公司的企業社會責任表現有助於降低董事辭任對績效的負面影響?

Abstract

本研究採用 2008 至 2019 年台灣 1,532 家上市上櫃非金融產業公司的資料,檢驗公司董事辭任對次期會計績效與市場績效的影響,並考量公司企業社會責任表現的調節效果。實證結果顯示不論一般董事或獨立董事,董事辭任對次期會計績效與市場績效皆導致顯著負向影響,但企業社會責任表現愈佳的公司,次期績效下跌的幅度愈小。本研究證實了企業的社會責任表現可扮演公司發生或面對負面事件時的保險與緩衝機制,企業善盡社會責任有助於減輕公司的董事辭任對後續績效造成的負向衝擊。

Based on data of 1,532 listed nonfinancial firms on the Taiwan Stock Exchange and the Taipei Exchange through 2008~2019, this study examines the effects of director’s resignation on firm performance. In addition, moderating effect of corporate social responsibility (CSR) performance on the above relationship is incorporated into analysis. Empirical result shows that the resignation of both inside director and independent director is negatively correlated with subsequent accounting performance and market performance. Furthermore, firm with better performance on CSR tends to enjoy a smaller decline in subsequent performance. The empirical result confirms that CSR plays an insurance role of performance, when firms experience negative events such as director resignation, firms with better CSR performance are less negatively impacted.