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研究生:廖翊傑
研究生(外文):Yi-JieLiao
論文名稱:企業社會責任揭露與權益資金成本之關聯性-以台灣上市公司為例
論文名稱(外文):On the Association between Corporate Social Responsibility Reporting and the Cost of Equity Capital: Evidence from Taiwan Listed Firms
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:會計學系
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2016
畢業學年度:104
語文別:英文
論文頁數:32
中文關鍵詞:企業社會責任報告書權益資金成本調節效果
外文關鍵詞:CSR ReportCost of Equity CapitalModerating Effect
相關次數:
  • 被引用被引用:4
  • 點閱點閱:371
  • 評分評分:
  • 下載下載:141
  • 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揭露對台灣上市公司權益資金成本的影響。我們建立了兩種模型去檢驗此種關係。實證結果發現當公司向大眾發佈單獨的企業社會責任報告書時,的確能夠享有較低的權益資金成本;而公司是首次發佈其社會責任報告書也與權益資金成本呈現負向的關係。然而,在我們的實證結果,並沒有顯示企業社會責任表現較好並發佈報告書此事與權益資金成本呈現負向關係。我們推測原因為由於台灣並沒有特別為上市公司評判企業履行社會責任好壞的專門機構,而只能透過商業雜誌出版社的問卷調查評選出所謂的優良企業公民,導致企業社會責任表現並沒有調節企業社會責任揭露與權益資金成本之間的效果,這或許是結果與我們預期不符的原因。
This study examines the association between corporate social responsibility (CSR) disclosure and the cost of equity capital for listed firms in Taiwan. We construct two models to test the association. Our empirical results show that firms publishing standalone CSR reports can really have a subsequently lower cost of equity capital and are also rewarded by investors with being asked for a lower premium if they publish the reports for the first time. However, it is a pity that there is not a negative relationship between CSR reporting by those companies with better CSR performance and their cost of equity capital, which is against our expectation. This finding might owe to the fact that there are no institutes which consistently evaluate the CSR performance of listed firms in Taiwan. We can only judge whether firms have superior CSR performance among their industry peers through the survey of magazine publishers. The results show that a firm’s CSR performance does not have a moderating effect on the association between CSR disclosure and the cost of equity capital.
Contents
1. INTRODUCTION 1
2. LITERATURE REVIEW AND HYPOTHESES 2
3. DATA AND METHODOLOGY 5
3.1. Data and Samples 5
3.2. Variable Definitions 10
3.3. Regression Analysis 12
4. EMPIRICAL RESULTS 15
4.1. Descriptive Statistics 15
4.2. Main Regression Results 21
4.3. Additional Analyses 25
5. CONCLUSIONS AND SUGGESTIONS 28
References 30

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