企業社會責任活動之動機層次與公司價值之關聯性

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Title:	企業社會責任活動之動機層次與公司價值之關聯性
Authors:	陳泰諭;Chen, Tai-Yu
Contributors:	財務金融學系
Keywords:	企業社會責任;CSR
Date:	2019-07-10
Issue Date:	2019-09-03 15:07:13 (UTC+8)
Publisher:	國立中央大學
Abstract:	本研究探討企業執行企業社會責任(Corporate Social Responsibility, CSR)活動背後潛在的動機層次，與公司價值之間的關聯性，引用Martin (2003)所提出的道德矩陣概念，歸納出企業執行CSR活動的動機層次。本研究嘗試以自願發布CSR報告書做為檢測因子，篩選出本質面企業(包含策略區與結構區)，接著使用利害關係人關注議題比重，從中區分策略區與結構區企業。若企業自願發CSR報告書，且利害關係人關注議題比重小於或等於0.5時，即被分類於策略區，而若公司自願發布CSR報告書，且利害關係人關注議題比重大於0.5時，即被分類於結構區。企業若被分類於本質面，即代表其積極主動進行CSR活動，若進一步被分類於策略區，表示該CSR活動符合企業永續經營的利益，若被分類於結構區，則表示該活動未必符合企業發展的利益。本研究推測，被分類於策略區與結構區的企業特徵皆對公司價值有正向的影響，其中策略區將能提升更高的公司價值。使用台灣上市櫃公司資料，期間涵蓋2009年至2016年，結果表明被分類於策略區與結構區的企業特徵皆與公司價值呈現正向的關聯性，且策略區特徵對於公司價值的正向效果提升幅度高於結構區特徵(使用嚴格的自願撰寫報告書定義)，代表公司若積極從事CSR活動，其公司價值將可以提升，其中若CSR活動符合企業永續經營的利益，其可以提升更高的公司價值幅度。 ;In this paper, I explore the relationship between the motivation level of corporate execution of corporate social responsibility (CSR) activities and the corporate value. I cite the concept of virtue matrix proposed by Martin (2003) and sort out the motivation level of the company′s execution of CSR activities. I attempt to use the company’s characteristic of being voluntary to release the CSR report as a detection factor to screen out the essential area of virtue matrix (including strategic and structural area) . After that, I use the stakeholders focusing issue proportion to select the strategic area and structural area. If the company voluntarily issues a CSR report and the stakeholders focusing issue proportion is less than or equal to 0.5, it is classified in the strategic area. If the company voluntarily issues a CSR report and the stakeholders focusing issue proportion is greater than 0.5, it is classified in structural area. If the company is classified in the strategic area of virtue matrix, it means that it has a positive attitude to execute CSR activities, and the activity is in line with the interests of the company’s operation. If the company is classified in the structural area of virtue matrix, it means that it still has a positive attitude, but the activity may not be in line with the interests of the company’s operation. I make hypotheses that when company is classified into strategic and structural areas, the characteristic will come with a positive impact on company’s value. Moreover, the characteristic of being in the strategic area will enhance the effect. I use the data of Taiwan listed companies which covers the period from 2009 to 2016. The results show that the corporate characteristics when company is classified in the strategic area and the structural area are positively related to the corporate value, and the positive effect of the strategic area characteristic will be higher (using the strict definition of voluntarily releasing CSR report). If the company actively engages in CSR activities, its corporate value can be improved. Moreover, if the CSR activity is in line with the interests of the company′s sustainable operation, it can bring higher positive effect for the corporate value.
Appears in Collections:	[Graduate Institute of Finance] Electronic Thesis & Dissertation

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