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題名：企業社會責任對長短期股價的影響--以臺灣銀行業為例
書刊名：證券市場發展季刊
作者：陳庭萱／何瑞鎮 引用關係／林玉婷
作者(外文)：Chen, Ting-hsuan／Ho, Ruey-jenn／Lin, Yu-ting
出版日期：2016
卷期：28:4=112
頁次：頁129-169
主題關鍵詞：銀行；企業社會責任；長期股價；短期股價；Bank；Corporate social responsibility；Long-term stock return；Short-term stock return
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(10) 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:10
  • 共同引用共同引用:60
  • 點閱點閱:274
雖然學者們對企業社會責任議題的關注由來已久，但鮮少聚焦在銀行 業。本文利用天下企業公民獎分析台灣銀行業企業社會責任對長短期股價之 影響。實證結果顯示，銀行積極從事企業社會責任，能夠帶動股價表現，且 對長期股價的推動又比短期股價更為明顯。我們進一步將企業社會責任以天 下企業公民獎的標準細分為公司治理、企業承諾、社會參與和環境保護，發 現環境保護有益於長期累積報酬率，公司治理則不論在短期與長期皆有助於 銀行股價。
The topic of corporate social responsibility (CSR) has frequently been analyzed, but it slightly relates to banks industry. This study investigates the link between CSR and market valuation in Taiwanese banking industry. To measure CSR, a bank included in CommonWealth magazine is defined as CSR bank, otherwise, it is a non-CSR bank. Regarding market valuation, we consider the short-term and long-term horizon. The empirical results show that CSR is a driver of long-term stock price rather than short-term stock price. Moreover, we find that environmental protection can also explain better long-term stock price. Finally, corporate governance is both highly correlated with short-term and long-term stock price.
期刊論文
1.Huang, Cheng-Li、Kung, Fan-Hua(2010)。Drivers of environmental disclosure and stakeholder expectation: Evidence from Taiwan。Journal of Business Ethics，96(3)，435-451。  new window
2.Chou, Pin-Huang、Wei, John K. C.、Chung, Huimin(2007)。Sources of contrarian profits in the Japanese stock market。Journal of Empirical Finance，14(3)，261-286。  new window
3.Imam, S.(2000)。Corporate social performance reporting in Bangladesh。Managerial Auditing Journal，15(3)，133-142。  new window
4.黃瓊瑤、王癸元、張鳳真(20131100)。企業社會責任事件宣告與股價異常報酬之研究。當代會計，14(2)，175-204。new window  延伸查詢new window
5.Flammer, C.(2013)。Corporate social responsibility and shareholder reaction: The environmental awareness of investors。Academy of Management Journal，56(3)，758-781。  new window
6.Lin, C. H.、Yang, H. L.、Liou, D. Y.(2009)。The impact of corporate social responsibility on financial performance evidence from business in Taiwan。Technology in Society，31(1)，56-63。  new window
7.Okamoto, D.(2009)。Social Relationship of a Firm and the CSP-CFP Relationship in Japan: Using Artificial Neural Networks。Journal of Business Ethics，87(1)，117-132。  new window
8.Ip, P. K.(2008)。Corporate social responsibility and crony capitalism in Taiwan。Journal of Business Ethics，79(1)，167-177。  new window
9.Brammer, Stephen、Brooks, Chris、Pavelin, Stephen(2006)。Corporate social performance and stock returns: UK evidence from disaggregate measures。Financial Management，35(3)，97-116。  new window
10.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
11.Cheung, Yan-Leung、Jiang, Kun、Mak, Billy S. C.、Tan, Weiqiang(2013)。Corporate Social Performance, Firm Valuation, and Industrial Difference: Evidence from Hong Kong。Journal of Business Ethics，114(4)，625-631。  new window
12.Petrovits, Christine M.(2006)。Corporate-sponsored foundations and earnings management。Journal of Accounting and Economics，41(3)，335-362。  new window
13.Hill, R. P.、Ainscough, T.、Shank, T.、Manullang, D.(2007)。Corporate Social Responsibility and Socially Responsible Investing: A Global Perspective。Journal of Business Ethics，70(2)，165-174。  new window
14.Conrad, J.、Kaul, G.(1998)。An Anatomy of Trading Strategies。Review of Financial Studies，11(3)，489-519。  new window
15.Prior, Diego、Surroca, Jordi、Tribó, Josep A.(2008)。Are Socially Responsible Managers Really Ethical? Exploring the Relationship between Earnings Management and Corporate Social Responsibility。Corporate Governance: An International Review，16(3)，160-177。  new window
16.Statman, Meir(2000)。Socially Responsible Mutual Funds。Financial Analysts Journal，56(3)，30-39。  new window
17.池祥麟、陳庭萱(20070400)。盈餘操縱、盈餘資訊內涵與企業社會責任--銀行業全球實證研究。證券市場發展，19(1)=73，91-132。new window  延伸查詢new window
18.Lioui, A.、Sharma, Z.(2012)。Environmental corporate social responsibility and financial performance: Disentangling direct and indirect effects。Ecological Economics，78，100-111。  new window
19.遠見雜誌(2007)。歷年CSR調查分析，企業社會責任漸成獲利指標。遠見雜誌，251。  延伸查詢new window
20.高惠松、鄭品卉(20120800)。集團企業特性、公司治理與社會責任績效。中華管理評論，15(3)，(3)0-(3)34。  延伸查詢new window
