機構投資人與企業CSR策略之關聯性_以台灣上市櫃公司為實證研究

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：88

、訪客IP：3.144.124.195

姓名

林誼萍(Yi-Ping Lin) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

機構投資人與企業CSR策略之關聯性_以台灣上市櫃公司為實證研究
(The Relationship between Institutional Ownership and CSR Strategy - Evidence from Listed Companies in Taiwan)

相關論文

★ 半導體產業購併對股東財富效果之影響-以聯發科公司為例	★ 區塊鏈技術應用於金融科技公司企業資金電子調撥系統實作與驗證
★ 金融科技浪潮下銀行分行經營績效之探討－以個案銀行為例	★ 收購案後，主併公司與目標公司財務顧問之間開始合作原因之探討
★ 併購交易完成後，主併公司與目標公司財務顧問延續合作之因素探討	★ 產品組成變動與公司投資決策
★ CEO年齡與選擇併購目標公司之偏好	★ 外部董事產業經驗對於併購的影響
★ 目標公司執行長年齡與併購決策	★ 企業生命週期轉變對股利變化的影響
★ 經理人文化認同形成對風險承擔行為之影響 -以S&P500指數上市公司為例	★ 併購如何創造綜效──以台灣與韓國為例
★ CEO文化認同與債務期限選擇	★ 台灣上市櫃公司撰寫CSR報告書與公司價值之相關性探討
★ 經理人文化認同與公司CSR政策執行之關聯性-以S&P500指數上市公司為例	★ COVID-19疫情對全球航空產業營運之影響–以中華航空為例

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 (2026-6-28以後開放)

摘要(中)

本研究主要探討機構投資人是否會運用其持股比例影響企業CSR重大議題所偏重的面向。蒐集2008年至2018年所有台灣上市櫃公司發行的永續報告書，並篩選出有繪製重大議題矩陣的樣本作為研究資料的基礎。透過6*6的方格切割重大議題矩陣，依重大議題分布狀況所涵蓋的資訊，建立營運衝擊比例、一致性比例，以及利害關係人關注比例，作為公司的CSR策略衡量變數。參考Dyck et al.(2019)的研究方法，分析機構投資人持股與企業CSR策略變數之間的關聯性。也針對產業、公司規模、從事CSR的動機等因素的差異，做進一步的實證分析。
本文的實證結果發現:機構投資人更加重視利害關係人關注的CSR重大議題，對於公司營運衝擊影響程度高的重大議題則出現趨避的現象，而在企業與利害關係人具有共識的重大議題上不會做出明顯地反應。在進階的測試中，可以觀察到公司規模不會影響實證結果，且不論是產業影響還是行為動機的差異，機構投資人普遍對企業偏向利害關係人的CSR策略給予正面的回應。

摘要(英)

This paper examines whether institutional ownership affects the firm’s CSR strategy. I have collected the sustainability reports issued by all listed companies in Taiwan from 2008 to 2018. Using the information from the materiality matrix in the sustainability report, I construct three variables “Align, Performance Orientation, and Stakeholder Orientation” as the measure of companies’ CSR strategy. Following Dyck et.al.(2019), I study the correlation between institutional ownerships and corporate CSR strategies. Furthermore, I also conduct additional analyses on the differences in factors such as industry, company size, and the motivation to execute CSR activities.
My empirical findings suggest that institutional investors pay more attention to the CSR issues which stakeholders care about, avoid the CSR issues which has high impact on the company operation and are unaffected by the CSR issues where the company and stakeholders reach consensus. The results from the additional tests indicated that the company size, industry, and voluntariness have no impact on the institutional investors’ preference to CSR strategies which focus the stakeholders’ opinions.

