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研究生:郭宇晨
研究生(外文):Yu-Chen Kuo
論文名稱:企業社會責任對股利政策的影響
論文名稱(外文):Impacts of Corporate Social Responsibility on Dividend Policy.
指導教授:郭啟賢郭啟賢引用關係
指導教授(外文):Chii-Shyan Kuo
口試委員:陳崇文余士迪
口試委員(外文):Chung-wen ChenShih-Ti Yu
口試日期:2019-06-26
學位類別:碩士
校院名稱:國立臺灣科技大學
系所名稱:企業管理系
學門:商業及管理學門
學類:企業管理學類
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:26
中文關鍵詞:企業社會責任股利政策代理理論信號理論
外文關鍵詞:CSRDividend PolicyAgency TheorySignaling Theory
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企業在社會和環境責任方面的行動正在由於全球變化而發展,除了參加舉辦慈善活動和減少對環境影響之外,企業在促進可持續發展方面的方式也極為重要。
大多數先前的研究都集中在與高CSR參與程度相關的價值創造上。然而,這一趨勢現在已開始轉向關注研究和發展企業社會責任參與對財富分配的影響。
本研究的研究動機與目的在於探討台灣企業社會責任對股利政策的影響。基於代理理論和信號理論,由TEJ台灣經濟新報蒐集上市櫃公司2013至2017年的2,942次公司年度觀察以及8個CSR評分構面評估公司的CSR分數,使用最小平方法分析,預期參與企業社會責任較積極之公司支付更高的股利。
這個結果也表明,企業社會責任企業不僅在其財富創造過程中對社會負責,且在創造財富的分配中更是如此。
Corporate actions in social and environmental responsibility are developing due to global changes. In addition to engaging in charitable activities and reducing environmental impact, the way companies are promoting sustainable development is also extremely important. Most of the previous research has focused on value creation associated with high levels of corporate social responsibility (CSR) involvement. However, this trend has now begun to focus on studying and explaining the impact of CSR participation on wealth distribution.
The motivation and purpose of this research are to investigate the impact of Taiwan's CSR on dividend policy. Based on agency theory and signaling theory, using 2,942 annual observations of listed companies from 2013 to 2017 collected by the TEJ Taiwan Economic News as well as 8 CSR Dimension scores to evaluate the company's CSR, the study employed the Least Squares Regression to analyze and showed that companies with a high level of CSR will pay higher dividends.
This result also showed that CSR companies are not only responsible for society in the process of creating wealth, but also in the distribution of wealth creation.
第一章 緒論 1
第一節 研究動機及目的 1
第二節 研究問題 2
第三節研究流程 3
第二章 文獻回顧 4
第一節 台灣的企業社會責任:報導和證據 4
第二節 台灣企業的股利政策 5
第三節 企業社會責任以及股利政策 6
第三章 研究設計與資料蒐集 7
第一節 樣本選擇 7
第二節 回歸變數 7
一、CSR分數 7
二、應變數 10
三、控制變數 10
第三節 研究方法 12
一、企業社會責任和股利政策 12
二、高CSR企業與的股利發放高於低CSR企業 12
第四章 實證結果 13
第一節 敘述統計 13
第二節 主測試實證分析 16
第五章 結論與建議 22
第一節 研究結論 22
第二節 研究限制 22
第三節 後續研究建議 22
參考文獻 24
附錄 26
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