企業社會責任報告書資訊內涵之研究
企業社會責任報告書資訊內涵之研究
高麗萍a 黃歆詒b 潘冠尹c 江穎d
摘要
企業社會責任（Corporate Social Responsibility，CSR）已成為全球最受矚目的商業議題之一，企業社會責任報告書可作為有效的溝通工具，讓資訊使用者能以更宏觀的角度評估企業永續經營能力。本研究主要針對有公開宣告CSR報告書之台灣上市公司為主體，採用事件研究法探討CSR報告書是否會影響利害關係人之決策，股價表現是否優於其他同業，並驗證CSR報告書品質對股價的影響。實證結果發現顯示CSR報告書是一份具有攸關性的資訊，且優質CSR報告書會因此產生較佳股價反應，本研究的實證結果在理論與管理上均具有重要政策意涵，除幫助暸解企業社會責任資訊對市場投資人進行相關投資決策之影響外，並可提供企業管理者制定企業社會責任策略與日後政府主管機關推動社會企業之政策參考依據。
關鍵字：企業社會責任、宣告效果、事件研究法
A Study on the Informativeness of Corporate Social Responsibility Report
Li-Ping Kaoa Xin-Yi Huangb Guan-Yin Panc Chiang Yingd
Corporate social responsibility（CSR）is the business topic that attracts the most attention worldwide. CSR reports can be used as effective communication tools to help information users evaluate the sustainability of businesses from a macroscopic perspective. This study employed listed firms that publicly release CSR reports in Taiwan as subjects. The event study method was used to explore whether CSR reports affect stakeholder decisions and result in stock price performance that is superior to that of competitors. We also verified the influence of CSR report quality on stock prices. The empirical results revealed that CSR reports are information of relevance. High-quality CSR reports thus generate favorable stock price reactions. The empirical results of this study provide crucial policy implications for theory and management, which not only help clarify the effect of CSR information on market investor decision making but also provide a reference for corporate managers and governmental authorities in establishing CSR strategies and promoting CSR policies, respectively.
Keywords: Corporate Social Responsibility、Announcement effect、Event Study
