跳到主要內容

臺灣博碩士論文加值系統

(18.206.76.226) 您好!臺灣時間:2021/07/30 21:45
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

: 
twitterline
研究生:林哲宇
研究生(外文):Lin, Cheyu
論文名稱:企業社會責任報告書與投資人廣度及流動性之相關研究
論文名稱(外文):Corporate Social Responsibility Report, Breadth of Ownership, and Liquidity
指導教授:陳家偉陳家偉引用關係
指導教授(外文):Chen, Chiawei
口試委員:蕭慧玲曾耀鋒陳家偉
口試委員(外文):Shiau, HueylingTseng, YaofenChen, Chiawei
口試日期:2012-06-27
學位類別:碩士
校院名稱:東海大學
系所名稱:財務金融學系
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:中文
論文頁數:29
中文關鍵詞:企業社會責任投資人廣度流動性
外文關鍵詞:Corporate Social ResponsibilityBreadth of OwnershipLiquidity
相關次數:
  • 被引用被引用:5
  • 點閱點閱:282
  • 評分評分:
  • 下載下載:25
  • 收藏至我的研究室書目清單書目收藏:2
企業社會責任(Corporate Social Responsibility;CSR)為近年來不論是學界或是實務上重視的議題之一;企業社會責任一方面不僅表示社會大眾對於企業永續經營的願景,另一方面,更重要關係著外部人對於企業的形象觀感。因此,企業社會責任報告書除了期許企業在一般過往重視的經營獲利績效之外,亦盼望企業漸漸地也能多關注環境、社會、公司治理方面等的責任與義務;然而,目前現階段台灣的主管機關並未強制規定上市櫃公司必須編製並公布其企業社會責任報告書,但耐人尋味的是,在台灣有部分的公司企業仍選擇自願性的揭露此份報告書。有鑑於此,本研究欲從實證的角度探討企業是否因揭露企業社會責任報告書而產生差異,並進而影響投資人的投資意願與流動性。藉由分析2008至2010年共計195家上市櫃企業所屬之549筆年度資料,本文發現:有揭露企業社會責任報告書之樣本企業,除了在公司特性與未揭露企業社會責任報告書之樣本企業有所差異之外,投資人投資意願以及流動性方面表現亦也較未揭露之企業來得佳;由此推測,企業自願性揭露企業社會責任報告書之舉其效果對於投資大眾形同廣告效益一般,進而影響投資大眾願意購買該企業之股票,使此類企業於投資人廣度及流動性方面皆獲得較佳的表現。
Corporate Social Responsibility (CSR) is one of important issues recently, it not only represents a vision which people expected on corporate sustainable management, but also relates to a image that outsiders to enterprises. However, in Taiwan, Financial Supervisory Commission doesn’t rule listed firms disclosure their CSR reporter madatorily. Therefore, in this paper, we investigate the relationship among corporate social responsibility, breadth of ownership, and liquidity. By using the top 150 Taiwanese firms in the manufacturing industry and the service industry which reported by Common Wealth magazine in Taiwan, we provide empirical evidences that firms’ voluntary disclosure, measured by releasing CSR report or not, has play an important role for investors. We also find firms release CSR report have a large number of total stockholders and greater liquidity than those firms without CSR report. Therefore, our results offer another motivation for firms to do voluntary disclosure that could consequently improve the behavior of investors.
目錄

第壹章 緒論 1
第貳章 文獻回顧 4
第參章 研究方法 9
第一節 樣本選取與研究期間 9
第二節 變數衡量 10
第肆章 實證結果 13
第伍章 結論與建議 17
參考文獻 19


圖表目錄

圖一、判斷企業社會責任報告書變數之流程圖 11
表一、敘述統計 23
表二、單變量分析–差異性檢定 24
表三、企業社會責任報告與公司治理 25
表四、企業社會責任報告與投資人廣度 26
表五、企業社會責任報告與投資人流動性 27
表六、穩健性分析–企業社會責任報告與投資人廣度 28
表七、穩健性分析–企業社會責任報告與投資人流動性 29

沈中華、張元(2008),企業的社會責任行為可以改善財務績效嗎?–以英國FTSE社會責任指數為例,經濟論文,第36卷,第3期,頁339-385。

張元(2009),企業社會責任與財務績效–台灣的實證研究,社會科學論叢,第3卷,第1期,頁57-120。

張元(2011),社會責任公司有較高的股票報酬嗎?輔仁管理評論,第18卷,第1期,頁79-118。

程心瑤(2011),公司治理與企業社會責任報告之揭露,會計評論,第52期,頁35-76。

Al-Tuwaijri, S. A., T. E. Christensen, and K.E. Hughes, 2004, The Relations Among Environmental Disclosure, Environmental Performance, and Economic Performance: A Simultaneous Equations Approach, Accounting, Organizations and Society 29, 447–471.

