本研究旨在探討當企業面臨負面事件時，其企業社會責任的反應，以及盈餘管理程 度較高之企業會不會在遇到負面事件時，刻意提升企業社會責任，同時加入對構面的探討，本研究以2017 年到2018 年收錄於MSCI ESG 中所有美國公司為樣本，期望能夠藉由過去盈餘管理程度較高之企業與盈餘管理程度較低之企業，在投資企業社會責任上的差異，來探討企業社會責任分數增加的原因，以及他們針對何種構面進行提升。研究結果顯示，當企業面臨負面事件時，企業社會責任分數會顯著下降；但盈餘管理程度較高之企業相比於較少使用盈餘管理之公司，其企業社會責任分數會相對較高；也因此本研究進一步比較了兩者在構面的差異性，雖然實證結果在比較兩者從事企業社會責任構面上並沒有顯著，但透過其敘述性統計，仍發現盈餘管理程度較高的企業會投入相對較少的資源於環境構面中，並投入相對較多的資源於治理構面當中，因為在面臨負面事件時，公司的信用及聲譽受到衝擊，其資源及獲利都會減少，因此要將資源花在較能見效急速的構面上，使公司的企業社會責任分數上升並掩蓋其內部不良的情況，整體而言，本研究之實證結果對於在發生負面事件的時候，過去盈餘管理程度較高之企業與其企業社會責任之關聯，以及其對於構面的關係，有著管理意涵及其貢獻。;The purpose of this study is to explore the response of CSR scores of companies when they face negative events, and whether the earnings management is related to CSR scores. At the same time, we also discusses the CSR aspects. This study takes all US companies included in MSCI ESG from 2017 to 2018 as samples, hoping to use earnings management to understand the reasons why CSR scores increase instead of decreasing when companies face negative events, and what aspect they invest in. The research results show that when companies are faced with negative events, CSR score will decrease significantly. However, a company that has used earnings management for a long period of time will have relatively higher CSR scores than that used earnings management less frequently. Therefore, this study also compares the differences between these two aspects, and finds that companies with earnings management will invest relatively less resources in the environmental aspect and relatively more resources in the governance aspect. In face of negative events, the company’s credit and reputation will be reduced. Therefore the resources should be spent on more effective and rapid aspects, so that the company’s CSR scores will be increased and the bad situation in the company will be covered up. Overall, the empirical results of this study have management and practical implications and contributions to the relationship between earnings management and the manipulation of CSR scores as well as their relationship to the CSR aspects when the companies face the negative events.
