標題: 企業社會責任報告書自願性確信對於權益資金成本之影響
The Effect of Voluntary Assurance of Corporate Social Responsibility Report on the Cost of Equity Capital
作者: 陳瑞斌
楊采妮
Jui-Pin Chen
Tsai-Ni Yang
關鍵字: 企業社會責任報告書;自願性確信;權益資金成本;Voluntary Assurance;Corporate Social Responsibility Report;Cost of Equity Capital
公開日期: 1-Jan-2023
出版社: 國立陽明交通大學經營管理研究所
Institute of Business and Magement, National Yang Ming Chiao Tung University
摘要: 本文旨在探討公司將企業社會責任報告書自願性交付獨立第三方確信對於權益資金成本之影響,以2014年至2017年台灣上市櫃公司為研究樣本,實證結果發現確信有助於提升企業社會責任報告書的可靠性及投資人的信任,進而減輕投資人購買公司股票所承擔的資訊風險,以致於投資人願意降低其所要求的必要報酬率,使得公司的權益資金成本降低約0.55%。進一步分析發現,前述企業社會責任報告書自願性交付確信會使得權益資金成本降低的結果主要是來自於確信之獨立第三方為顧問機構。
This study aims to examine the effect of voluntary assurance of corporate social responsibility (CSR) report on the cost of equity capital. Using 2014-2017 Taiwanese listed companies as the sample, the results show that assurance helps to improve the reliability of CSR report and the trust of investors, thereby reducing the information risk assumed by investors when buying stocks. Therefore, investors are willing to lower the rates of return required by them, so that the cost of equity capital of companies will be reduced about 0.55%. This result is mainly driven by the independent third parties which are consultant firms instead of accountant firms.
URI: http://dx.doi.org/10.29416/jms.202301_30(1).0004
http://hdl.handle.net/11536/160731
ISSN: 1023-9863
DOI: 10.29416/jms.202301_30(1).0004
期刊: 管理與系統
Journal of Management and Systems
Volume: 30
Issue: 1
起始頁: 115
結束頁: 141
Appears in Collections:Journal of Management and System