同業負面事件對公司股價及後續企業社會責任表現之影響

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黃聖茹(Sheng-Ju Huang) 查詢紙本館藏

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企業管理學系在職專班

論文名稱

同業負面事件對公司股價及後續企業社會責任表現之影響

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摘要(中)

本研究主要係為分析不同企業社會責任表現的公司面對同業發生負面企業社會責任消息時，對於公司股價的影響，以及公司在消息發布後是否會透過積極履行企業社會責任，來抵銷同業公司發布負面消息所帶來的傳染效果，研究期間為2016年至2020年間臺灣經濟新報資料庫(Taiwan Economic Journal, TEJ)企業公告裁罰事件，並以該期間內的臺灣上市與上櫃公司為研究對象，觀察同業年度間第一次發布違法裁罰公告後，不同企業社會責任表現的公司其股票報酬率的變化，以及各公司在同業違法裁罰公告前後期，其企業社會責任行為表現上是否有所不同。研究結果發現，同業公告違法裁罰事件對於企業而言造成的股價影響並不明顯，但不同表現的企業在面對同業的負面事件，在股票報酬率上呈現出不同的反應；而具有良好企業社會責任表現的公司，面對具有相同表現的同業發生負面消息，有機會從中受益，當發生負面消息的同業是企業社會責任表現落後的公司，則有可能為公司帶來負面影響；另外，實證研究結果發現，具有良好企業社會責任表現的公司，對於後續企業社會責任的布局明顯的受到具有同樣表現的同業所發布的負面消息影響，反而在面對企業社會責任表現落後的公司所發布的負面消息沒有積極作為。

摘要(英)

The primary focus of this study is to analyze the effect on a company′s stock price when faced with the release of negative corporate social responsibility (CSR) news from an industry peer. This analysis considers how different companies with varied CSR performances respond. Furthermore, the study examines whether these companies actively fulfill their CSR roles to offset the contagion effect caused by negative news from industry peers. The research period spans from 2016 to 2020, using data on penalty announcements from the Taiwan Economic Journal (TEJ) database, focusing on listed companies in Taiwan during that period. The study observes the changes in stock returns of companies with different CSR performances three days after the first annual announcement of regulatory penalties by industry peers. It also examines whether the CSR behaviors of these companies differ before and after the announcement of penalties by industry peers.The study found that the stock price impact of the announcement of illegal penalties was not significant, but companies with different performance showed different stock return responses in response to negative events in the industry. Companies with good CSR performance have the opportunity to benefit from negative news about their peers with similar performance, while negative news about peers with lagging CSR performance may have a negative impact on the company; In addition, the empirical study found that companies with good CSR performance were significantly affected by the negative news released by their peers with similar performance, but did not act positively in the face of the negative news released by companies with poor CSR performance.

關鍵字(中)

★ 傳染效應
★ 負面事件
★ 類保險效果
★ 企業社會責任
★ ESG

關鍵字(英)

★ Contagion Effect
★ Negative Events
★ Quasi-Insurance Effect
★ Corporate Social Responsibility
★ ESG

論文目次

摘要 i
Abstract ii
誌謝 iii
目錄 iv
表目錄 vi
第一章緒論 1
第一節研究背景 1
第二節研究動機 1
第三節研究架構 2
第二章文獻探討與假說 3
第一節文獻探討 3
第二節假說建立 9
第三章研究方法 12
第一節選樣方法及資料來源 12
第二節實證模型 13
第三節變數定義與衡量 18
第四章實證結果 23
第一節假說一之實證結果 23
第二節假說二之實證結果 27
第三節假說三之實證結果 31
第四節額外檢測 42
第五節敏感性分析 55
第五章結論與建議 57
第一節研究結論與貢獻 57
第二節研究限制與建議 58
參考文獻 59

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指導教授

黃承祖蔡文賢(Cheng-Tsu Huang Wen-Hsien Tsai)

審核日期

2023-7-17

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