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。 ;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.
