為兼顧股東及利害關係人的利益，企業必須加強實施策略性企業社會責任（corporate social responsibility，CSR），才得以在提升社會利益的同時為股東謀求利潤，因此作為支持公司策略的CSR治理結構便顯得格外重要。為了解CSR治理對CSR與財務績效之關聯的影響，本研究以企業是否設置CSR委員會、董事是否兼任CSR委員會主席，以及董事之ESG（environmental, social and governance）專業度作為CSR治理變數，探討企業的CSR治理結構對兩者之間的關聯產生的調節效果。本研究以2014年至2017年金融管理委員會強制要求揭露CSR報告書之1,084家企業做為研究樣本，採用資產社會貢獻率（social returns on assets，SROA）與權益社會貢獻率（social returns on equity，SROE）作為CSR活動的代理變數，並以會計基礎衡量之資產報酬率、股東權益報酬率，以市場基礎衡量之Tobin’s Q、經濟附加價值（economic value added，EVA）作為財務績效指標。研究結果顯示，CSR委員會的設置與董事兼任CSR委員會主席、董事之ESG專業度，皆對CSR與財務績效之關聯有負向影響。本文期能為管理當局提供有關公司治理結構的新思維。

In order to balance the interests of shareholders and stakeholders, companies must strengthen the implementation of strategic CSR (corporate social responsibility) so as to improve the social interest while seeking profit for shareholders. Therefore, CSR governance structure as a support of company strategy is particularly substantial. To realize the impact of CSR governance on the relationship between CSR and financial performance, this study develops whether company set up with a CSR committee, director from the board concurrently a chairman of CSR committee, and directors’ ESG (environmental, social and governance) expertise as CSR governance variables, exploring the moderate effect of CSR governance on the two variables. This study is based on a sample of 1,084 enterprises from 2014 to 2017 that disclosed CSR reports due to mandatory requirements from Financial Supervisory Committee. Using Social Returns on Assets (SROA) and Social Returns on Equity (SROE) as agents for CSR activities; return on assets (ROA), and return on equity (ROE) as accounting based financial performance indicators; Tobin's Q, and economic value added (EVA) as market based financial performance indicators. The result of the study shows that the establishment of the CSR committee, director concurrently a chairman of CSR committee, and directors’ ESG professionalism have a negative impact on the relationship between CSR and financial performance. This article could provide management with some new thought about corporate governance structures.

台灣證券交易所，2016。上市上櫃公司治理實務守則，2016年9月30日，取自：http://www.selaw.com.tw/LawArticle.aspx?LawID=G0100259
池祥萱、繆文娟、莊瀅臻，2014。企業社會責任對於公司財務績效之影響是雙面刃嗎？來自全球 500 大公司的證據。管理學報，31(1)：1-19。
林美俐，2006，經濟附加價值評估臺灣鋼鐵業之財務績效，銘傳大學管理學院高階經理碩士學程，在職專班碩士論文。
胡憲倫、許家偉、蒲彥穎，2006。策略的企業社會責任：企業永續發展的新課題。應用倫理研究通訊，40：37-50。
黃正忠，2014。CSR及企業永續治理的商業意義，證券櫃檯月刊，171：45-47。
廖國龍，2011。經濟附加價值與價值動因關聯性之探討—以台灣網路設備廠商為例。交通大學管理學院管理科學學程學位論文。
Becchetti, L., R. Ciciretti, and I. Hasan, 2007. Corporate social responsibility and shareholder’s value: an event study analysis. Working Paper, Federal Reserve Bank of Atlanta.
Bhattacharya, C. B., and S. Sen, 2004. Doing better at doing good: when, why, and how consumers respond to corporate social initiatives. California Management Review 47(1): 9-16.
Bowen, H. R., 1953. Social Responsibility of the Businessman. New York: Harper＆Brothers.
Brainard, W. C., and J. Tobin, 1968. Pitfalls in financial model building. American Economic Review 58(2): 99-122.
Carpenter, M., and J. W. Fredrickson, 2001. Top management teams, global strategic posture, and the moderating role of uncertainty. Academy of Management Journal 44(3): 533-545.
Chung, K. H., and S. W. Pruitt, 1994. A simple approximation of Tobin’s q. Financial Management 23(3): 70-74.
Friedman, M., 1970. The Social Responsibility of Business Is to Increase Its Profits. The New York Times Magazine 13 September 1970: 122-126.
Global Sustainability Standards Board, GRI Sustainability Reporting Standards, https://www.globalreporting.org/standards/gri-standards-download-center/
Hamilton, R., 1777. An introduction to merchandize. Edinburgh.
Homaifar, G., J. Zietz, and O. Benkato, 1994. An empirical model of capital structure, some new evidence. Journal of Business Finance and Accounting 21(1): 1-14.
Jensen, M. C., 2001. Value Maximization, Stakeholder Theory, and the Corporate Objective Function. Journal of Applied Corporate Finance 14(3): 8-21.
Lin, Y. C., 2017. Does R&D investment under corporate social responsibility increase firm performance? Investment Management and Financial Innovations 14(1-1): 217-226.
Marshall, A., 1890. Principles of economics. London, England: Macmillan.
McWilliams, A., and D. Siegel, 2000. Corporate social responsibility and financial performance: correlation or misspecification? Strategic Management Journal 21(5): 603-609.
McWilliams, A., D. Siegel, and P. M. Wright, 2006. Corporate social responsibility: Strategic implications. Journal of Management Studies 43(1): 1-18.
Miller, M. H., 1986. Financial Innovation: The last Twenty Years and the Next. The Journal of Financial and Quantitative Analysis 21(4): 459-471.
Milliken, J. F., and L. L. Martins, 1996. Searching for common threads: Understanding the multiple effects of diversity in organizational groups. Academy of Management Review 21(2): 402-403.
Schuler, D. A. and M. Cording, 2006. A Corporate Social Performance-Corporate Financial Performance Behavioral Model for Consumers. Academy of Management Review 31(3): 540-558.
Siegel, D. S., and D. F. Vitaliano, 2007. An empirical analysis of the strategic use of corporate social responsibility. Journal of Economics & Management Strategy 16(3): 773-792.
Smith, A., 1776. The Wealth of Nations, W. Strahan and T. Cadell, London.
Stewart III, G., 1991. The Quest for Value. Harper Business, New York.
Porter, M. E., and M. R. Kramer, 2002. The competitive advantage of corporate Philanthropy. Harvard Business Review 80(12): 56-68.
Porter, M. E., and M. R. Kramer, 2006. Strategy and Society: The Link between Competitive Advantage and Corporate Social Responsibility. Harvard Business Review 84(12): 78-92.
Preston, L. E., and D. P. O’Bannon, 1997. The Corporate Social-Financial Performance Relationship: A Typology and Analysis. Business and Society 36(4): 419-429.
Werther, Jr. W. B. and D. Chandler, 2005. Strategic Corporate Social Responsibility Stakeholders in a Global Environment. Sage Publications, London, UK.