本研究主要目的在探討家族企業董事會結構對於企業社會責任之影響。樣本使用台灣上市上櫃公司，共1383家公司，11064個樣本。研究結果顯示，台灣家族企業在企業社會責任表現上，比非家族企業表現還差。董事會結構部分，家族企業董事會規模越大，會減弱在企業社責任表現。另外，家族企業獨立董事比例越高，會增強企業社會責任表現。若家族企業董事長兼任總經，會減弱企業社會責任表現。家族企業若有控制權與現金流量權偏離的情形，會減弱企業社會責任表現，這也代表著台灣家族企業普遍使用交叉持股和金字塔結構掌握權力，削弱公司治理，造成「核心代理問題」。最後，家族企業經理人持股比越高，經理人越有誘因要保護自身利益，比較不會做出傷害公司價值的行為。

The purpose of this research wants to find the relationship between the board structure of family firms and CSR performance. I use companies which are listed on Taiwan exchange market and OTC market. There are 1383 companies and 11064 samples. The result shows that family firms on CSR performance are worse than non-family firms. Besides, bigger board size in family firms will deteriorate their CSR performance. And the higher the proportion of independent directors in a family business, the stronger the CSR performance. Also, if the chairman of the family business concurrently serves as CEO, it will reduce CSR performance. And if a family company has a deviation between control and cash flow rights, it will reduce CSR performance. This also represents the widespread use of cross-shareholdings and pyramid structures to control power in Taiwan's family businesses, weakening corporate governance and causing "TypeⅡagency problem". Finally, the higher the shareholding ratio of family business managers, the more incentives managers have to protect their own interests, and less likely to harm the value of the company.

〔1〕 王宗正、張元及沈中華，「新聞曝光可以增進企業社會責任對財務績效的影響嗎─台灣實證研究」，台灣大學，2010。
〔2〕 藍麗琪，「企業社會責任與財務績效-台灣花旗與玉山金控個案比較分析」，國立台北大學合作經濟學系碩士論文，2008
〔3〕 陳錦村及葉雅薰，「公司改組、監督機制與盈餘管理之研究」，會計評論，第34期，頁1-28，2002
〔4〕 侍台誠，「董事會特性中家族因素與經營績效之實證研究-兼論法人董事的影響」，台北:國立台灣大學會計學研究所碩士論文，1994
〔5〕 陳定國，「家族企業是否應該，又如何將所有權及經營權分離」，收錄於工商時報經營叢書小組編，《中國式管理》，頁606。台北:時報文化，1984
〔6〕 黃國光，「談家族企業的組織型態」，《中國論壇》，13(7):21-22，1984
〔7〕 嚴奇峰，「台灣家族企業文化與結構關係研究-雙元系統模型及相關管理問題」，《中原學報》，24(4): 1-9¬，1996
〔8〕 王婉茹「公司治理、企業社會責任對信用評等之 影響－以台灣上市櫃公司為例」，2015 topco 崇越論文大賞，2015
〔9〕 Anderson,R.and D.Reeb,“Founding-Family Ownership and Firm Performance: Evidence from the S&P 500.” Journal of Finance, 58, pp.1301-1328 (2003).
〔10〕 Amore, M. D., Garofalo, O., and Minichilli, A.. Gender interactions within the family firm. Management Science, 60(5), 1083—1097 (2014).
〔11〕 Bacon, J., Corporate directorship practice, member and committees of the board. New York: The conference board (1973).
〔12〕 Bach, L., Serrano-Velarde, N.,. CEO identity and labor contracts: evidence from CEO transitions. J. Corp. Finance, 2015.
〔13〕 Bebbington, J., Larrinaga, C., and Moneva, J. M.. Corporate social reporting and reputation risk management. Accounting, Auditing and Accountability Journal, 21(3), 337–361, (2008).
〔14〕 Bennedsen, M., et al., The family business map: Framework, selective survey, and evidence from Chinese family firm succession, J. Corp. Finance, (2015) http://dx.doi.org/10.1016/j.jcorpfin.2015.01.008
〔15〕 Burch Jr, P.. The managerial revolution reassessed. Family control in America´s large corporations. Lexington: D. C. Heath and Co (1972).
