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題名：The Risk Management Effect of Corporate Social Responsibility on Shareholder Value
書刊名：臺大管理論叢
作者：陳彩稚 引用關係／許永明 引用關係／張智媛
作者(外文)：Chen, Tsai-jyh／Shiu, Yung-ming／Chang, Nina
出版日期：2015
卷期：26:1
頁次：頁153-179
主題關鍵詞：企業社會責任；風險管理；股東價值；Corporate social responsibility；CSR；Risk management；Shareholder value
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(14) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:14
  • 共同引用共同引用:0
  • 點閱點閱:73
本文探討企業善盡社會責任，對於股東價值是否具有風險管理的效果。即當企業被披露負面事件消息時，其平日所盡之社會責任，是否有助於減緩股價之下跌？本文採用台灣上市櫃公司資料，利用事件研究法進行實證分析。結果顯示：企業平日善盡社會責任所建立之形象，的確有助於企業在面臨不利報導時之股價的維持，意即「善有善報」。就負面消息類型而言，企業社會責任形象，對於與安全相關的負面消息，有較顯著的保護效果；對於與倫理道德相關的負面事件則不明顯；而對於與市場競爭有關的負面消息，企業之善盡社會責任形象，並無助於降低股價下跌的風險。此外，研究結果亦顯示企業之社會責任形象具有長期效應，有助於降低股價之波動性。
Using an event study and data of publicly traded firms in Taiwan from 2005 through 2010, we examine the impact of corporate social responsibility (CSR) on mitigating the declines in shareholder value when firms are disclosed of negative events, i.e., the risk management effect. Our results show that firms engaging in CSR activity have less stock price declines when negative news are disclosed. We also find that this effect is significant for safetyrelated negative events, but not for market-competition and integrity-related events. Furthermore, the empirical results show that CSR has a long-term effect on reducing stock volatility.
期刊論文
1.Mishra, S.、Suar, D.(2010)。Does corporate social responsibility influence firm performance of Indian companies?。Journal of Business Ethics，95(4)，571-601。  new window
2.Choi, J. S.、Kwak, Y. M.、Choe, C. W.(2010)。Corporate social responsibility and corporate financial performance: Evidence from Korea。Australian Journal of Management，35(3)，291-311。  new window
3.Lee, Min-Young、Fairhurst, Ann、Wesley, Scarlett(2009)。Corporate Social Responsibility: A Review of the Top 100 US Retailers。Corporate Reputation Review，12(2)，140-158。  new window
4.Soana, M. G.(2011)。The relationship between corporate social performance and corporate financial performance in the banking sector。Journal of Business Ethics，104(1)，133-148。  new window
5.Minor, D. B.、Morgan, J.(2011)。CSR as reputation insurance: Primum non nocere。California Management Review，53(3)，40-59。  new window
6.Brammer, S.、Pavelin, S.(2005)。Corporate reputation and an insurance motivation for corporate social investment。Journal of Corporate Citizenship，20，39-51。  new window
7.Chang, Y.(2011)。Does corporate social responsibility create higher stock returns?。Fu-Jen University Management Review，18(1)，79-118。  new window
8.Clinebell, S.、Clinebell, J.(1994)。The effect of advance notice of plant closings on firm value。Journal of Management，20(3)，553-564。  new window
9.Davis, Keith(1973)。The case for and against business assumptions of social responsibilities。Academy of Management Journal，16(2)，312-322。  new window
10.Mill, G. A.(2006)。The financial performance of a socially responsible investment over time and a possible link with corporate social responsibility。Journal of Business Ethics，63(2)，131-148。  new window
11.Steiner, G.(1972)。Social policies for business。California Management Review，15(2)，17-24。  new window
12.Davidson, W. N.、Worrell, D. L.(1992)。The Effect of Product Recall Announcements on Shareholder Wealth。Strategic Management Journal，13(6)，467-473。  new window
13.Godfrey, Paul C.、Merrill, Craig B.、Hansen, Jared M.(2009)。The Relationship between Corporate Social Responsibility and Shareholder Value: An Empirical Test of the Risk Management Hypothesis。Strategic Management Journal，30(4)，425-445。  new window
