Relationship of Managerial Ability, Corporate Social Responsibility, and Operating Performance

經理人能力對於公司從事企業社會責任活動與經營績效的影響

10.6545/JFS.202106_29(2).0002

林煜恩(Yu-En Lin)；池祥萱(Hsiang-Hsuan Chih)；黃德芬(Der-Fen Huang)；林彤璐(Tung-Lu Lin)

Managerial ability ； corporate social responsibility ； operating performance ； 經理人能力 ； 公司企業社會責任（CSR） ； 經營績效

財務金融學刊

29卷2期（2021 / 06 / 30）

37 - 64

英文

This paper examines the extent to which managerial ability affects CSR activities and operating performance. We find that managers with higher ability are less inclined to engage in CSR activities but have superior CSR performance. We also find that managers with higher ability who invest in CSR increase firm operating performance. Moreover, managers with higher ability engaging in positive (negative) CSR activities will increase (decrease) the operating performance due to sales revenue increase (decrease) and operating costs and expenses decrease (increase). We conduct the two-stage regressions to control for potential endogeneity concerns, and the findings of our analysis are robust.

本文探討經理人能力對於公司企業社會責任（Corporate Social Responsibility, CSR）與經營績效的影響。結果顯示，能力強的經理人較不從事CSR活動，而一旦從事，能力越強的經理人CSR績效越佳。同時，因爲收入增加（減少）且成本與費用減少（增加），能力强的經理人從事正（負）向CSR活動會提升（降低）經營績效。以兩階段迴歸處理内生性問題，實證結果具穩健性。

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