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研究生:陳哲維
研究生(外文):CHEN,ZHE-WEI
論文名稱:企業社會責任對財務績效的影響
論文名稱(外文):The Effects of Corporate Social Responsibility on Firms’Financial Performance
指導教授:葉俐廷葉俐廷引用關係
指導教授(外文):YEH,LI-TING
口試委員:張東生吳肇展
口試委員(外文):CHANG,DONG-SHANGWU,CHAO-CHAN
口試日期:2019-07-09
學位類別:碩士
校院名稱:逢甲大學
系所名稱:合作經濟暨社會事業經營學系
學門:社會及行為科學學門
學類:經濟學類
論文種類:學術論文
論文出版年:2019
畢業學年度:107
語文別:中文
論文頁數:51
中文關鍵詞:企業社會責任企業社會責任績效企業財務績效
外文關鍵詞:Corporate social responsibilityCorporate social responsibility performanceFinancial performance
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  • 被引用被引用:0
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隨著近年來企業社會責任(Corporate Social Responsibility, CSR)的議題已經不斷的被重視,也被視為當今管理者必須去面對與履行的任務。企業社會責任對財務績效的影響,更是這幾年來學術界持續進行相關研究的熱門議題,但兩者之間的關係到底是否有正相關、負相關或者是無相關依舊眾說紛揉。
本研究透過結構方程模式(Structural Equation Modeling, SEM)樣本則是採用天下雜誌2017年「天下企業公民獎」獲獎的企業共得到75家企業為本實證研究樣本,透過得獎企業之企業社會責任四大構面獲得評分,來進一步探討企業社會責任對企業財務績效的影響。本研究是以「企業社會責任績效」、「企業財務績效」為內生變數,「企業規模」為外生變數來進行整體模式分析,研究結果顯示在模型一企業社會責任績效對企業財務績效以及模型二企業財務績效對企業社會責任績效都為無顯著正向關係。最後提出本研究若干管理意涵以及未來研究方向之建議。

In recent years, the topic of Corporate Social Responsibility(CSR) has been paid more and more attention. It is also regarded as a task that managers must face and perform. The impact of CSR on financial performance has been a topic in academic circles in recent years. However, there are still different opinions on whether the relationship between CSR and financial performance is positive, negative or unrelated.
In this study, we use structural equation modeling to further explore the relationship between CSR and the financial performance of 75 enterprises awarded by Tianjin Business Citizenship Award in 2017. This study uses "CSR performance" and " financial performance" as dependent variables and "enterprise size" as exogenous variables to analyze the model. The results show that the CSR performance of model 1&2 are not positive significant relationship for financial performance and CSR. Finally, some management implications and future research directions are proposed.

第一章 緒論 1
第一節 研究動機及背景 1
第二節 研究目的 4
第三節 研究流程 5
第二章 文獻探討 6
第一節 企業社會責任定義 6
第二節 企業社會責任與企業財務績效關聯性 10
第三節 小結 17
第三章 研究設計與實施 19
第一節 研究方法 19
第二節 研究架構 20
第三節 假說推論 21
第四節 線性結構關係模式 23
第四章 實證結果與分析 25
第一節 資料說明 25
第二節 整體模式之檢定 29
第五章 結論與建議 36
第一節 結論 36
第二節 管理意涵 37
第三節 未來研究建議 37
參考文獻 39

一、英文部分
Alexander, G. J., & Buchholz, R. A. (1978). Corporate social responsibility and stock market performance. Academy of management Journal, 21(3), 479-486.
Alkhafaji, A. F. (1989). A stakeholder approach to corporate governance: Managing in a dynamic environment: Praeger Pub Text.
Anginer, D., Fisher, K. L., & Statman, M. (2007). Stocks of admired companies and despised ones. Available at SSRN 962168.
Antunovich, P., Laster, D., & Mitnick, S. (2000). Are high-quality firms also high-quality investments? Co. Inc.
Arlow, P., & Gannon, M. J. (1982). Social responsiveness, corporate structure, and economic performance. Academy of management review, 7(2), 235-241.
Arrow, K. J. (1973). Social responsibility and economic efficiency. Public Policy, 21(3), 303-317.