14.Mackey, Alison、Mackey, Tyson B.、Barney, Jay B.(2007)。Corporate Social Responsibility and Firm Performance: Investor Preferences and Corporate Strategies。Academy of Management Review，32(3)，817-835。  new window
15.Surroca, J.、Tribó, J. A.、Waddock, S.(2010)。Corporate responsibility and financial performance: the role of intangible resources。Strategic Management Journal，31(5)，463-490。  new window
16.Vanhamme, J.、Grobben, B.(2009)。"Too good to be true!" The effectiveness of CSR history in countering negative publicity。Journal of Business Ethics，85(Suppl. 2)，273-283。  new window
17.Peloza, John(2006)。Using Corporate Social Responsibility as Insurance for Financial Performance。California Management Review，48(2)，52-72。  new window
18.Konar, Shameek、Cohen, Mark A.(200105)。The Market Value Environmental Performance?。The Review of Economics and Statistics，83(2)，281-289。  new window
19.Carroll, A. B.(1979)。A three-dimensional concept model of corporate social performance。Academy for Management review，4(4)，497-505。  new window
20.Peterson, P. P.(1989)。Event Studies: A Review of Issues and Methodology。Quarter Journal of Business and Economics，28(3)，36-66。  new window
21.Friedman, Milton(1970)。A Friedman Doctrine: The Social Responsibility of Business Is to Increase Its Profits。New York Times Magazine，33，122-126。  new window
22.Fama, Eugene F.、French, Kenneth R.(1993)。Common risk factors in the returns on stocks and bonds。Journal of Financial Economics，33(1)，3-56。  new window
23.Brammer, Stephen J.、Millington, Andrew I.(2008)。Does It Pay to Be Different? An Analysis of the Relationship Between Corporate Social and Financial Performance。Strategic Management Journal，29(12)，1325-1343。  new window
24.Aupperle, Kenneth E.、Carroll, Archie B.、Hatfield, John D.(1985)。An Empirical Examination of the Relationship between Corporate Social Responsibility and Profitability。Academy of Management Journal，28(2)，446-463。  new window
25.Godfrey, Paul C.(2005)。The relationship between corporate philanthropy and shareholder wealth: A risk management perspective。The Academy of Management Review，30(4)，777-798。  new window
26.Waddock, Sandra A.、Graves, Samuel B.(1997)。The Corporate Social Performance-Financial Performance Link。Strategic Management Journal，18(4)，303-319。  new window
27.McWilliams, Abagail、Siegel, Donald S.(2001)。Corporate Social Responsibility: A theory of the Firm Perspective。Academy of Management Review，26(1)，117-127。  new window
學位論文
1.Chen, T. L.(2009)。The relationship between corporate social responsibility, financial performance, and compensation structure of top-management(碩士論文)。National Chengchi University，Taipei。  new window
2.Liu, Y. C.(2009)。Investigation of financial performance CSR-awarded firms in Taiwan(碩士論文)。National Cheng Kung University，Tainan。  new window
圖書
1.Stulz, R.(2002)。Risk Management and Derivatives。New York, NY：Southwestern College Publications。  new window
2.Margolis, J. D.、Walsh, J. P.(2001)。People and Profits?: The Search for a Link between a Company's Social and Financial Performance。Mahwah, NJ：Lawrence Erlbaum Associates：Taylor & Francis Press。  new window
3.McGuire, Joseph W.(1963)。Business and Society。New York：McGraw-Hill Companies。  new window
4.Campbell, John Y.、Lo, Andrew W.-C.、MacKinlay, A. Craig(1997)。The Econometrics of Financial Markets。Princeton University Press。  new window
圖書論文
1.Young, D. R.、Burlingame, D. F.(1996)。Paradigm lost: Research towards a new understanding of corporate philanthropy。Corporate Philanthropy at the Crossroads。Bloomington, IN：Indiana University Press。  new window
 
 
 
 
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