關鍵字(中)

★ 機構投資人
★ 企業社會責任

關鍵字(英)

★ Institutional Ownership
★ Corporate Social Responsibility

論文目次

中文摘要 II
ABSTRACT III
誌謝 IV
圖目錄 VII
表目錄 VIII
一緒論 1
1-1研究背景與動機 1
1-2研究特徵與貢獻 3
二文獻回顧及假設發展 5
2-1 企業從事CSR活動對公司價值的影響 5
2-2 機構投資人對公司ESG投資的影響 6
2-3 台灣的研究現況 7
三研究方法 9
3-1研究假說 9
3-2樣本描述 11
3-3研究變數 13
3-3-1自變數 13
3-3-2應變數 13
3-3-3控制變數 15
3-4敘述統計 16
3-5模型建立 22
四實證結果 24
4-1實證分析結果 24
4-2穩健性分析 26
4-2-1分位數迴歸分析 26
4-2-2兩階段最小平方法迴歸檢測 29
4-3延伸探討 34
4-3-1外國與國內機構投資人與企業CSR的關聯性之實證結果 34
4-3-2產業分析之實證結果 36
4-3-3自願性分析之實證結果 39
4-3-4公司規模分析之實證結果 42
4-3-5應變數組間變動之迴歸分析 45
五研究結論與未來建議 47
六參考資料 49