Aupperle, K. E., Carroll, A. B., & Hatfield, J. D. (1985). An empirical examination of the relationship between corporate social responsibility and profitability. Academy of management Journal, 28(2), 446-463.
Balabanis, G., Phillips, H. C., & Lyall, J. (1998). Corporate social responsibility and economic performance in the top British companies: are they linked? European business review, 98(1), 25-44.
Blomstrom, R. L., & Davis, K. (1975). Business and society: environment and responsibility: New York: McGraw-Hill.
Bowen, H. R. (1953). Social responsibilities of the businessman: University of Iowa Press.
Bragdon, J. H., & Marlin, J. (1972). Is pollution profitable. Risk management, 19(4), 9-18.
Brammer, S., Brooks, C., & Pavelin, S. (2006). Corporate social performance and stock returns: UK evidence from disaggregate measures. Financial management, 35(3), 97-116.
Brammer, S., & Millington, A. (2008). Does it pay to be different? An analysis of the relationship between corporate social and financial performance. Strategic management journal, 29(12), 1325-1343.
Cardebat, J.-M., & Sirven, N. (2010). What corporate social responsibility reporting adds to financial return? Journal of Economics and International Finance, 2(2), 020-027.
Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of management review, 4(4), 497-505.
Chih, H.-L., Shen, C.-H., & Kang, F.-C. (2008). Corporate social responsibility, investor protection, and earnings management: Some international evidence. Journal of business ethics, 79(1-2), 179-198.
Cochran, P. L., & Wood, R. A. (1984). Corporate social responsibility and financial performance. Academy of management Journal, 27(1), 42-56.
Cornell, B., & Shapiro, A. C. (1987). Corporate stakeholders and corporate finance. Financial management, 5-14.
Davis, K. (1960). Can business afford to ignore social responsibilities? California management review, 2(3), 70-76.
Drucker, P. (1993). Post-capitalist society: Routledge.
Eells, R., & Walton, C. (1974). Conceptual Foundations ofBusiness. Illinois: Richard D. Irwin, 1, 974.
Fombrun, C., & Shanley, M. (1990). What's in a name? Reputation building and corporate strategy. Academy of management Journal, 33(2), 233-258.
Friedman, M. (1970). The social responsibility of business is to increase its profits Corporate ethics and corporate governance (pp. 173-178): Springer.
Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic management journal, 30(4), 425-445.
Griffin, J. J., & Mahon, J. F. (1997). The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Business & society, 36(1), 5-31.
Hamid, K., Akash, R. S. I., Asghar, M., & Ahmad, S. (2011). Corporate social performance, financial performance and market value behavior: An information asymmetry perspective. African Journal of Business Management, 5(15), 6342-6349.
Heinz, D. C. (1976). Financial correlates of a social measure. Akron Business and Economic Review, 7(1), 48-51.
Hemingway, C. A., & Maclagan, P. W. (2004). Managers' personal values as drivers of corporate social responsibility. Journal of business ethics, 50(1), 33-44.
Kaplan, D. (2008). Structural equation modeling: Foundations and extensions (Vol. 10): Sage Publications.
López, M. V., Garcia, A., & Rodriguez, L. (2007). Sustainable development and corporate performance: A study based on the Dow Jones sustainability index. Journal of business ethics, 75(3), 285-300.
Mackey, A., Mackey, T. B., & Barney, J. B. (2007). Corporate social responsibility and firm performance: Investor preferences and corporate strategies. Academy of management review, 32(3), 817-835.
Mackey, J., Friedman, M., & Rodgers, T. (2005). Rethinking the social responsibility of business. Journal of Reason, 10, 15-17.
Mahapatra, S. (1984). Investor reaction to a corporate social accounting. Journal of Business Finance & Accounting, 11(1), 29-40.
Makni, R., Francoeur, C., & Bellavance, F. (2009). Causality between corporate social performance and financial performance: Evidence from Canadian firms. Journal of business ethics, 89(3), 409.
Manne, H., & Wallich, H. (1972). The Modern Corporation and Social Responsibility (American Enterprise Institute for Public Policy Research, Washington, DC).
McGee, J. (1998). Commentary on ‘corporate strategies and environmental regulations: An organizing framework’by AM Rugman and A. Verbeke. Strategic management journal, 19(4), 377-387.
McGuire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate social responsibility and firm financial performance. Academy of management Journal, 31(4), 854-872.
