近幾十年來，企業社會責任揭露為受到大量討論與關注的議題。透過企業社會責任報告書資訊的呈現，展現了企業對於環境與社會的重視，並減少了企業與利害關係人間的資訊落差。過去，許多研究探討企業社會責任揭露與企業績效之間的關聯，然而研究的結果眾說紛紜，沒有絕對的正向或負向關聯；此外，也缺乏針對以台灣企業為樣本的實證研究。因此，本研究以正當性理論以及利害關係人理論來探究企業社會責任揭露的樣貌；而研究目的為探討企業社會責任揭露與企業績效之間的關聯，並加入企業社會責任績效作為中介變數。 本研究的樣本取自於公開資訊觀測站與台灣經濟新報(TEJ)共81家上市上櫃公司，資料為2008年到2012年間所有已出版的企業社會責任報告書與財務資訊；而本研究使用相關分析與階層式迴歸分析來檢驗研究假設。結果指出，企業社會責任揭露與企業績效呈現顯著的負向關聯，我國市場較不接受企業過分宣揚其對於社會或環境的作為；然而，仍是相當感謝企業對於社會責任的重視。而企業社會責任績效在探究企業社會責任揭露與企業績效中，並無中介效果的存在。 ;In the past few decades, there has been much more attention on the issue of Corporate Social Responsibility (CSR) disclosure. Through the disclosure of the CSR reports, the firms can show that they think highly of the environment and the society. Previous studies have explored the relationship between CSR disclosure and firm performance both theoretically and empirically; however, their causal relationship seems doubtful. The objective of this study is to explore the relationship between CSR disclosure and firm performance; besides, we use CSR performance as the mediator. The research sample is approximately 81 Taiwanese publicly-traded firms which are investigated from the Taiwan Economic Journal (TEJ) and Market Observation Post System. By using these websites, we can acquire the financial information. Besides, the investigation duration is ranged from 2008 to the end of 2012. By using the descriptive statistics analysis, Pearson correlation analysis and hierarchical regression analysis, we can test our research hypothesis. The findings indicated that CSR disclosure has significantly and negatively related to firm performance, and there is no mediation effect of CSR performance between CSR disclosure and firm performance. It means that the market is still appreciated with the spirit of make CSR into practice; however the attention-seeking CSR disclosure is not welcome by the market.
