負面企業社會責任事件對現金持有價值、現金持有之影響

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：22

、訪客IP：18.189.170.17

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)

相關論文

★ 越南台商融資模式之研究	★ 官股企業的ESG績效
★ 新冠肺炎對財富管理資產配置之影響	★ 勞工失業保險與公司創新
★ 台灣加權指數與證券商市占率關聯性之研究	★ 瓶裝飲料對食品業經營績效之探討
★ 房貸逾放風險的影響因子探討-以F銀行為例	★ 參與都市更新對建設業績效之探討
★ ETF運用於存股策略之探討	★ 波羅的海綜合指數對台灣房價之影響
★ 傳統銀行面對純網銀之競爭策略分析- 以第一商業銀行為例	★ 情緒指標與費城半導體指數之研究
★ 銀行併購案-以C銀行及D銀行為例	★ 恐怖活動對避稅行為的影響
★ 台股動能投資策略：以 0050成分股為例	★ ESG對現金持有及現金價值的影響 —以台灣上市上櫃公司為例

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

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

參考文獻

Albuquerque, R., Durnev, A. and Koskinen, Y. (2014). “Corporate social responsibility and
asset pricing in industry equilibrium.” Working paper. SSRN.
Arouri, M. and Pijourlet, G. (2015). “CSR performance and cash values: International evidence.”
Journal of Business Ethics, 140, 263-284.
Barlas, S., Cote, J. V., Francis, D. and Kraft, K. (2003). “Ethical corporations are still more
profitable.” Strategic Finance, 84, 22-24.
Benlemlih, M. (2017). Corporate social responsibility and firm debt maturity. Journal of
Business Ethics 144(3), 491-517
Bird, R., Hall, A. D., Momentè, F. and Reggiani, F. (2007). “What corporate social
responsibility activities are valued by the market?” Journal of Business Ethics, 76, 189-
206.
Boutin-Dufresne, F. and Savaria, P. (2004). “Corporate social responsibility and financial risk.”
Journal of Investing, 13, 57-66.
Chambers, E., Chapple, W., Moon, J. and Sullivan, M. (2003). “CSR in Asia: A Seven Country
Study of CSR Website Reporting.” (International Centre for Corporate Social
Responsibility, Nottingham University Business School, UK).
Chapple, W. and Moon, J. (2005). "CSR in Asia: A seven country study of CSR website
reporting." Business and Society, 44, 415-441.
Cheung, A. (2016). "Corporate social responsibility and corporate cash holdings." Journal of
Corporate Finance, 37, 412-430.
Cronqvist, H., Heyman, F., Nilsson, M., Svaleryd, H. and Vlachos, J. (2009). “Do entrenched
managers pay their workers more?” Journal of Finance, 64, 309-339.
Dittmar, A. and Mahrt-Smith, J. (2007). "Corporate governance and cash values." Journal of
Financial Economics, 83, 599-634.
El Ghoul, S., Guedhami, O., Kwok, C. C. Y., and Mishra, D. R. (2011). “Does corporate social
responsibility affect the cost of capital?” Journal of Banking & Finance, 35, 2388-2406.
Fama, E. F., & French, K. R. (1998). “Taxes, financing decisions, and firm value.” Journal of
Finance, 53, 819-843.
Fombrun, C. J., Gardberg, N. A. and Barnett, M. L. (2000). "Opportunity platforms and safety
nets: Corporate citizenship and reputational risk." Business and Society Review, 105, 85-
106.
Freeman, R. (1984). “Strategic management: A stakeholder perspective.” Boston, MA: Pitman.
Frésard, L. and Salva, C. (2010). “The Value of Excess Cash and Corporate Governance:
Evidence from U.S. Cross-Listings.” Journal of Financial Economics, 98, 359-384.
Galema, R., Plantinga, A. and Scholtens, B. (2008). “The stocks at stake: Return and risk in
socially responsible investment.” Journal of Banking & Finance, 32, 2646-2654.
Ge, W., and Liu, M. (2015).” Corporate social responsibility and the cost of corporate bonds.”
Journal of Accounting and Public Policy, 34, 597-624.
Harford, J., Klasa, S. and Maxwell, W. (2014). "Refinancing risk and cash holdings." Journal
of Finance, 69, 975-1012.
Harjoto, M. A. and Jo, H. (2011). "Corporate governance and CSR nexus." Journal of Business
Ethics, 100, 45-67.
Jensen, M. C. (1986). “Agency costs of free cash flow, corporate finance, and
takeovers.“ American Economic Review, 76, 323-329.
Jensen, M. C. (2001). “Value maximization, stakeholder theory, and the corporate objective
function.” Journal of Applied Corporate Finance, 14, 8-21.
Jiraporn, P. and Chintrakarn P. (2013). "How do powerful CEOs view corporate social
responsibility (CSR)? An empirical note." Economics Letters, 119, 344-347.
Jones, T. M. (1995). "Instrumental stakeholder theory: A synthesis of ethics and economics."
Academy of Management Review, 20, 404-437.
Lee, D. D. and Faff, R. W. (2009). “Corporate sustainability performance and idiosyncratic risk:
A global perspective.” Financial Review, 44, 213-237.
Myers, S. C., & Rajan, R. G. (1998). “The paradox of liquidity.” Quarterly Journal of
Economics, 113, 733-771.
Oikonomou, I., Brooks, C. and Pavelin, S. (2012). “The impact of corporate social performance
on financial risk and utility: A longitudinal analysis.” Financial Management, 41, 483-515.
Opler, T., Pinkowitz, L., Stulz, R. and Williamson, R. (1999). “The determinants and
implications of corporate cash holdings.” Journal of Financial Economics, 52, 3-46.
Petersen, M. A. (2009). “Estimating standard errors in finance panel data sets: Comparing
approaches.” Review of Financial Studies, 22, 435-480.
Pinkowitz, L. E. E., Stulz, R. and Williamson, R. (2006). “Does the contribution of corporate
cash holdings and dividends to firm value depend on governance? A cross-country
analysis.” Journal of Finance, 61, 2725-2751.
Porter, T. and Miles, P. (2013). “CSR longevity: Evidence from long-term practices in large
corporations.” Corporate Reputation Review, 16, 313-340.
Surroca, J. and J. A. Tribó (2008). "Managerial entrenchment and corporate social
performance." Journal of Business Finance & Accounting, 35, 748-789.
Turban, D. B. and Greening, D. W. (1997). “Corporate social performance and organizational
attractiveness to prospective employees.” Academy of Management Journal, 40, 658-672.
White, H. (1980). “A heteroskedasticity-consistent covariance matrix estimator and a direct test
for heteroskedasticity.” Econometrica, 48, 817-838.

指導教授

何柏欣(Po-Hsin Ho)

審核日期

2020-7-24

推文