McGuire, J. W. (1963). Business and society: McGraw-hill.
McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: correlation or misspecification? Strategic management journal, 21(5), 603-609.
McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of management review, 26(1), 117-127.
Moore, M., Brown, L., & Honan, J. (2001). Toward a public value framework for accountability and performance management for international non-governmental organizations. Paper presented at the Hauser Center/Keio University Workshop on Accountability for International Non-Governmental Organizations.
Moskowitz, M. (1972). Choosing socially responsible stocks. Business and Society Review, 1(1), 71-75.
Nelling, E., & Webb, E. (2009). Corporate social responsibility and financial performance: the “virtuous circle” revisited. Review of Quantitative Finance and Accounting, 32(2), 197-209.
Okoye, A. (2009). Theorising corporate social responsibility as an essentially contested concept: is a definition necessary? Journal of business ethics, 89(4), 613-627.
Peters, R., & Mullen, M. R. (2009). Some Evidence of the Cumulative Effects of Corporate Social Responsibility on Financial Performance. Journal of Global Business Issues, 3(1).
Porter, M. E., & Kramer, M. R. (2002). The competitive advantage of corporate.
Porter, M. E., & Kramer, M. R. (2006). The link between competitive advantage and corporate social responsibility. Harvard business review, 84(12), 78-92.
Posner, B. Z., & Schmidt, W. H. (1992). Values and the American manager: An update updated. California management review, 34(3), 80-94.
Preston, L. E., & O'bannon, D. P. (1997). The corporate social-financial performance relationship: A typology and analysis. Business & society, 36(4), 419-429.
Scholtens, B. (2008). A note on the interaction between corporate social responsibility and financial performance. Ecological economics, 68(1-2), 46-55.
Sethi, S. P. (1975). Dimensions of corporate social performance: An analytical framework. California management review, 17(3), 58-64.
Simpson, W. G., & Kohers, T. (2002). The link between corporate social and financial performance: Evidence from the banking industry. Journal of business ethics, 35(2), 97-109.
Stanwick, P. A., & Stanwick, S. D. (1998). The relationship between corporate social performance, and organizational size, financial performance, and environmental performance: An empirical examination. Journal of business ethics, 17(2), 195-204.
Turban, D. B., & Greening, D. W. (1997). Corporate social performance and organizational attractiveness to prospective employees. Academy of management Journal, 40(3), 658-672.
Vance, S. C. (1975). Are socially responsible corporations good investment risks. Management review, 64(8), 19-24.
Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic management journal, 18(4), 303-319.
Wahba, H. (2008). Exploring the moderating effect of financial performance on the relationship between corporate environmental responsibility and institutional investors: Some Egyptian evidence. Corporate Social Responsibility and Environmental Management, 15(6), 361-371.
Weidenbaum, M., & Vogt, S. (1987). Takeovers and stockholders: Winners and losers. California management review, 29(4), 157-168.
Zhao, X., & Murrell, A. J. (2016). Revisiting the corporate social performance‐financial performance link: A replication of W addock and G raves. Strategic management journal, 37(11), 2378-2388.
Alexander, G. J., & Buchholz, R. A. (1978). Corporate social responsibility and stock market performance. Academy of management Journal, 21(3), 479-486.
Alkhafaji, A. F. (1989). A stakeholder approach to corporate governance: Managing in a dynamic environment: Praeger Pub Text.
Anginer, D., Fisher, K. L., & Statman, M. (2007). Stocks of admired companies and despised ones. Available at SSRN 962168.
Antunovich, P., Laster, D., & Mitnick, S. (2000). Are high-quality firms also high-quality investments? Co. Inc.
Arlow, P., & Gannon, M. J. (1982). Social responsiveness, corporate structure, and economic performance. Academy of management review, 7(2), 235-241.
Arrow, K. J. (1973). Social responsibility and economic efficiency. Public Policy, 21(3), 303-317.
Aupperle, K. E., Carroll, A. B., & Hatfield, J. D. (1985). An empirical examination of the relationship between corporate social responsibility and profitability. Academy of management Journal, 28(2), 446-463.
Balabanis, G., Phillips, H. C., & Lyall, J. (1998). Corporate social responsibility and economic performance in the top British companies: are they linked? European business review, 98(1), 25-44.
