簡易檢索 / 詳目顯示
| 研究生： |
趙御雲 Yu-Yun Chao |
|---|---|
| 論文名稱： |
台灣上市櫃公司撰寫CSR報告書與公司價值之相關性探討 The Relationship between Corporate Social Responsible Report and Firm Value the among public Trading Firms in Taiwan |
| 指導教授： |
李韋憲
Wei-Hsien Li 賴弘能 Hung-Neng Lai |
| 口試委員: | |
| 學位類別： |
碩士 Master |
| 系所名稱： |
管理學院 - 財務金融學系 Department of Finance |
| 論文出版年： | 2018 |
| 畢業學年度： | 106 |
| 語文別： | 中文 |
| 論文頁數： | 84 |
| 中文關鍵詞： | 企業社會責任報告書 、重大永續議題矩陣 、公司價值 |
| 外文關鍵詞： | CSR Report, Materiality Matrix, Tobin’s Q |
| 相關次數： | 點閱：15 下載：0 |
| 分享至: |
| 查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報 |
本文探討台灣上市櫃公司撰寫企業社會責任報告書以及撰寫形式是否會影響公司價值(Tobin’s Q)。透過蒐集全台上市櫃公司的企業社會責任報告書做為樣本，再利用測量軟體「Meazure」將報告書的核心，重大永續議題矩陣中所收錄的議題依照重要程度給予排序。其中，針對矩陣所收錄的議題來做分析，發現公司所收錄的議題有明顯產業差異或著重在近期產業發生的重大社會事件。不過，無論何種產業，其所收錄的議題主要都以公司營運方向為主，顯示出矩陣議題主要為偏向公司內部利害關係人所關注的議題居多。進一步，針對矩陣形態深入研究，結合報告書中所撰寫的基本概況，建立出測量報告書撰寫形式的自變數以供分析。
初步透過實證分析結果發現，平均而言有撰寫企業社會責任報告書的公司，其公司價值較高，約提升45.2%的公司價值。另外，本文發現主動揭露重大永續議題的排序與具有第三方機構認證的報告書，相對於沒有這些特徵的報告書，其公司價值較高，約分別提升70.3%與93.2%的公司價值。其餘撰寫形式似乎對公司價值沒有影響。
This paper analyses the relationship between having a corporate, social responsible (CSR) report as well as the construction of CSR report and firm value among the public trading firms in Taiwan. I collect all of the listed or OTC CSR reports in Taiwan as the data, utilizing the specialized software, Meazure, to sort out the sequence for the issues recorded in the materiality matrix. I found the patterns are different across industries or the patterns are related to the negative social event in the industry. However, no matter the industry, most of the material issues are more related to the firm business rather than the stakeholder interest. Combined with the research of materiality matrix and the fundamental situation of CSR report, I construct independent variables based on the characteristic of CSR report.
Preliminary findings suggest that issuing a CSR report can enhance the firm value. On average, firms with CSR report have the firm value of 49.3% higher than others. In the characteristics of CSR Report, CSR report with provide the sequence of the material issues and CSR report with assurance by independent institution have the firm value of 70.3% and 93.2% higher than others, respectively. The other characteristics of CSR report, however, seems to not having significant impact on firm value.
Brammer, S., Brooks, C., & Pavelin, S. (2006). Corporate social performance and stock returns: UK evidence from disaggregate measures. Financial Management, 35(3), 97-116.
Coles, J. L., Daniel, N. D., & Naveen, L. (2008). Boards: Does one size fit all?. Journal of Financial Economics, 87(2), 329-356.
Di Giuli, A., & Kostovetsky, L. (2014). Are red or blue companies more likely to go green? Politics and corporate social responsibility. Journal of Financial Economics, 111(1), 158-180.
Dimson, E., Karakaş, O., & Li, X. (2015). Active ownership. The Review of Financial Studies, 28(12), 3225-3268.
Ferrell, A., Liang, H., & Renneboog, L. (2016). Socially responsible firms. Journal of Financial Economics, 122(3), 585-606.
Hwang, B. H., & Kim, H. H. (2017). It pays to write well. Journal of Financial Economics, 124(2), 373-394.
Kruger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304-329.
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785-1824.
Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation: An empirical analysis. Journal of financial economics, 20, 293-315.
Nazari, J. A., Hrazdil, K., & Mahmoudian, F. (2017). Assessing social and environmental performance through narrative complexity in CSR reports. Journal of Contemporary Accounting & Economics, 13(2), 166-178.
Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185-211.
