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研究生:黃郁錡
研究生(外文):Yu-ChiHuang
論文名稱:企業社會責任對權益資金成本的增額資訊效果
論文名稱(外文):A study of the incremental information effect of CSR on the cost of equity
指導教授:顏盟峯顏盟峯引用關係
指導教授(外文):Meng-Feng Yen
學位類別:碩士
校院名稱:國立成功大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:英文
論文頁數:43
中文關鍵詞:企業社會責任權益資金成本天下雜誌企業公民
外文關鍵詞:Corporate social responsibilityCost of equityCommonWealth Magazine Top 50 Corporate Citizens
相關次數:
  • 被引用被引用:4
  • 點閱點閱:407
  • 評分評分:
  • 下載下載:96
  • 收藏至我的研究室書目清單書目收藏:2
本研究在探討企業社會責任對台灣上市櫃公司權益資金成本的影響。我們以兩種不同的樣本來研究企業社會責任是否對權益資金成本有直接的效果或是增額的資訊效果。樣本的其中之一是由天下雜誌企業公民得獎公司所組成的,而另一組樣本是由台灣的上市與上櫃公司所組成。實證結果證實公司企業社會責任的績效表現的確可能與權益資金成本呈現負向的關係。我們證實當使用前一期的控制變數時,企業社會責任得獎資訊在前第一期與前第二期有干擾的效果;也就是說, CSR對於信用評等在權益資金成本上的影響有正向的增額資訊效果。
The study explores the effect of corporate social responsibility (CSR) on the cost of equity for Taiwan listed and OTC companies. We construct the model using two different samples to investigate whether CSR has a direct or incremental effect on the cost of equity or not. One of the samples is only composed of the prizewinning firms of the CommonWealth Magazine Top 50 Corporate Citizens. and another sample is comprised of the listed and OTC firms in Taiwan. The empirical results confirm that the enterprises’ CSR performance possibly has a negative relationship with cost of equity. We also confirm that the prize information of CSR have interference effect within the previous one and two periods when we use the control variables in t-1 period. That is, CSR has positive incremental information for the effect of credit rating on the cost of equity.
摘要 I
Abstract II
1. Introduction 1
1.1 Research Background and Motivations 1
1.2 Research Objectives and Contributions 2
1.3 Research Process 3
2. Related Literature and Conceptual Framework 3
2.1 Definition of Corporate Social Responsibility 3
2.2 Corporate Social Responsibility and Corporate Financial Performance 4
2.3 Corporate Social Responsibility and Firm Value 6
2.4 Corporate Social Responsibility and Cost of Equity 6
2.5 Cost of equity, Credit rating and Leverage 8
2.6 Conceptual Framework 8
3. Data and Methodology 9
3.1 Sample construction 9
3.2 Definition and Measurement Variables 10
3.2.1 Cost of Equity 10
3.2.2 Corporate Social Responsibility 12
3.2.3 Control Variable 13
3.3 The Approaches of Analysis 14
4. Empirical Results 18
4.1 Descriptive Statistic analysis 18
4.2 CSR Regression Analysis 19
4.3 CSR Moderating Effect Analysis 20
4.4 Further Analysis 22
5. Conclusion 27
Reference 30
Appendix A 34

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