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In the areas where people have stronger civic consciousness, like Europe and Canada, SRI accounted for a relatively high proportion of total investment in the region. Furthermore, in these areas, the performance of SRI does not lag behind of those of the market or other investment targets. Investors can arouse the concern of enterprises about social responsibility through SRI, therefore, selecting companies that implement social responsibility as investment targets become the investors’ social responsibilities.
There are few literatures related to SRI in domestic. Most of the literatures aim to investigate how corporate social responsibility affects corporate governance or corporate financial performance. For this purpose, this study uses Taiwan listed companies that issued CSR (corporate social responsibility) report in 2015 as research subjects. This study forms investment portfolios by companies which issued CSR reports in 2015 (CSR portfolios) and by companies which issued higher quality CSR reports (high-quality CSR portfolios), and tries to investigate if the performance of CSR investment portfolios could beat that of the control group or the market. The result suggests that the annual rate of return and the annual standard deviation of CSR investment portfolios are both better than that of the control group and the market. Moreover, if we use above terms to build a stock pool and pick stocks based on specific financial index to form an investment portfolio, although the performance of the portfolio could not necessarily beat that of the market, but could always beat that of the control group. The result suggests that if the investors choose investment targets based on if companies do great corporate social responsibility, then investors could not only satisfy their personal values related to social responsibility, but also gain higher return. | en_US |