參考文獻

英文參考文獻
Adams, M., & Hardwick, P. (1998). An analysis of corporate donations: United Kingdom evidence. Journal of Management Studies, 35(5), 641-654.
Aggarwal, R., Erel, I., Ferreira, M., & Matos, P. (2011). Does governance travel around the world? Evidence from institutional investors. Journal of Financial Economics, 100(1), 154-181.
Al-Fayoumi, N., Abuzayed, B., & Alexander, D. (2010). Ownership structure and earnings management in emerging markets: The case of Jordan. International Research Journal of Finance and Economics, 38(1), 28-47.
Bayoud, N. S., Kavanagh, M., & Slaughter, G. (2012). Factors influencing levels of corporate social responsibility disclosure Libyan firms: A mixed study. International Journal of Economics and Finance, 4(4), 13-29.
Becchetti, L., Ciciretti, R., Hasan, I., & Kobeissi, N. (2012). Corporate social responsibility and shareholder′s value. Journal of Business Research,65(11), 1628-1635.
Brammer, S., Brooks, C., & Pavelin, S. (2006). Corporate social performance and stock returns: UK evidence from disaggregate measures. Financial Management, 35(3), 97–116.
Bushee, B. J., & Noe, C. F. (2000). Corporate disclosure practices, institutional investors, and stock return volatility. Journal of Accounting Research, 171-202.
Chen, T., Dong, H., Lin, C., 2020. Institutional shareholders and corporate social responsibility. Journal of Financial Economics 135, 483-504
Cho, S. Y., Lee, C., & Pfeiffer Jr, R. J. (2013). Corporate social responsibility performance and information asymmetry. Journal of Accounting and Public Policy, 32(1), 71-83.
Cordeiro, J. J., & Tewari, M. (2015). Firm characteristics, industry context, and investor reactions to environmental CSR: A stakeholder theory approach. Journal of Business Ethics, 130(4), 833-849.
Deng, X., Kang, J. K., & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers.Journal of Financial Economics, 110(1), 87-109.
Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59-100.
Di Giuli, A., & Kostovetsky, L. (2014). Are red or blue companies more likely to go green? Politics and corporate social responsibility. Journal of Financial Economics, 111(1), 158-180.
Dowling, G. R. (2006). Communicating corporate reputation through stories. California Management Review, 49(1), 82-100.
Dyck, A., Lins, K.V., Roth, L., Wagner, H.F., 2019. Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics 131,693-714
El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital?. Journal of Banking & Finance, 35(9), 2388-2406.
Ferrell, A., Liang, H., & Renneboog, L. (2016). Socially responsible firms. Journal of Financial Economics, 122(3), 585-606.
Fombrun, C., & Shanley, M. (1990). What’s in a Name? Reputation Building and Corporate Strategy, Academy of Management Journal, 33(2), 233–258.
Freeman, R. B., & Medoff, J. L. (1984). What do unions do. Indus. & Lab. Rel. Rev., 38, 244.
Fu, X., Tang, T., & Yan, X. (2019). Why do institutions like corporate social responsibility investments? Journal of Empirical Finance, 51, 44-63
García‐Sánchez, I. M., Rodríguez‐Ariza, L., Aibar‐Guzmán, B., & Aibar‐Guzmán, C. (2020). Do institutional investors drive corporate transparency regarding business contribution to the sustainable development goals?.Business Strategy and the Environment, 29(5), 2019-2036.
Ghosh, K. (2017). Corporate reputation, social performance, and organizational variability in an emerging country perspective. Journal of Management and Organization, 23(4), 545.
Gillan, S.L., Starks, L.T., 2000, Corporate Governance Proposals and Shareholder Activism: The Role of Institutional Investors, Journal of Financial Economics, 57(2), 275-305.
Gloßner, S. (2019). Investor horizons, long-term blockholders, and corporate social responsibility. Journal of Banking & Finance, 103, 78-97.
Gompers, P. A., & Metrick, A. (2001). Institutional investors and equity prices. The Quarterly Journal of Economics, 116(1), 229-259.
Harjoto, M. A., & Jo, H. (2015). Legal vs. normative CSR: Differential impact on analyst dispersion, stock return volatility, cost of capital, and firm value. Journal of Business Ethics, 128(1), 1-20.
Hartzell, J. C., & Starks, L. T. (2003). Institutional investors and executive compensation. The journal of finance, 58(6), 2351-2374.
Jawahar, I.M. and McLaughlin, G.L. (2001), “Toward a descriptive stakeholder theory: an organizational life cycle approach”, Academy of Management Review, Vol. 26 No. 3, pp. 397-414.
Kruger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304-329.
Li, Z., Wang, P., & Wu, T. (2021). Do foreign institutional investors drive corporate social responsibility? Evidence from listed firms in China. Journal of Business Finance & Accounting, 48(1-2), 338-373.
Lins, K.V., Servaes, H., Tamayo, A.N.E., 2017. Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. The Journal of Finance 72, 1785-1824
Nguyen, P. A., Kecskés, A., & Mansi, S. (2020). Does corporate social responsibility create shareholder value? The importance of long-term investors. Journal of Banking & Finance, 112, 105217.
Nofsinger, J. R., Sulaeman, J., & Varma, A. (2019). Institutional investors and corporate social responsibility. Journal of Corporate Finance, 58, 700-725.
Sakawa, H., & Watanabel, N.(2020). Institutional ownership and firm performance under stakeholder-oriented corporate governance. Sustainability, 12(3), 1021.
Ting, P. H. (2021). Do large firms just talk corporate social responsibility?-the evidence from CSR report disclosure. Finance Research Letters, 38, 101476.
Turban, D. B., & Greening, D. W. (1997). Corporate social performance and organizational attractiveness to prospective employees. Academy of Management Journal, 40(3), 658-672.
Udayasankar, K. (2008). Corporate social responsibility and firm size. Journal of Business Ethics, 83(2), 167-175.
Wickert, C., Scherer, A. G., & Spence, L. J. (2016). Walking and talking corporate social responsibility: Implications of firm size and organizational cost. Journal of Management Studies, 53(7), 1169-1196.
中文參考文獻
甘嘉祺 (2015)，「機構投資人持股與企業社會責任績效之關聯實證」，國立交通大學管理科學研究所碩士論文
吳筌翔 (2020)，「企業執行CSR之策略與權益資金成本之關聯性」，國立中央大學財務金融研究所碩士論文
邱慈觀、黃啟瑞 (2019)，「治理結構對企業社會責任的影響」，中山管理評論，27卷，3期, 511-550頁.
陳振遠、王健聰、洪世偉 (2017)，「公司治理對於企業社會責任、公司價值之影響」，中山管理評論，25卷，1期，135-176頁
曹晏寧 (2020)，「企業執行CSR之策略與公司價值之關聯性」，國立中央大學財務金融研究所碩士論文
郭恬伊 (2017)，「企業社會責任與機構投資人持股之關聯性研究」，國立彰化師範大學會計研究所碩士論文
蕭湘穎 (2020)，「機構投資人持股對企業 ESG 投資影響之研究」，國立中央大學財務金融研究所碩士論文

指導教授

李韋憲(Wei-Hsien Li)

審核日期

2021-6-29

推文