Blomstrom, R. L., & Davis, K. (1975). Business and society: environment and responsibility: New York: McGraw-Hill.
Bowen, H. R. (1953). Social responsibilities of the businessman: University of Iowa Press.
Bragdon, J. H., & Marlin, J. (1972). Is pollution profitable. Risk management, 19(4), 9-18.
Brammer, S., Brooks, C., & Pavelin, S. (2006). Corporate social performance and stock returns: UK evidence from disaggregate measures. Financial management, 35(3), 97-116.
Brammer, S., & Millington, A. (2008). Does it pay to be different? An analysis of the relationship between corporate social and financial performance. Strategic management journal, 29(12), 1325-1343.
Cardebat, J.-M., & Sirven, N. (2010). What corporate social responsibility reporting adds to financial return? Journal of Economics and International Finance, 2(2), 020-027.
Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of management review, 4(4), 497-505.
Chih, H.-L., Shen, C.-H., & Kang, F.-C. (2008). Corporate social responsibility, investor protection, and earnings management: Some international evidence. Journal of business ethics, 79(1-2), 179-198.
Cochran, P. L., & Wood, R. A. (1984). Corporate social responsibility and financial performance. Academy of management Journal, 27(1), 42-56.
Cornell, B., & Shapiro, A. C. (1987). Corporate stakeholders and corporate finance. Financial management, 5-14.
Davis, K. (1960). Can business afford to ignore social responsibilities? California management review, 2(3), 70-76.
Drucker, P. (1993). Post-capitalist society: Routledge.
Eells, R., & Walton, C. (1974). Conceptual Foundations ofBusiness. Illinois: Richard D. Irwin, 1, 974.
Fombrun, C., & Shanley, M. (1990). What's in a name? Reputation building and corporate strategy. Academy of management Journal, 33(2), 233-258.
Friedman, M. (1970). The social responsibility of business is to increase its profits Corporate ethics and corporate governance (pp. 173-178): Springer.
Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic management journal, 30(4), 425-445.
Griffin, J. J., & Mahon, J. F. (1997). The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Business & society, 36(1), 5-31.
Hamid, K., Akash, R. S. I., Asghar, M., & Ahmad, S. (2011). Corporate social performance, financial performance and market value behavior: An information asymmetry perspective. African Journal of Business Management, 5(15), 6342-6349.
Heinz, D. C. (1976). Financial correlates of a social measure. Akron Business and Economic Review, 7(1), 48-51.
Hemingway, C. A., & Maclagan, P. W. (2004). Managers' personal values as drivers of corporate social responsibility. Journal of business ethics, 50(1), 33-44.
Kaplan, D. (2008). Structural equation modeling: Foundations and extensions (Vol. 10): Sage Publications.
López, M. V., Garcia, A., & Rodriguez, L. (2007). Sustainable development and corporate performance: A study based on the Dow Jones sustainability index. Journal of business ethics, 75(3), 285-300.
Mackey, A., Mackey, T. B., & Barney, J. B. (2007). Corporate social responsibility and firm performance: Investor preferences and corporate strategies. Academy of management review, 32(3), 817-835.
Mackey, J., Friedman, M., & Rodgers, T. (2005). Rethinking the social responsibility of business. Journal of Reason, 10, 15-17.
Mahapatra, S. (1984). Investor reaction to a corporate social accounting. Journal of Business Finance & Accounting, 11(1), 29-40.
Makni, R., Francoeur, C., & Bellavance, F. (2009). Causality between corporate social performance and financial performance: Evidence from Canadian firms. Journal of business ethics, 89(3), 409.
Manne, H., & Wallich, H. (1972). The Modern Corporation and Social Responsibility (American Enterprise Institute for Public Policy Research, Washington, DC).
McGee, J. (1998). Commentary on ‘corporate strategies and environmental regulations: An organizing framework’by AM Rugman and A. Verbeke. Strategic management journal, 19(4), 377-387.
McGuire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate social responsibility and firm financial performance. Academy of management Journal, 31(4), 854-872.
McGuire, J. W. (1963). Business and society: McGraw-hill.
McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: correlation or misspecification? Strategic management journal, 21(5), 603-609.
McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of management review, 26(1), 117-127.
