標題: 次貸風暴下企業社會責任績效與公司風險相關性之研究-以台灣上市公司為例
A Study of Relationship between Corporate Social Responsibility and Risk under the Subprime Global Financial Storm-Take Taiwan’s Companies as Examples
作者: 楊欣穎
Yang, Shin-Yin
朱博湧
Po-Young Chu
管理科學系所
關鍵字: 企業社會責任(CSR);次貸風暴;公司風險;Corporate social responsibility (CSR), Global Financial Storm, Risk;Global Financial Storm;Risk
公開日期: 2009
摘要: 2007下半年起由於金融機構追求報酬罔顧企業道德的次級房貸行為所引發的全球金融風暴,導致全球經濟陷入恐慌。而此波金融風暴正提供了一個再好不過的測試機制,藉此得以在台灣市場驗證:「企業社會責任是否真能夠興利,並能夠有效降低公司風險?」。本研究欲探討善盡企業社會責任的公司在次貸風暴下,公司股東價值變動幅度是否較小。採用天下及遠見雜誌公佈的企業社會責任評比為企業社會責任績效代理變數,建立迴歸模型來了解企業社會責任績效與企業風險的關聯性。第一階段研究結果發現企業社會責任績效與公司系統風險及公司股價變異係數呈顯著負相關,代表企業社會責任績效表現較佳的公司在次貸風暴下所受到的外在影響較小,相對承受的風險亦較低。第二階段將上市公司以規模大小分別探討發現,大型公司從事企業社會責任活動之比例較高,也相對較有風險規避的效果。而第三階段研究發現電子業從事企業社會責任活動之比例較高,也相對較有風險規避的效果。
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
顯示於類別:畢業論文