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題名:企業從事企業社會責任:原因及後果
作者:吳元利
作者(外文):Yuan-Li Wu
校院名稱:國立臺灣大學
系所名稱:會計學研究所
指導教授:王泰昌
學位類別:博士
出版日期:2020
主題關鍵詞:企業社會責任捐贈決策代理問題公司治理股東利潤極大化股權結構信用評等corporate social responsibilitydonation decisionagency problemcorporate governanceshareholder wealth maximizationownership structurecredit rating
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本論文為兩篇文章合輯,第一篇為「企業捐贈決策:代理問題假說vs.股東利潤極大化假說」,根據代理理論、公司治理機制,與股東利潤極大化的觀點,探討企業捐贈之決定因素與效果,研究對象為2012至2017年於證交所上市櫃公司。研究證實我國企業捐贈會受到代理問題、公司治理與股東利潤極大化的因素影響。進一步探討捐贈行為的屬性,發現代理問題較嚴重的公司,較傾向從事恆常性捐贈。然而,將捐贈支出視為廣告策略之一,追求股東利潤極大化的公司,較傾向從事一次性捐贈。此外,研究顯示企業捐贈會造成財務績效下降,且市場投資者對於捐贈給予負面評價。就子樣本分析,證實單一家族主導與專業經理人治理之不同機構背景,影響企業捐贈之因素存在異同。最後,本文以總經理教育程度作為工具變數,及透過2015年個人所得稅稅制變化之外生衝擊,處理總經理持股比率之內生問題。
第二篇為「企業社會責任、股權結構及信用評等之關聯性研究」,探討總經理、機構投資者與外部大股東,這三種類型股權結構,對於企業需使用與不需使用額外資源投入CSR活動之影響。並進一步從債權人及股東的角度,檢視公司投入企業社會責任對於信用評等、負債資金成本與權益資金成本之影響。研究發現總經理持股比率愈高,企業使用額外資源投入CSR活動愈少,但對於不需使用額外資源投入CSR活動則沒有影響。關於機構投資者,其持股比率與公司從事需動用與不需動用額外資源的CSR活動皆呈現正向顯著。外部大股東持股比率與公司使用額外資源投入CSR活動呈現負向顯著,但對於不需使用額外資源投入CSR活動則沒有影響。此外,研究發現企業從事不同構面的CSR活動,可獲得較高的信用評等等級,較低的負債資金成本,但不影響權益資金成本。
There are two essays in this dissertation. The first essay, “Corporate Giving Decision: Agency Problem Hypothesis vs. Shareholder Wealth Maximization Hypothesis,” investigates the determinants and effects of corporate giving decisions by considering agency theory, corporate governance mechanisms, and shareholder wealth maximization. The study examined data on Taiwanese listed companies covering 2012 to 2017. The results show that agency motives, governance structure, and shareholder wealth maximization are the determinants of corporate giving. The results also show that firms with more serious agency problems are more likely to engage in persistent corporate giving, while firms engaged in maximizing shareholder profits are more likely to engage in one-off corporate giving. Moreover, as corporate giving increases, shareholders reduce their valuation of firm cash holdings, and investors respond negatively to corporate giving. The study also uses subsamples to examine several institutional settings in order to explore the differences in giving decisions between family businesses and professional managers. Lastly, the study resolves endogenous problems arising from CEO ownership using CEO education level as an instrumental variable as well as the exogenous impact of changes in Taiwan’s personal income tax policy in 2015.
The second essay, “The Relationships among Corporate Social Responsibility, Ownership Structure, and Credit Rating,” investigates how three types of ownership structure (CEOs, institutional investors, and external large shareholders) affect firms’ engagement in corporate social responsibility (CSR) activities that either require or do not require additional resources. The study further examines the effects of firms’ engagement in CSR activities on credit rating, cost of debt, and cost of equity from both the creditors’ and shareholders’ perspectives. This study finds that the higher the CEO shareholding ratio, the lower the firm’s engagement in CSR activities that require additional resources; however, CEO shareholding has no effect on engagement in CSR activities that do not require additional resources. Moreover, institutional investors’ shareholding ratio has a significantly positive correlation with firms’ engagement in CSR activities that either require or do not require additional resources. Furthermore, external large shareholders’ shareholding ratio has a significantly negative correlation with firms’ engagement in CSR activities that require additional resources but has no effect on firms’ engagement in CSR activities that do not require additional resources. Additionally, this study finds that firm engagement in CSR activities of various dimensions can lead to higher credit ratings and lower cost of debt but does not affect the firms’ cost of equity.
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