标题: 次贷风暴下企业社会责任绩效与公司风险相关性之研究-以台湾上市公司为例
A Study of Relationship between Corporate Social Responsibility and Risk under the Subprime Global Financial Storm-Take Taiwan’s Companies as Examples
作者: 杨欣颖
Yang, Shin-Yin
朱博涌
Po-Young Chu
管理科学系所
关键字: 企业社会责任(CSR);次贷风暴;公司风险;Corporate social responsibility (CSR), Global Financial Storm, Risk;Global Financial Storm;Risk
公开日期: 2009
摘要: 2007下半年起由于金融机构追求报酬罔顾企业道德的次级房贷行为所引发的全球金融风暴,导致全球经济陷入恐慌。而此波金融风暴正提供了一个再好不过的测试机制,藉此得以在台湾市场验证:“企业社会责任是否真能够兴利,并能够有效降低公司风险?”。本研究欲探讨善尽企业社会责任的公司在次贷风暴下,公司股东价值变动幅度是否较小。采用天下及远见杂志公布的企业社会责任评比为企业社会责任绩效代理变数,建立回归模型来了解企业社会责任绩效与企业风险的关联性。第一阶段研究结果发现企业社会责任绩效与公司系统风险及公司股价变异系数呈显着负相关,代表企业社会责任绩效表现较佳的公司在次贷风暴下所受到的外在影响较小,相对承受的风险亦较低。第二阶段将上市公司以规模大小分别探讨发现,大型公司从事企业社会责任活动之比例较高,也相对较有风险规避的效果。而第三阶段研究发现电子业从事企业社会责任活动之比例较高,也相对较有风险规避的效果。
The Subprime Global Financial Storm provides us a great opportunity to verify whether corporate social responsibility (CSR) brings benefits to companies and reduces their risk. This study is to explore the relationship between corporate social performance and risk by verifying the hypothesis that greater CSR a firm is, the lower risk a firm is exposed. The research constructs regression models to verify the hypothesis by using Common Wealth Magazine and Global Views Magazine CSR survey scores as the corporate social performance proxy. The results of the first stage show that CSR is negatively related with risk; the second and third stages show that large size and electronic companies pay more attention on CSR and lower their risk more effectively.
URI: http://140.113.39.130/cdrfb3/record/nctu/#GT079731526
http://hdl.handle.net/11536/45358
显示于类别:Thesis