| dc.description.abstract | In this paper, I explore the relationship between the motivation level of corporate execution of corporate social responsibility (CSR) activities and the corporate value. I cite the concept of virtue matrix proposed by Martin (2003) and sort out the motivation level of the company′s execution of CSR activities. I attempt to use the company’s characteristic of being voluntary to release the CSR report as a detection factor to screen out the essential area of virtue matrix (including strategic and structural area) . After that, I use the stakeholders focusing issue proportion to select the strategic area and structural area. If the company voluntarily issues a CSR report and the stakeholders focusing issue proportion is less than or equal to 0.5, it is classified in the strategic area. If the company voluntarily issues a CSR report and the stakeholders focusing issue proportion is greater than 0.5, it is classified in structural area.
If the company is classified in the strategic area of virtue matrix, it means that it has a positive attitude to execute CSR activities, and the activity is in line with the interests of the company’s operation. If the company is classified in the structural area of virtue matrix, it means that it still has a positive attitude, but the activity may not be in line with the interests of the company’s operation. I make hypotheses that when company is classified into strategic and structural areas, the characteristic will come with a positive impact on company’s value. Moreover, the characteristic of being in the strategic area will enhance the effect.
I use the data of Taiwan listed companies which covers the period from 2009 to 2016. The results show that the corporate characteristics when company is classified in the strategic area and the structural area are positively related to the corporate value, and the positive effect of the strategic area characteristic will be higher (using the strict definition of voluntarily releasing CSR report). If the company actively engages in CSR activities, its corporate value can be improved. Moreover, if the CSR activity is in line with the interests of the company′s sustainable operation, it can bring higher positive effect for the corporate value.
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