臺灣博碩士論文加值系統

摘要
本研究主要探討企業社會責任與股利政策之間關係，以2007年至2014年天下雜誌公佈之「企業公民獎」名單作為善盡企業社會責任公司的原始樣本。並參考Chan et al. (2004)研究，根據市值及淨值市價比，找出5家已上市櫃公司做為原始企業社會責任樣本的對照控制公司，共取得1,224筆有效樣本。實證結果發現，企業社會責任履行程度高的公司願意支付高額現金股利，顯示善盡企業社會責任的公司能夠透過發放股利，以防止過度投資於企業社會責任活動。另外，企業社會責任評分構面中，企業社會責任分數愈高的公司，則會支付愈高的股利；而公司治理構面也提供股利政策正面的效果。最後，股利支付穩定性方面，本文發現企業社會責任履行程度差的公司，其股利發放水準相對不穩定。

ABSTRACT
This thesis examines the relationship between corporate social responsibility (CSR) and dividend policy. Using the survey data made by Comrnon Wealth Magazine during 2007-2014 as the sample of CSR performance. This research also follows Chan et al. (2004) to use five matching-control firms based on market capitalization and book-to-market ratio and consists of 1,224 observations in the study. The empirical results suggest a positive relationship between CSR performance and dividend payout, indicating the firms control the phenomenon of overinvestment in CSR through higher dividend payout. Moreover, the firms with high CSR score or high governance score are also associated with high dividend payout. Furthermore, socially irresponsible firms adjust dividends quicker than socially responsible firms, dividend policy is less stable in low CSR firms than in high CSR firms.

目 錄

中文摘要 --------------------------------------------------------------------------- i
英文摘要 --------------------------------------------------------------------------- ii
誌謝 --------------------------------------------------------------------------- iii
目錄 --------------------------------------------------------------------------- iv
表目錄 --------------------------------------------------------------------------- vi
一、 緒論--------------------------------------------------------------------- 1
1.1 研究背景與動機 ----------------------------------------------------- 1
1.2 研究目的--------------------------------------------------------------- 3
二、 文獻探討與假說發展------------------------------------------------ 4
2.1 股利政策理論與文獻總述------------------------------------------ 4
2.1.1 一鳥在手理論--------------------------------------------------------- 4
2.1.2 股利信號理論--------------------------------------------------------- 5
2.1.3 代理理論--------------------------------------------------------------- 5
2.1.4 生命週期理論--------------------------------------------------------- 6
2.2 企業社會責任--------------------------------------------------------- 7
2.3 企業社會責任與股利政策------------------------------------------ 9
三、 研究設計--------------------------------------------------------------- 14
3.1 樣本選取與資料來源------------------------------------------------ 14
3.2 變數定義與衡量------------------------------------------------------ 18
3.3 描述性分析------------------------------------------------------------ 22
3.3.1 敘述性統計量--------------------------------------------------------- 22
3.3.2 Pearson相關分析----------------------------------------------------- 24
3.3.3 根據是否有企業社會責任分組下之樣本描述性分析-------- 27
四、 實證結果與分析------------------------------------------------------ 29
4.1 企業社會責任與股利政策------------------------------------------ 29
4.2 企業社會責任部份組成構面與股利政策------------------------ 34
4.2.1 企業社會責任得分與股利政策------------------------------------ 34
4.2.2 公司治理與股利政策------------------------------------------------ 38
4.2.3 社會參與與股利政策------------------------------------------------ 41
4.2.4 企業承諾與股利政策------------------------------------------------ 44
4.2.5 環境保護與股利政策------------------------------------------------ 47
4.3 企業社會責任對公司股利政策穩定性之影響------------------ 50
五、 結論與建議------------------------------------------------------------ 52
5.1 研究結論--------------------------------------------------------------- 52
5.2 研究限制與建議------------------------------------------------------ 52
參考文獻 --------------------------------------------------------------------------- 54

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