〔16〕 Block, J., and Wagner, M.. Corporate social responsibility of large family and founder firms. erasmus research institute of management, report series research in management. Available at SSRN: http://ssrn.com/abstract=1625674 or /*- (2010)
〔17〕 Stephen Brammer, Andrew Millington and Stephen Pavelin. Corporate Reputation and Women on the Board, British Journal of Management, Vol. 20, 17-29 (2009)
〔18〕 Carter, D. A., Simkins, B. J., and Simpson, W. G.. Corporate governance, board diversity, and firm value, Financial Review, 38(1), 33-53 (2003)
〔19〕 Campopiano, G., De Massis, A., Rinaldi, F. R., and Sciascia, S.. Women’s involvement in family firms: Progress and challenges for future research. Journal of Family Business Strategy, 8(4), 200—212 (2017).
〔20〕 Cleassens, S., Djankov, S. and Lang, L. H. P.. ―The Separation of Ownership and Control in East Asian Corporations, Journal of Finance Economics, 58, 81-112, (2000).
〔21〕 Cruz, C., Justo, R., and De Castro, J. O. Does family employment enhance MSEs performance? Integrating socioemotional wealth and family embeddedness perspectives. Journal of Business Venturing, 27(1), 62—76 (2012).
〔22〕 Cubbin, J., and D. Leech, The Effect of shareholding dispersion on the degree of control in British companies: theory and measurement, The Economic Journal 93, 351-369, 1983.
〔23〕 Dalton, D. R., C. Daily, J. Johnson, and A. Ellstrand, “Number of Directors and Financial performance: A meta-analysis.” Academy of Management Journal, 42, pp.647-686, (1999).
〔24〕 D'Aurizio, L., Oliviero, T., Romano, L.. “Family firms, soft information and bank lending in a financial crisis”. J. Corp. Financ., 2015
〔25〕 Dahya, J., Dimitrov, O., and McConnell, J. J. “Dominant shareholders, corporate boards, and corporate value: A cross-country analysis”, Journal of Financial Economics, 87(1), 73-100, 2008
〔26〕 De Villiers, C., Naiker, V., and van Staden, C. J. “The effect of board characteristics on firm environmental performance”. Journal of Management, 37(6), 1636-1663, 2011
〔27〕 Donnelly, R., and Mulcahy, M. “Board structure, ownership, and voluntary disclosure in Ireland, Corporate Governance: An International Review”, 16(5), 416-429, 2008
〔28〕 Dunn, B. “Family enterprises in the UK: A special sector? Family Business Review”, 9(2), 139–155, 1996.
〔29〕 Eugene F. Fama and Michael C. Jensen. “Separation of Ownership and Control. Journal of Law and Economics”, Vol. 26, No. 2, Corporations and Private Property: A Conference Sponsored by the Hoover Institution. pp. 301-325, 1983.
〔30〕 Fombrun, C. J., Gardberg, N. A., and Barnett, M. L. “Opportunity platforms and safety nets: corporate citizenship and reputational risk”. Business and Society Review, 105(1), 85–106, 2000.
〔31〕 Forbes, D.P., Milliken, F.J. “Cognition and corporate governance: understanding boards of directors as strategic decision-making groups”. Acad. Manag. Rev. 24 (3), 489e505. https://doi.org/10.2307/259138, 1999.
〔32〕 Fuerst, O., and S. H. Kang, “Corporate Governance, Expected Operating Performance and Pricing, Unpublished Dissertation”, Yale School of Management, New Haven, 2000
〔33〕 Godfrey, J., Mather, P. R., and Ramsay, A. “Earnings and impression management in financial reports: the case of CEO changes”. Abacus, 39(1), 95–123, 2003.
〔34〕 Gray, R., Kouhy, R., and Lavers, S. “Corporate social and environmental reporting. Accounting, Auditing and Accountability Journal”, 8, 44-77, 1995
〔35〕 Husted, B.W., Journal of Business Research, https://doi.org/10.1016/j.jbusres.2018.01.017, 2018
〔36〕 Henry M.K. Mok, Kin Lam, Iris Cheung, “FAMILY CONTROL AND RETURN COVARIATION IN HONG KONG'S COMMON STOCKS”. Journal of Business Finance andamp; Accounting Volume 19, Issue 2, 1992
〔37〕 Jensen, M.C., “The modern industrial revolution, exit and the failure of internal control system”, Journal of Finance, 148, 831-880, 1993.
〔38〕 Jensen, M.C., and Meckling, W.H. “Theory of the firm: Managerial behavior, agency costs and ownership structure”: Journal of Financial Economics, 3, 305-360, 1976
〔39〕 Jensen. M. C., and Ruback, R.S. “The market for corporate control: The 46 scientific evidence”. Journal of Financial Economics, 11(1-4), 5-50, 1983
〔40〕 Jiang, F., Jiang, Z., Kim, K.A., Zhang, M. “Family-firm risk-taking: does religion matter?” J. Corp. Financ, 2015.
