負面企業社會責任事件對現金持有價值、現金持有之影響

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姓名

許志緯(Chih-Wei Hsu) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

負面企業社會責任事件對現金持有價值、現金持有之影響
(The influence of corporate social irresponsibility on corporate cash value and cash holding)

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至系統瀏覽論文 (2025-7-1以後開放)

摘要(中)

本文研究了台灣公司現金持有價值、現金持有與負面企業社會責任之間的關係。在本研究中，我們使用了2007 年至2018 年台灣上市公司資料作為研究樣本，結果顯示負面的企業社會責任新聞對現金持有價值和現金持有都會造成顯著的負面影響。現金持有價值是以市場的角度來評估公司的現金，其負面影響表示投資人會預期企業社會責任表現較差時公司現金持有價值較低，因為公司並沒有在有效地使用現金資源。對現金持有價值
的負面影響在低帳市值比、低負債比率或股份盈餘偏離差較大的公司中會有更加明顯的效果。現金持有則是從公司的角度來評估公司的現金，其負面影響表示當公司的企業社會責任表現較差時，公司會傾向持有較低的現金比例。最後，環境安全相關和勞工權益相關的新聞是主要導致現金持有價值下降的新聞，但現金持有下降主要是由於環境安全相關新聞。

摘要(英)

This study investigates the relation between the value of cash holdings, cash holding levels, and corporate social irresponsibility in Taiwan. Our analysis of a sample of Taiwan listed companies from 2007 to 2018 shows that corporate social irresponsibility negatively impacted cash value and cash holding levels during this period. Cash value is the perspective of market for the cash resource of firm. The negative impact indicates that investors may expected corporate social irresponsibility firms’ cash resource may not be using efficiently. In addition, the negative effect on cash value is more obvious in firms with low book-to-market ratios, low debt ratios, or high differences between voting and cash flow rights. In contrast, cash holding levels is the perspective of firm for the cash resource of firm. Corporate social irresponsibility firms will tend to hold lower cash. Finally, environment- and labor-related activities mainly drive the lower cash holding values, while the lower cash holding levels result primarily from environment-related activities.

關鍵字(中)

★ 企業社會責任
★ 現金持有價值
★ 現金持有

關鍵字(英)

★ Corporate social responsibility
★ cash value
★ cash holding

論文目次

Chinese Abstract .......................................................................................................................... i
Abstract ...................................................................................................................................... ii
Acknowledgments ..................................................................................................................... iii
Contents .................................................................................................................................... iv
List of Tables .............................................................................................................................. v
1. Introduction ............................................................................................................................ 1
2. Literature Review and Hypothesis Development ................................................................... 4
3. Data and Methodology ........................................................................................................... 7
3.1 Data .................................................................................................................................. 7
3.2 Methodology ..................................................................................................................... 8
4. Empirical Result ................................................................................................................... 12
4.1 Summary Statistic ........................................................................................................... 12
4.2 Results regarding CSR and the Value of Cash ............................................................... 13
4.3 Result regarding CSR and Cash Holdings ...................................................................... 16
5. Conclusion ............................................................................................................................ 18
Appendix 1. Variables Definitions in Equation (2) .................................................................. 20
Appendix 2. Variables Definitions in Equation (3) .................................................................. 21
Reference ................................................................................................................................. 22

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指導教授

何柏欣(Po-Hsin Ho)

審核日期

2020-7-24

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