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題名：企業社會責任報告書編製原因、認證與否及認證類型與股價反應之關聯性
書刊名：評價學報
作者：章瑋傑／郭弘卿
作者(外文)：Zhang, Wei-jie／Kuo, Horng-ching
出版日期：2019
卷期：13
頁次：頁17-58
主題關鍵詞：企業社會責任報告書；認證；自願編製；事件研究；Corporate social responsibility reports；Assurance；Voluntary preparation；Event study
原始連結：連回原系統網址new window
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  • 被引用次數被引用次數:期刊(1) 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:1
  • 共同引用共同引用:90
  • 點閱點閱:5
本研究針對企業社會責任報告書的編製原因、認證與否以及認證種類的不同，探討投資人在報告書發布前後的市場反應。研究結果顯示，企業社會責任報告書經認證的企業相較於非經認證的企業產生較高的股價異常報酬，而採用較可靠認證方法的企業相較於採用較不可靠認證或無認證的企業，雖產生較高的股價異常報酬，但未達顯著水準。此項研究結果證實，經認證的企業社會責任報告書可以提供更可靠資訊以及提升資訊的內涵價值，使投資人更樂於投資該企業。但可能因為並非所有投資人都了解不同認證種類的差異，採用較可靠認證企業最終未能展現顯著較高報酬。最後，本研究發現，自願編製或自願編製且通過較可靠認證的企業，其股價異常報酬並未明顯高於其他公司。
This study investigates stock price reaction to the issuance of corporate social responsibility (CSR) reports as it relates to whether the reports are mandated, receive assurance, and receive reliable assurance. The results of the study reveal that companies issuing assured CSR reports experience higher abnormal returns than non-assured companies. Meanwhile, companies adopting more reliable assurance methods experience higher returns than other companies, but the results are nonsignificant. The reported results suggest that assured CSR reports provide more reliable information and enhance the value of the information, which makes investors more willing to invest. On the other hand, companies whose reports receive more reliable assurance do not have significantly higher returns, which could be attributed to a lack of understanding of the different types of assurance methods on the part of many of the investors. Finally, this study finds that companies that voluntarily prepare CSR reports do not have significantly higher abnormal returns than others, which is the case even if they adopt more reliable assurance methods.
期刊論文
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21.Ahmed, S. U.、Abdullah, M.、Ahmed, S. P.(2017)。Linkage between Corporate Social Performance and Stock Return: An Evidence from Financial Sector of Bangladesh。The Journal of Developing Areas，51(3)，287-299。  new window
22.Anis, I.、Utama, S.(2016)。The Effect of Conditional Conservatism on Cost of Debt and Mediation Role of CSR Disclosure: Empirical Evidences from IDX。OIDA International Journal of Sustainable Development，9(9)，19-34。  new window
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24.Muslu, V.、Mutlu, S.、Radhakrishnan, S.、Tsang, A.(20170103)。Corporate Social Responsibility Report Narratives and Analyst Forecast Accuracy。Journal of Business Ethics，154，1119-1142。  new window
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29.池祥萱、繆文娟、莊瀅臻(20140300)。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。管理學報，31(1)，1-19。new window  延伸查詢new window
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研究報告
1.別蓮蒂、張明輝、嚴德芬(2017)。2017台灣永續報告現況與趨勢。  延伸查詢new window
2.Brown-Liburd, H.、Cohen, J.、Zamora, V. L.(2011)。The Effects of Corporate Social Responsibility Investment, Assurance, and Perceived Fairness on Investors' Judgments。Boston College。  new window
學位論文
1.蔡育哲(2011)。我國修正式無保留意見與企業價值之關聯性研究(碩士論文)。東海大學。  延伸查詢new window
2.盧玫君(2002)。企業網站揭露財務資訊對股價的影響(碩士論文)。國立成功大學。  延伸查詢new window
3.吳泰霖(2016)。出具經認證的企業社會責任報告書與盈餘管理之關聯(碩士論文)。國立成功大學。  延伸查詢new window
圖書
1.Hopfenbeck, W.(1993)。The Green Management Revolution: Lessons in Environmental Excellence。Prentice Hall。  new window
2.Kinney, W.(2000)。Information Quality Assurance and Internal Control。Burr Ridge, IL：Irwin/McGraw Hill。  new window
3.Bowen, H. R.(1953)。Social Responsibility of the Businessman。New York：Harper and Row。  new window
4.McGuire, Joseph W.(1963)。Business and Society。New York：McGraw-Hill Companies。  new window
5.沈中華、李建然(2000)。事件研究法--財務與會計實證研究必備。華泰文化事業公司。  延伸查詢new window
其他
1.World Business Council for Sustainable Development(2000)。Corporate Social Responsibility: Making Good Business Sense，http://www.wbcsd.org/includes/getTarget.asp?type=d&id=MzE0， 。  new window
2.KPMG(2015)。The KPMG survey of corporate responsibility reporting 2015，https://home.kpmg.com/xx/en/home/insights/2015/11/kpmginternational-survey-of-corporate-responsibility-reporting-2015.html。  new window
 
 
 
 
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