既有文獻指出企業從事社會責任活動能帶來諸多經濟效益，然而企業也必須承擔相關的成本來進行社會責任活動。本研究探討公司在成本考量上，如何配置財務及非財務資源來進行企業社會責任活動。我們進一步討論當企業面對財務限制時，策略性的資源配置如何對企業社會責任之績效產生影響。本研究使用公司層面的企業社會績效和財報資料，資料期間為1991至2015年。藉由迴歸分析並且控制產業及修正群聚效果下，實證結果發現：研發活動對於企業社會責任績效有顯著正向的關聯，而公司的併購支出顯著地負向影響企業之正面及負面企業社會績效，資本支出則對負面企業社會責任績效有顯著的負向關係。就內部流動性資源運用的結果我們發現：現金對企業社會責任之績效表現並無顯著的關聯，此結果隱含公司在資金運用上傾向於配置少部份現金資源以資助企業社會責任活動；然而淨營運資金與企業社會績效呈現顯著負向關聯，意味著公司會使用淨營運資金來資助企業社會責任活動。最後透過對公司個體財務限制的衡量，實證結果顯示當公司面對財務寬鬆時，投入研發活動成本有助於加強研發成本與企業社會績效表現之正向關係，結果更意味著當公司面臨財務寬鬆時，較容易將社會績效納入考量。

While the existing is fully aware of the diverse economic benefits that are brought about when firms engage in corporate social responsible (CSR), it also warns about the associated costs of all kinds. Using panel data obtained from MSCI ESG and Compustat for 4,160 U.S. public-listed firms from 1991 to 2015, we investigate what impacts the firms’ allocation of financial and non-financial resources would have on the implementation of their CSR, when knowing that CSR can be costly. Our main empirical findings are threefold. First, we find that firms’ R&D intensity is positively related to their corporate social performance (CSP). Capital expenditure is significantly negatively related to CSP concerns; and firms’ involvement in acquisitions is negatively related to both their CSP strengths and concerns. Second, firms’ implementation of CSR activities is found to be seldom cash-intensive, in fact, we document firms’ moderate usage of cash and short-term investments on the implementation of CSR relative to other investments activities. However, the noncash networking capital show significantly negative effects with CSP, revealing that firms use noncash networking capital to implement CSR activities. Third, the positive relationship between R&D intensity and CSP is further enhanced when firms are free without financial constraints, and we argue that firms take more concern on social issue/performance when facing financial slack.

Ⅰ. Introduction 1
Ⅱ. Literature Review and Hypothesis Development 5
2.1 Corporate Social Responsibility 5
2.2 Corporate Social Responsibility and Firm’s Resources 9
2.3 Corporate Social Responsibility and Financial Constraints 12
Ⅲ. Key Variables and Data 14
3.1 Measures of Corporate Social Performance 14
3.2 Measures of Financial Constraint 16
3.3 Firm Investment Determinants and Other Variables 19
3.4 Summary Statistics 19
Ⅳ. Methodology 23
Ⅴ. Results 25
5.1 Regression Results 25
5.2 Decomposing Corporate Goodness 26
5.3 Summary Statistics across Financial Constraint Group 29
5.4 Effects of Financial Constraints 30
5.5 Robustness Check 32
Ⅵ. Conclusions 33
6.1 Conclusions 33
6.2 Limitations of the Study 34
Appendix A. Corporate Social Responsibility Strengths and Concerns 35
Appendix B. Definitions of Variables Used in the Analysis 38
References 40

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