企業履行社會責任已成為眾所矚目的話題，本篇論文主要研究企業社會責任揭露與盈餘管理間的關係，國內顯少關於兩者間的研究，除了探討兩者關係外，亦額外探討是否存在政治成本這特殊背景。根據Yip,Van Staden and Cahan (2011)提出兩個政治成本高和低的產業，測試企業執行企業社會責任是否受政治成本影響，依此推論在不同產業下，可能存在不同政治成本。由於不清楚國內哪個產業政治成本高和政治成本低，於是本篇測試所有產業，以台灣上市公司共771間為樣本，依據台灣經濟新報(TEJ)分成21項產業，剔除樣本不足後分析11項產業。
研究結果顯示，企業社會責任報告揭露(RPT)與盈餘管理在金融業為顯著負相關，在電器電纜、建材營造及鋼鐵工業為顯著正相關。企業社會責任網頁揭露(WEB)與盈餘管理在金融業及塑膠工業為顯著負相關，在電器電纜為顯著正相關。其結果支持不同產業下企業社會責任揭露與盈餘管理有不同的關係。此外，在不同產業有不同的政治成本假設下，本研究結果符合Yip,Van Staden and Cahan (2011)的結論，當該產業政治成本高(低)時，企業社會責任揭露與盈餘管理關係為負(正)相關，亦即企業社會責任揭露和盈餘管理間是受政治成本而非道德因素所影響。

The corporate social responsibility (CSR) for enterprise is an important and crucial topic nowadays. Yip et al (2011) investigated the relation between a firm’s CSR disclosure and earnings management and explored whether the relation is grounded by a firm’s ethical consideration or its political consideration. They proposed that under ethical consideration, the relation between CSR disclosure and earnings management is negative, but under political cost consideration, the sign of the relation is contextual. When the political costs is high (low), the relation is negative (positive). By identifying two industries as a high political cost industry and a low one respectively, they empirically found that the direction of the relation supported the political cost consideration. They suggested that CSR disclosure and earnings management are both driven by a firm’s political cost consideration, not by its ethical consideration.
We are interested if Yip et al(2011)’s finding also occurs in Taiwan’s firm. Because we can’t clearly measure the high or low level of political cost for different Taiwan industries, we study the relation between CSR disclosure and earnings management for all industries.
Yip et al(2011), by checking the firms’ websites. we use the existences of corporate social responsibility report for 2012 (RPT) and corporate social responsibility website information in January, 2013 (WEB) to measure CSR disclosure and using Taiwan Economic Journal (TEJ) database, we adopt Jones model (Jones, 1991) to calculate a firm’s discretionary accrual to measure its earnings management in 2012. Our regressing results found that the relation between RPT (WEB) and earnings management is significant negative for financial industry (and plastic industry for WEB), significant positive for three industries: electrical cables, building material and steel (only electrical cables for WEB). Ours results reveal that the directions of the relations between CSR disclosure and earnings management of all industries are not all positive. We suggest that Yip et al(2011)’s finding that a firm’s CSR disclosure and earnings management are driven by its political cost consideration, not ethical consideration also prevalent in Taiwan.

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