本研究主要在探討 COVID-19 期間，企業社會責任表現對於企業併購決策的影響。考慮到企業社會責任各面向之間的差異，同時比較了併購方與目標的企業社會責任表現各構面之相關性，檢測其是否會因為在某些面向做得較好，促使該企業選擇與其相同表現之目標。本研究關於企業併購、企業社會責任評分的資料皆取自於台灣經濟新報，選取的樣本時間從 2018 年 2021 年。實證結果顯示企業社會責任對企業併購決策有正向的解釋力。疫情期間併購方之企業社會責任表現與疫情前不存在顯著差異。此外，疫情期間，併購方本身企業社會責任與社會構面表現較佳者傾向選擇社會構面表現、社會構面揭露項表現較佳之併購目標。;This study investigates the influence of corporate social responsibility (CSR) performance on corporate mergers and acquisitions (M&A) decisions during the COVID-19 pandemic. Taking into consideration the various dimensions of CSR, we compare the correlations between the acquirer and target companies′ CSR performance dimensions and explore whether superior performance in certain dimensions influences the acquirer′s choice of a target with a similar CSR profile. The data on M&A and CSR scores were obtained from Taiwan Economic News for the period between 2018 and 2021. The empirical results indicate a positive explanatory power of CSR performance on M&A decisions. Furthermore, the CSR performance of the acquirer during the pandemic did not significantly differ from its pre-pandemic performance. Additionally, amidst the pandemic, acquirers with better CSR performance, particularly in the social dimension, tended to choose targets with superior performance in social aspects and disclosure items.