Alchian, A., and H. Demzet, 1972, Production, Information Costs, and Economic Organization, The American Economic Review 62, 777-795.

Allen, F., and Gale, D, 2000, Comparing Financial Systems, MIT Press, Cambridge, MA.

Amihud, Y., 2002, Illiquidity and Stock Returns: Cross-section and Time-series Effects. Journal of Financial Markets 5, 31-56.

Aupperle, K., A. Carroll, and J. Hatfield, 1985, An Emprical Examination of the Relationship between Corporate Social Reponsibility and Profitability, Academy of Management Journal, 28, 446-463.

Barnea, A., and A. Rubin, 2010, Corporate Social Responsibility as a Conflict Between Shareholders, Journal of Business Ethics 97, 71-86.

Becchetti, L., R. Ciciretti, and I. Hasan, 2007, Corporate Social Responsibility and Shareholder's Value: An Event Study Analysis, Working Paper, Federal Reserve Bank of Atlanta.

Botosan, C.A., 1997, Disclosure Level and the Cost of Equity Capital, The Accounting Review 72, 323-349.

Bowen, H.R., 1953, Social Responsibilities of the Businessman, New York: Harper & Row.

Brown, T.J., and P.A. Dacin, 1997, The Company and the Product: Corporate Associations and Consumer Product Respones, Journal of Marketing 61, 68-84.

Cochran, P.L., and R.A. Wood, 1984, Corporat Social Responsibility and Financial Performance, Academy of Management Journal 27, 42-56.

Cormier, D., and I.M. Gordon, 2001, An Examination of Social and Environmental Reporting Strategies, Accounting, Auditing and Accountability Journal 14, 587-616.

Cornell, B., and A.C. Shapiro, 1987, Corporate Stakeholders and Corporate Finance, Financial Management 16, 5-14.

Creyer, E.H., and W.T. Ross, 1997, The Influence of Firm Behavior On Purchase Intention: Do Consumers Really Care About Business Ethics?, Journal of Consumer Marketing 14, 421-432.

Davis, K, 1973, The Case for and Against Business Assumption of Social Responsibility, Academy of Management Journal 16, 312-323.

Davis, K., and R.L. Bloomstrom, 1975, Business and Society: Environment and Responsibility, New York: McGraw-Hill.

Dechow, P.M., R.G. Sloan, and A.P. Sweeney, 1996, Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subjects to Enforcement Actions by the SEC, Contemporary Accounting Research 13, 1-36.

Deephouse, D.L., 2000, Media Reputation as a Strategic Resoure: An Integration of Mass Communication and Resource-based Theories, Journal of Management 26, 1091-1112.

Dhaliwal, D., O.Z. Li, A. Tsang, and Y.G. Yang, 2011, Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting, The Accounting Review 79, 59-100.

Diamond, D.W., and R.E. Verrecchia, 1991, Disclosure, Liquidity, and the Cost of Capital, Journal of Finance 46, 1325-1359.

Epstein, M.J., 2008, Making Sustainability Work: Best Practices in Managing and Measuring Corporate Social, Environmental, and Economic Impacts, San Francisco: Berrett-Koehler Publishers Inc.

Fama, E., M. Jensen, 1983, Separation of Ownership and Control, Journal of Law and Economics 26, 301-326.

Fombrun, C.J., N.A. Gardberg, and M.L. Barnett, 2000, Opportunity Platforms and Safety Nets: Corporate Citizenship and Reputational Risk, Business and Society Review 105, 85-106.

Forker, J.J., 1992, Corporate Governance and Disclosure Quality, Accounting and Business Research 22, 111-124.

Friedman, M., 2007, The Social Responsibility of Business Is to Increase Its Profit, Corporate Ethics and Corporate Governance 13, 173-178.

Grullon, G., G. Kanatas, and J.P. Weston, 2004, Advertising, Breadth of Ownership, and Liquidity, The Review of Financial Studies 17, 439-461.

Handelman, J.M., and S.J. Arnold, 1999, The Role of Marketing Actions with a Social Dimension: Appeals to the Institutional Environment. Journal of Marketing 63, 33-48.

Healy, P.M., and K.G. Palepu, 2001, Information Asymmetry, Corporate Disclosure, and the Capital Market: A Review of the Empirical Disclosure Literature, Journal of Accounting and Economics 31, 405-440.