〔41〕 Jo, H., and M. A. Harjoto, “The Causal Effect of Corporate Governance on Corporate Social Responsibility.” Journal of Business Ethics, 106, pp.53-72, 2012.
〔42〕 Kim, Y., M. S. Park, and B. Wier, “Is Earnings Quality Associated with Corporate Social Responsibility?” The Accounting Review, 87, No.3, pp.761-796, 2012.
〔43〕 La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. W. “Corporate ownership around the world”, Journal of Finance, 54, 471-517, 1999..
〔44〕 Lefort, F., and Urzúa, F. “Board independence, firm performance and ownership concentration: Evidence from Chile”. Journal of Business Research, 61(6), 615-622, 2008
〔45〕 Mark Anthony Clatworthy and Michael John Jones, “The Effect of Thematic Structure on the Variability of Annual Report Readability”,  Accounting Auditing and Accountability Journal 14(3):311, 2001
〔46〕 Merkl-Davies, D. M., and Brennan, N. Discretionary disclosure strategies in corporate narratives: Incremental information or impression management? Journal of Accounting Literature, 27, 116–196, 2007.
〔47〕 Michael S. WEISBACH. “OUTSIDE DIRECTORS AND CEO TURNOVER”. Journal of Financial Economics 20, 431-460. North-Holland, 1988
〔48〕 Morris, S. A.“Environmental Pollution and Competitive Advantage: An Exploratory Study of U.S. Industrial-goods Manufactures.” Academy of Management Proceedings, 43, pp.411-415, 1997.
〔49〕 Morhardt, J. “Corporate Social Responsibility and Sustainability Reporting on the Internet.” Business Strategy and the Environment. 19. 436 - 452. 10.1002/bse.657, 2009.
〔50〕 McGuinness, P., J. Vieito, M. Wang, “The Role of Board Gender and Foreign Ownership in the CSR Performance of Chinese Listed Firms.” Journal of Corporate Finance, 42, pp.75-99, 2017.
〔51〕 Samara, G., and Arenas, D. “Practicing fairness in the family business workplace.” Business Horizons, 60(5), 647—655, 2017.
〔52〕 Sana Shihchi Chiu and Mark P. “Sharfman,legitimacy, Visibility, and the antecedents of Corporate Social Performance: An Investigation of the Instrumental Perspective” Journal of Management 37(6):1558-1585, 2011
〔53〕 Shleifer, A., and R. W. Vishny, “A Survey of Corporate Governance.” View issue TOC, 52, No. 2, pp.737-783, 1997.
〔54〕 Stuart Rosenstein and Jeffrey G. Wyatt. Inside directors, board effectiveness, and shareholder wealth. Journal of Financial Economics. Volume 44, Issue 2, Pages 229-250, 1997
〔55〕 Tuggle, C., D. Sirmon, C. Reutzel, and L. Bierman, “Commanding Board of Director Attention: Investigating How Organizational Performance and CEO Duality Affect Board Members’ Attention to Monitoring.” Strategic Management Journal, 31, NO.9, pp.946-968, 2010
〔56〕 Villalonga, B., and Amit, R. “How Do Family Ownership, Control and Management Affect Firm Value?.” Journal of Financial Economics, 80 (2), 385-417, 2006. http://dx.doi.org/10.1016/j.jfineco.2004.12.005
〔57〕 Volpin, P. P. “Governance with Poor Investor Protection: Evidence from Top Executive Turnover in Italy.” Journal of Financial Economics, 64, No.1, pp.61-90, 2002.
〔58〕 Wendy C. Handler. “Methodological Issues and Considerations in Studying Family Businesses.” Family Business Review, Volume2, Issue3, Pages 257-276, 1989
〔59〕 Yuthas, K., Rodney, R., and Dillard, J. “Communicative action and corporate annual reports.” Journal of Business Ethics, 41(1–2), 141–157, 2004.
〔60〕 Yermack, D. “Higher market valuation of companies with a small board of directors.” Journal of Financial Economics, 42(2), 185-211, 1996
〔61〕 Young, S., and Marais, M. “CSR reporting: An Institutional perspective.” Finance and Corporate Governance Conference, La Trobe University. Available at SSRN: http://ssrn.com/abstract= 1776193, 2011.
〔62〕 Yeh, Y. H., Lee, T. S., and Woidtke, T. “Family control and corporate governance: Evidence from Taiwan,” International Review of Finance, Vol. 2, No. 1-2, 21-48, 2001.