Moore, M., Brown, L., & Honan, J. (2001). Toward a public value framework for accountability and performance management for international non-governmental organizations. Paper presented at the Hauser Center/Keio University Workshop on Accountability for International Non-Governmental Organizations.
Moskowitz, M. (1972). Choosing socially responsible stocks. Business and Society Review, 1(1), 71-75.
Nelling, E., & Webb, E. (2009). Corporate social responsibility and financial performance: the “virtuous circle” revisited. Review of Quantitative Finance and Accounting, 32(2), 197-209.
Okoye, A. (2009). Theorising corporate social responsibility as an essentially contested concept: is a definition necessary? Journal of business ethics, 89(4), 613-627.
Peters, R., & Mullen, M. R. (2009). Some Evidence of the Cumulative Effects of Corporate Social Responsibility on Financial Performance. Journal of Global Business Issues, 3(1).
Porter, M. E., & Kramer, M. R. (2002). The competitive advantage of corporate.
Porter, M. E., & Kramer, M. R. (2006). The link between competitive advantage and corporate social responsibility. Harvard business review, 84(12), 78-92.
Posner, B. Z., & Schmidt, W. H. (1992). Values and the American manager: An update updated. California management review, 34(3), 80-94.
Preston, L. E., & O'bannon, D. P. (1997). The corporate social-financial performance relationship: A typology and analysis. Business & society, 36(4), 419-429.
Scholtens, B. (2008). A note on the interaction between corporate social responsibility and financial performance. Ecological economics, 68(1-2), 46-55.
Sethi, S. P. (1975). Dimensions of corporate social performance: An analytical framework. California management review, 17(3), 58-64.
Simpson, W. G., & Kohers, T. (2002). The link between corporate social and financial performance: Evidence from the banking industry. Journal of business ethics, 35(2), 97-109.
Stanwick, P. A., & Stanwick, S. D. (1998). The relationship between corporate social performance, and organizational size, financial performance, and environmental performance: An empirical examination. Journal of business ethics, 17(2), 195-204.
Turban, D. B., & Greening, D. W. (1997). Corporate social performance and organizational attractiveness to prospective employees. Academy of management Journal, 40(3), 658-672.
Vance, S. C. (1975). Are socially responsible corporations good investment risks. Management review, 64(8), 19-24.
Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic management journal, 18(4), 303-319.
Wahba, H. (2008). Exploring the moderating effect of financial performance on the relationship between corporate environmental responsibility and institutional investors: Some Egyptian evidence. Corporate Social Responsibility and Environmental Management, 15(6), 361-371.
Weidenbaum, M., & Vogt, S. (1987). Takeovers and stockholders: Winners and losers. California management review, 29(4), 157-168.
Zhao, X., & Murrell, A. J. (2016). Revisiting the corporate social performance‐financial performance link: A replication of W addock and G raves. Strategic management journal, 37(11), 2378-2388.

二、中文部分
池祥麟, & 林怡君. (2007). 企業社會績效與企業財務績關聯性之分析道瓊 STOXX 永續性指數為例. 2007 年企業倫理和公司治理國際研討會論文集(台北大學合作經濟學系).
李秀英, 劉俊儒, & 楊筱翎. (2011). 企業社會責任與公司績效之關聯性. 東海管理評論第 13 卷第一期, 77-112.
李茂能. (2003). 圖解式結構方程模式軟體 AMOS 之簡介與應用: 國民教育研究學報.
沈中華, & 張元. (2008). 企業的社會責任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, 36(3), 339-385.
翁望回, 黃俊英, & 劉水深. (1988). 企業正當性之實證研究―社會責任的觀點. 管理評論, 7, 153-171.
陳正昌, 程炳林, 陳新豐, & 劉子鍵. (2005). 多變量分析方法-統計軟體應用. 台北: 五南圖書出版有限公司.

三、網路資源部分
黃正忠.(2018)。黃正忠:未來主流 看EPS也要看ESG。上網日期:2018年10月03日,檢自https//www.chinatimes.com/newspapers/20181003000388-260206?chdtv
劉揚銘.(2019)。巴菲特評估投資案的重要指標!企業經營成效好不好,一看就知道。上網日期:2019年04月30日,檢自https//www.managertoday.com.tw/glossary/view/211


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