21.Adams, C. A.、Hill, W. Y.、Robertsm C. B.(1998)。Corporate Social Reporting Practices in Western Europe: Legitimating Corporate Behavior?。British Accounting Review，30(1)，1-21。  new window
22.Cardebat, Jean-Marie、Sirven, Nicolas(2010)。What Corporate Social Responsibility Reporting Adds to Financial Return?。Journal of Economics and International Finance，2(2)，20-27。  new window
23.Consolandi, C.、Jaiswal-Dale, A.、Poggiani, E.、Vercelli, A.(2008)。Global Standards and Ethical Stock Indexes: The Case of the Dow Jones Sustainability Stoxx Index。Journal of Business Ethics，87(1)，185-197。  new window
24.Grosser, K.、Moon, J.(2005)。Gender Mainstreaming and Corporate Social Responsibility: Reporting Workplace Issues。Journal of Business Ethics，62(4)，327-340。  new window
25.Scholtens, B.(2009)。Corporate Social Responsibility in the International Banking Industry。Journal of Business Ethics，86(2)，159-175。  new window
26.Shank, T.、Manullang, D.、Hill, R.(2005)。"Doing Well while Doing Good" Revisited: A Study of Socially Responsible Firms' Short-term versus Long-term Performance。Managerial Finance，31(8)，33-46。  new window
27.Nuryaman(2013)。The Effect Corporate Social Responsibility Activities on Profitability and Stock Price。Journal of Global Management，6(1)，113-123。  new window
28.Edmans, Alex(2011)。Does the Stock Market Fully Value Intangibles? Employee Satisfaction and Equity Prices。Journal of Financial Economics，101(3)，621-640。  new window
29.Branco, Manuel Castelo、Rodrigues, Lúcia Lima(2006)。Corporate social responsibility and resource-based perspectives。Journal of Business Ethics，69(2)，111-132。  new window
30.Porter, Michael Eugene、Kramer, Mark R.(2002)。The Competitive Advantage of Corporate Philanthropy。Harvard Business Review，80(12)，56-68。  new window
31.Shen, Chung-Hua、Chih, Hsiang-Lin(2005)。Investor Protection, Prospect Theory, and Earnings Management: An International Comparison of the Banking Industry。Journal of Banking and Finance，29(10)，2675-2697。  new window
32.Kim, Yongtae、Li, Haidan、Li, Siqi(2014)。Corporate Social Responsibility and Stock Price Crash Risk。Journal of Banking and Finance，43，1-13。  new window
33.De Bondt, Werner F. M.、Thaler, Richard H.(1987)。Further Evidence on Investor Overreaction and Stock Market Seasonality。The Journal of Finance，42(3)，557-581。  new window
34.Yan, Xuemin Sterling、Zhang, Zhe(2009)。Institutional investors and equity returns: Are short-term institutions better informed?。The Review of Financial Studies，22(2)，893-924。  new window
35.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
36.Orlitzky, Marc、Schmidt, Frank L.、Rynes, Sara L.(2003)。Corporate Social and Financial Performance: A Meta-Analysis。Organization Studies，24(3)，403-441。  new window
37.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
38.Goss, Allen、Roberts, Gordon S.(2011)。The Impact of Corporate Social Responsibility on the Cost of Bank Loans。Journal of Banking and Finance，35(7)，1794-1810。  new window
39.Wu, Meng-Wen、Shen, Chung-Hua(2013)。Corporate Social Responsibility in the Banking Industry: Motives and Financial Performance。Journal of Banking and Finance，37(9)，3529-3547。  new window
40.Carroll, Archie B.(1979)。A Three-Dimensional Conceptual Model of Corporate Performance。Academy of Management Review，4(4)，497-505。  new window
41.McWilliams, Abagail、Siegel, Donald S.(2000)。Corporate social responsibility and financial performance: Correlation or misspecification?。Strategic Management Journal，21(5)，603-609。  new window
42.沈中華、張元(20080900)。企業的社會責任行為可以改善財務績效嗎？--以英國FTSE社會責任指數為例。經濟論文，36(3)，339-385。new window  延伸查詢new window
43.Nelling, Edward、Webb, Elizabeth(2009)。Corporate Social Responsibility and Financial Performance: The 'Virtuous Circle' Revisited。Review of Quantitative Finance and Accounting，32(2)，197-209。  new window
會議論文
1.池祥麟、林怡君(2007)。企業社會績效與企業財務績效關聯性之分析--以道瓊STOXX永續性指數為例。2007年企業倫理和公司治理國際研討會。  延伸查詢new window
2.劉美纓、丁碧慧、朱奐聿(2014)。企業社會責任與公司治理、公司績效之關聯性研究。第17屆科際整合管理研討會。  延伸查詢new window
圖書
1.彭劍鋒、朱寧寧(2011)。HSBC 匯豐--環球金融與地方智慧。上奇資訊。new window  延伸查詢new window
2.Tsoutsoura, M.(2004)。Corporate Social Responsibility and Financial Performance。Center for Responsible Business。  new window
3.Bowen, H. R.(1953)。Social Responsibility of the Businessman。New York：Harper and Row。  new window
 
 
 
 
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