臺灣博碩士論文加值系統

本研究係透過衡量兩種不同類型的盈餘管理─盈利平滑和盈利侵略性，進而探討企業社會責任之分數的變動對盈餘管理之影響。研究之樣本取自台灣經濟新報（TEJ）以及CSRHub資料庫，研究之對象為臺灣企業。我們主要研究的議題為企業社會責任如何影響經理人有意地從事盈餘操縱活動，是支持長期假說還是管理機會主義假說。長期假說認為有社會責任感的企業，不僅會著眼於增加當期利潤，而且還會經營與利害關係人的未來關係，因此不會從事盈餘操縱（Choi et al., 2013）。但在另一方面，管理機會主義假說則認為管理者會策略性地利用企業社會責任以掩蓋其機會主義行為；其次的研究議題為探討企業財務績效與盈餘管理之間的關係。實證結果顯示企業社會責任之評分和盈餘侵略性的盈餘管理有顯著的負向關係，而且未顯示企業經理人有盈餘平滑之作為，因此支持長期假說。此外，實證結果顯示公司財務績效與盈餘管理，特別是在盈餘平滑方面有正向關係。

An empirical study was done to study the effect of the change in overall corporate social responsibility (CSR) score on earnings management. We measure two different types of earnings management – earnings smoothing and earnings aggressiveness. Data were obtained from the Taiwan Economic Journal (TEJ) and the CSRHub database. Our main research question is how does CSR activities affect affect a manager’s intention to engage in earnings manipulation activities in Taiwan, if it supports the long-term perspective hypothesis or the managerial opportunism hypothesis. The long-term perspective hypothesis argues that socially responsible firms are not only focused on increasing current profits but also on fostering future relationships with stakeholders, and therefore should not engage in earnings manipulation (Choi et al., 2013). On the other hand, the managerial opportunism hypothesis suggests that managers may strategically use CSR to disguise their opportunistic behaviors. A second research question we try to find out is the relationship between corporate financial performance and earnings management. Empirical results show significant negative results for change in CSR score with earnings aggressiveness, in support of the long-term perspective hypothesis. However, earnings smoothing was not supported for either of these hypotheses. Moreover, corporate financial performance was shown to have a positive relationship with earnings management, specifically earnings smoothing.

審定書 i
中文摘要 ii
English Abstract iii
Acknowledgement v
Table of Content vi
List of Tables viii
List of Figures ix
1. Introduction 1
1.1 Introduction 1
1.2 Purpose of the Study 3
1.3 Overview of the Study 3
2. Literature Review 5
2.1 Corporate Social Responsibility 5
2.1.1 CSR Improves Financial Performance 6
2.1.2 CSR Weakens Financial Performance 7
2.2 Earnings Management 7
2.2.1 Incentives to Manage Earnings 8
2.2.2 Earnings Management Techniques 9
2.2.2.1 Earnings Smoothing 9
2.2.2.2 Earnings Aggressiveness 10
2.3 CSR and Earnings Management 10
2.3.1 Long-term Perspective Hypothesis 10
2.3.2 Managerial Opportunism Hypothesis 11
2.4 Corporate Financial Performance and Earnings Management 11
3. Methodology 13
3.1 Data Description 13
3.1.1 Source of Data 13
3.1.2 Duration of Study 14
3.1.3 Data Selection 14
3.2 Independent Variable 17
3.3 Dependent Variable and Hypotheses 18
3.3.1 Change in CSR score and Earnings Management 18
3.3.2 Corporate Financial Performance and Earnings
Management 18
3.4 Control Variables 19
3.4.1 R&D Intensity 19
3.4.2 Ownership Concentration 20
3.4.3 Age 20
3.4.4 Leverage 20
3.5 Methodology 21
3.5.1 Earnings Management 21
3.5.1.1 Earnings Smoothing 21
3.5.1.2 Earnings Aggressiveness 23
3.5.2 Empirical Model 23
3.6 Histogram of Change in CSR and Earnings 24
3.6.1 Earnings Losses Avoidance 24
3.6.2 Earnings Decreases Avoidance 27
4. Empirical Results 31
4.1 Descriptive Statistics 31
4.2 Regression 34
4.2.1 All Industries 34
4.2.2 Electronics Industry and Non-Electronics Industry 37
4.2.2.1 Electronics Industry 38
4.2.2.2 Non-Electronics Industry 39
5. Conclusion and Discussion 41
5.1 Discussion and Findings 41
5.2 Implications and Limitations 43
5.2.1 Implications and Suggestions 43
5.2.2 Limitations 43
5.2.3 Further Research 44
References 45
Appendix
The CSRHub Ratings Methodology 49

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