機構投資人持股與企業社會責任績效之關聯實證

Abstract

自資本市場蓬勃發展以來，股東利潤極大化成為企業經營者的主要目標，甚至是唯一的目標，無形中將外部成本轉移給其他利害關係人承擔，如環境汙染、食品安全等議題，對於社會整體造成巨大損害。此外，許多經營者認為投入社會責任將會造成營運成本增加，與公司營利的目標相違背，因而不願意將資源投入。所幸近年來在許多學者的提倡下，企業永續經營的理念已逐漸受到重視，許多經營者也逐漸將此議題納入策略考量。本研究主要在探討企業投入企業社會責任，精明的機構投資人是否更願意持有該公司股權。所採用的樣本為2011年至2013年天下雜誌所舉辦的企業公民獎上榜企業，針對公司治理、企業承諾、社會參與、環境保護等面向進行綜合評估。對於投入社會責任的決策，是否與追求公司的利益相衝突，本研究使用實證資料驗證企業社會責任績效與財務績效之間的關聯性。由於經營企業社會責任之性質與投入研究發展相似，投入至有實際成效是需要一段時間並非一蹴可幾的，因此更進一步分析企業社會責任績效與財務績效之關聯性是否具有遞延效應。

With the flourishing capital market, the maximizing of profit for the shareholders has became the main objective of companies, sometime even the only purpose pursued. Hence it is quite often for companies to transfer the external cost to the other stakeholders invisibly. This will harm the whole society. Furthermore, many business executives believe that the operation cost will raise up if they invest the resources in doing corporate social responsibility (CSR) such as green projects. Fortunately, the concept of sustainable development has been promoted because of many scholars' advocacy recent years. First, this research is going to explore the relationship between the corporate social responsibility performance and the ownership of institutional investors. The hypothesis suggests that the greater CSR is, the more the institutional investors is willing to hold the share. Second, the research is probing if investment in doing CSR would harm the profit ability for shareholders. The conclusion is that the relationship between CSR and institutional ownership is positive, and CSR is also positively related to the financial performance.