摘要(英) |
In order to balance the interests of shareholders and stakeholders, companies must strengthen the implementation of strategic CSR (corporate social responsibility) so as to improve the social interest while seeking profit for shareholders. Therefore, CSR governance structure as a support of company strategy is particularly substantial. To realize the impact of CSR governance on the relationship between CSR and financial performance, this study develops whether company set up with a CSR committee, director from the board concurrently a chairman of CSR committee, and directors’ ESG (environmental, social and governance) expertise as CSR governance variables, exploring the moderate effect of CSR governance on the two variables. This study is based on a sample of 1,084 enterprises from 2014 to 2017 that disclosed CSR reports due to mandatory requirements from Financial Supervisory Committee. Using Social Returns on Assets (SROA) and Social Returns on Equity (SROE) as agents for CSR activities; return on assets (ROA), and return on equity (ROE) as accounting based financial performance indicators; Tobin′s Q, and economic value added (EVA) as market based financial performance indicators. The result of the study shows that the establishment of the CSR committee, director concurrently a chairman of CSR committee, and directors’ ESG professionalism have a negative impact on the relationship between CSR and financial performance. This article could provide management with some new thought about corporate governance structures. |
參考文獻 |
台灣證券交易所,2016。上市上櫃公司治理實務守則,2016年9月30日,取自:http://www.selaw.com.tw/LawArticle.aspx?LawID=G0100259
池祥萱、繆文娟、莊瀅臻,2014。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。
林美俐,2006,經濟附加價值評估臺灣鋼鐵業之財務績效,銘傳大學管理學院高階經理碩士學程,在職專班碩士論文。
胡憲倫、許家偉、蒲彥穎,2006。策略的企業社會責任:企業永續發展的新課題。應用倫理研究通訊,40:37-50。
黃正忠,2014。CSR及企業永續治理的商業意義,證券櫃檯月刊,171:45-47。
廖國龍,2011。經濟附加價值與價值動因關聯性之探討—以台灣網路設備廠商為例。交通大學管理學院管理科學學程學位論文。
Becchetti, L., R. Ciciretti, and I. Hasan, 2007. Corporate social responsibility and shareholder’s value: an event study analysis. Working Paper, Federal Reserve Bank of Atlanta.
Bhattacharya, C. B., and S. Sen, 2004. Doing better at doing good: when, why, and how consumers respond to corporate social initiatives. California Management Review 47(1): 9-16.
Bowen, H. R., 1953. Social Responsibility of the Businessman. New York: Harper&Brothers.
Brainard, W. C., and J. Tobin, 1968. Pitfalls in financial model building. American Economic Review 58(2): 99-122.
Carpenter, M., and J. W. Fredrickson, 2001. Top management teams, global strategic posture, and the moderating role of uncertainty. Academy of Management Journal 44(3): 533-545.
Chung, K. H., and S. W. Pruitt, 1994. A simple approximation of Tobin’s q. Financial Management 23(3): 70-74.
Friedman, M., 1970. The Social Responsibility of Business Is to Increase Its Profits. The New York Times Magazine 13 September 1970: 122-126.
Global Sustainability Standards Board, GRI Sustainability Reporting Standards, https://www.globalreporting.org/standards/gri-standards-download-center/
Hamilton, R., 1777. An introduction to merchandize. Edinburgh.
Homaifar, G., J. Zietz, and O. Benkato, 1994. An empirical model of capital structure, some new evidence. Journal of Business Finance and Accounting 21(1): 1-14.
Jensen, M. C., 2001. Value Maximization, Stakeholder Theory, and the Corporate Objective Function. Journal of Applied Corporate Finance 14(3): 8-21.
Lin, Y. C., 2017. Does R&D investment under corporate social responsibility increase firm performance? Investment Management and Financial Innovations 14(1-1): 217-226.
Marshall, A., 1890. Principles of economics. London, England: Macmillan.
McWilliams, A., and D. Siegel, 2000. Corporate social responsibility and financial performance: correlation or misspecification? Strategic Management Journal 21(5): 603-609.
McWilliams, A., D. Siegel, and P. M. Wright, 2006. Corporate social responsibility: Strategic implications. Journal of Management Studies 43(1): 1-18.
Miller, M. H., 1986. Financial Innovation: The last Twenty Years and the Next. The Journal of Financial and Quantitative Analysis 21(4): 459-471.
Milliken, J. F., and L. L. Martins, 1996. Searching for common threads: Understanding the multiple effects of diversity in organizational groups. Academy of Management Review 21(2): 402-403.
Schuler, D. A. and M. Cording, 2006. A Corporate Social Performance-Corporate Financial Performance Behavioral Model for Consumers. Academy of Management Review 31(3): 540-558.
Siegel, D. S., and D. F. Vitaliano, 2007. An empirical analysis of the strategic use of corporate social responsibility. Journal of Economics & Management Strategy 16(3): 773-792.
Smith, A., 1776. The Wealth of Nations, W. Strahan and T. Cadell, London.
Stewart III, G., 1991. The Quest for Value. Harper Business, New York.
Porter, M. E., and M. R. Kramer, 2002. The competitive advantage of corporate Philanthropy. Harvard Business Review 80(12): 56-68.
Porter, M. E., and M. R. Kramer, 2006. Strategy and Society: The Link between Competitive Advantage and Corporate Social Responsibility. Harvard Business Review 84(12): 78-92.
Preston, L. E., and D. P. O’Bannon, 1997. The Corporate Social-Financial Performance Relationship: A Typology and Analysis. Business and Society 36(4): 419-429.
Werther, Jr. W. B. and D. Chandler, 2005. Strategic Corporate Social Responsibility Stakeholders in a Global Environment. Sage Publications, London, UK. |