企業社會責任對於公司財務績效之影響是雙面刃嗎？來自全球500大公司的證據_

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題名：	企業社會責任對於公司財務績效之影響是雙面刃嗎？來自全球500大公司的證據
書刊名：	管理學報
作者：	池祥萱／繆文娟／莊瀅臻
作者(外文)：	Chih, Hsiang-hsuan／Miao, Wen-chuan／Chuang, Ying-cheng
出版日期：	2014
卷期：	31:1
頁次：	頁1-19
主題關鍵詞：	企業社會責任；公司財務績效；非預期盈餘宣告；名譽效果；代理衝突；Corporate social responsibility；Corporate financial performance；Unexpected earnings announcements；Reputation effects；Agency conflicts
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(32) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:32 共同引用:0 點閱:583

本文以全球500大公司為研究對象，由公司非預期的盈餘宣告事件的角度切入，檢驗企業從事企業社會責任（CSR）對於其短期與長期財務績效的影響。本文的主要研究結果如下。在市場績效方面，當公司宣告非預期的負面盈餘事件中，從事CSR在短期對於公司的確能發揮保險功能，使得從事CSR公司之股價跌幅較淺。在營運績效方面，我們發現公司從事CSR的當年度確實能為公司帶來價格溢酬的優勢，提高公司的獲利能力，這樣的價格溢酬的優勢可以持續長期，CSR所造成成本與費用的增加並不會侵蝕經營績效。

以文找文

In this paper, we examine the relations between CSP and CFP around and post unexpected earnings announcements. We select the global 500 firms as our sample because these global big firms have more capacities to engage in the CSR activities. Our findings are as follows. First, at the unexpected negative earnings announcements, firms that engage in CSR suffer less stock price decreasing than those not engage in CSR. CSR programs provide a latent insurance value to firms against negative events; the market construes the CSR as a form of firm reputation building or maintenance. Second, because of price premiums, firms that engage in CSR have better operating performance than those not engage in CSR in the first year and in the long run. There is no significant negative effect on corporate financial performance resulting from excessive costs and expenses induced by CSR activities.

以文找文

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研究報告
1.	Bamea, A.、Rubin, A.(2005)。Corporate Social Responsibility as a Conflict Between Owners。
2.	Beaudoin, C. A.(2008)。Earnings Management: The Role of the Agency Problem and Corporate Social Responsibility。
3.	Akpinar, Anil、Jiang, Yiyi、Gomez-Mejia, Luis R.、Berrone, Pascual、Walls, Judith L.(2008)。Strategic Use of CSR as a Signal for Good Management。

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