臺灣博碩士論文加值系統

本研究欲檢視在不同生命週期下，企業社會責任表現與公司各項財務特質(權益發行、負債發行、現金持有變動、資產變動)之關係，採用KLD資料庫提供之企業社會責任評比資料，以美國上市公司作為研究對象，研究期間為2006年至2015年。
本文透過企業年齡、保留盈餘占總資產比、稅前息前淨利占營收淨額比、資產成長率衡量企業之生命週期指標，並探討生命週期、企業社會責任表現與公司財務特質三者之關係，實證結果顯示：(1)企業之股票、債務發行及資產變動隨著生命週期的發展而減少，而現金持有變動隨著生命週期的發展呈現先增加後減少之現象。此外，(2)企業社會責任表現好之公司在不同生命週期階段相對減少其股票發行、債務發行、現金持有變動及資產變動，而企業社會責任表現差之公司則相對增加此方面財務特質。即使加入控制變數或採用不同衡量生命週期之方法，結果都趨於一致，表示投入良好企業社會責任之公司較傾向穩定控制其資產成長，公司之財務特質遵循著企業生命週期，且隨其企業社會責任表現高低而有不同的調整。

This research examines the relationship between Corporate Social Responsibility (CSR) and financial characteristics under different periods of the life cycle in U.S. firms over the period 2006-2015.
We use firm’s age, retained earnings to total asset, earnings before interests and taxes to net sales, and asset growth rate to measure the stages of the life cycle. We find that equity issuance, debt issuance, and asset change decrease with firm’s life cycle, while cash holdings increase in the introduction and growth stages and decrease in the mature and decline stages of the life cycle. Besides, firms with high (low) CSR performance are negatively (positively) associated with its financial characteristics. These results are robust after controlling accounting ratios or using different proxies for the life cycle. In conclusion, the empirical results show that financial characteristics follow the firm’s life cycle and these features depend on the level of firm’s CSR performance.

第一章　緒論 1
第一節　研究動機與目的 1
第二節　研究流程 2
第二章　文獻回顧與假說發展 3
第一節　文獻回顧 3
第二節　假說發展 4
第三章　研究方法 6
第一節　資料來源與樣本選取 6
第二節　實證模型 7
第三節　變數定義與說明 7
第四章　實證結果與分析 11
第一節　敘述性統計 11
第二節　差異性檢定 14
第三節　迴歸分析 20
第四節　穩定性測試 24
第五章　結論與建議 35
第一節　結論 35
第二節　研究限制與建議 35
參考文獻 37
附錄　變數定義 40

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