Hillman, A., and G.D. Keim, 2001, Shareholder Value, Stakeholder Management, and Social Issues: What's the Bottom Line? Strategic Management Journal 22, 125-146.

Ho, S.S.M., and K.S. Wong, 2001, A Study of the Relationship between Corporate Governance Structures and The Extent of Voluntary Disclosure, Journal of International Accounting, Auditing and Taxation 10, 139-156.

Jensen, M.C., 2001, Value Maximization, Stakeholder Theory, and the Corporate Objective Function, Journal of Applied Corporate Finance 22, 8-21.

Jensen, M.C., 1993, The Modern Industrial Revolution, Exit and the Failure of Internal Control Systems, Journal of Finance 48, 831-880.

Jensen, M.C., and W.H. Meckling, 1976, Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure, Journal of Financial Economic 3, 305-360.

Klein, A., 2002, Economics Determinants of Audit Committee Independence, The Accounting Review 77, 435-452.

Lichtenstein, D.R., M.E. Drumwright, and B.M. Braig, 2004, The Effect of Corporate Social Responsibility on Customer Donations to Corporate-supported Nonprofits, Journal of Marketing 68, 16-32.

Lin, C.H., H.L. Yang, and D.Y., Liou, 2009, The Impact of Corporate Social Responsibility On Financial Performance: Evidence From Business In Taiwan, Journal of Technology in Society 31, 56-63.

Locke, P.R., and S.C. Mann, 2001, Do Professional Traders Exhibit Loss Realization Aversion?, Working Paper, Texas Christian University.

Maignan, I., and D.A. Ralston, 2002, Corporate Social Responsibility in Europe and the US: Insights from Business Self-Presentations. Journal of International Business Studies 33, 497-514.

Matten, D., and A. Crane, 2005, Corporate Citizenship: Toward an Extended Theoretical Conceptualization, Academy of Management Review 30, 497-514.

McWilliams, A., and D. Siegel, 2001, Corporate Social Responsibility: A Theory of the Firm Perspective, Academy of Management Review 26, 117-127.

Næs, R., J.A. Skjeltorp, and B.A. Ødegaard, 2011, Stock Market Liquidity and the Business Cycle, Journal of Finance 66, 139-176.

Odean, T., 1998, Are Investors Reluctant to Realize Their Losses?, Journal of Finance 53, 1775-1798.

Orlitzky, M., F.L. Schmidt, and S.L. Rynes, 2003, Corporate Social and Financial Performance: A Meta-Analysis. Organization Studies 24, 403-441.

Richardson, A.J., and M. Welker, 2001, Social Disclosure, Financial Disclosure and the Cost of Equity Capital, Accounting, Organizations and Society 26, 597-616.

Ruf, B.M., K. Muralidhar, R.M. Brown, J.J. Janney, and K. Paul, 2001, An Empirical Investigation of The Relationship Between Change in Corporate Social Performance and Financial Performance: A Stakeholder Theory Perspective, Journal of Business Ethics 32, 143-156.

Shapira, Z., and I. Venezia, 2001, Patterns of Behavior of Professionally Managed and Independent Investors, Journal of Banking and Finance 25, 1573-1587.

Shleifer, A., and R. Vishny, 1986, Large Shareholders and Corporate Control, Journal of Political Economy 94, 461-488.

Soloman, R., and K. Hansen, 1985, It's Good Business. New York: Atheneum.

Sprinkle, G.B., and L.A. Maines, 2010, The Benefits and Costs of Corporate Social Responsibility, Business Horizons 53, 445-453.

Tsoutsoura, M., 2004, Corporate Social Responsibility and Financial Performance, Working Paper, University of California.

Turban, D.B., and D.W. Greening, 1997, Corporate Social Performance and Organizational Attractiveness to Prospective Employees, Academy of Management Journal 40, 658-672.

Ullmann, A., 1985, Data in Search of a Theory: A Critical Examination of the Relationahip among Social Performance, Social Disclosure, and Economic Performance, Academy of Management Journal 10, 540-577.

Van De Velde, E., W. Vermeir, and F. Corten, 2005, Corporate Social Responsibility and Financial Performance, Corporate Governance 5, 129-138.

Welford, R.J., 2007, Corporate Governance and Corporate Social Responsibility: Issues For Asia, Corporate Social Responsibility and Environmental Management 14, 42-51.

連結至畢業學校之論文網頁點我開啟連結
註: 此連結為研究生畢業學校所提供,不一定有電子全文可供下載,若連結有誤,請點選上方之〝勘誤回報〞功能,我們會盡快修正,謝謝!
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top