Items with full text/Total items : 67621/67621 (100%)
Visitors : 23090452
Online Users : 335
Please use this identifier to cite or link to this item:
|Title: ||Corporate social responsibility and stock price crash risk: Evidence from Taiwan|
|Authors: ||劉柏良;LIU, PO-LIANG|
|Keywords: ||企業社會責任;崩盤風險;台灣;財務透明度;corporate social responsibility;crash risk;Taiwan;Financial Reporting Transparency|
|Issue Date: ||2019-09-03 15:07:32 (UTC+8)|
;Corporate Social Responsibility(CSR) was first advocated by Western countries, so they have a long history of development. However, with the innovation of business environment and management concepts, more and more Asian and emerging market companies regard CSR as a responsibility they should assume. Many companies have also established CSR committees to compile CSR reports. At the same time, there are growing numbers of research on CSR in the academic community in Asia. But it may be due to the late start, the empirical results of CSR implementation in Asia and emerging markets are often inconsistent with developed countries., which show the negative effect of implementation in CSR.
Current literature focuses mainly on the correlation between the company′s financial performance and corporate social responsibility performance, thus less research pays attention to the risks and corporate social responsibility performance, especially for emerging and Asian regions. In addition, the literature on the CSR evaluation criteria in Taiwan is little and most of them use dichotomous variables, divided into whether or not there is an award for each magazine, so there is no quantitative standard to measure the CSR effect. This study intends to make up for the shortcomings of the existing literature and price collapse in the Taiwan market.
Thus I set my main research issue as the crash risk, and the CSR performance of each company is quantified by the scores given by Thomson Reuters and Commonwealth Magazine from 2010 to 2016. The sample contains about 100 Taiwan listed cabinet companies. I also replace the ABACC (absolute accrual basis accounting) as the AQ (accrual quality) to better measure the earning manipulation of managers.
The empirical results of this study show that the effectiveness of Taiwanese companies in promoting CSR is different from that of previous studies on China and the Japanese market. It shows that Taiwanese companies can significantly reduce crash risk after improving their CSR performance. Moreover, the effect of reducing the collapse is even more pronounced in companies with poor corporate governance. The empirical results are broadly in line with the results of the US and Western newly industrialized countries, indicating that the result of CSR in Taiwan is closer to US and Western countries.
|Appears in Collections:||[財務金融研究所] 博碩士論文|
Files in This Item:
All items in NCUIR are protected by copyright, with all rights reserved.
::: Copyright National Central University. | 國立中央大學圖書館版權所有 | 收藏本站 | 設為首頁 | 最佳瀏覽畫面: 1024*768 | 建站日期：8-24-2009 :::