究架構 ........................................... 31
四、 研究方法與實證模型 ................................. 32
肆、 實證結果與分析 ..................................... 38
一、 敍述性統計分析 ..................................... 38
二、 相關性分析 ......................................... 44
三、 共線性檢定 ......................................... 45
四、 PANEL DATA單根檢定 ................................. 47
五、 異質性檢定 ......................................... 48
六、 因果關係檢定 ....................................... 49
七、 追踨資料迴歸分析 ................................... 50
伍、 結論與建議 ......................................... 56
一、 結論 ............................................... 56
二、 研究限制與建議 ..................................... 58
參考文獻 ................................................ 60
中文部份 ................................................ 60
英文部份 ................................................ 61
附 錄 .................................................. 66
國家代碼對照表 .......................................... 66
全球產業代碼對照表 ...................................... 67

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