公司治理對於企業社會責任、公司價值之影響

The Impact of Corporate Governance on the Corporate Social Responsibility and Firm Values

10.6160/2017.03.04

陳振遠(Roger C. Y. Chen)；王健聰(Jan-Chung Wang)；洪世偉(Shih-Wei Hung)

公司治理 ； 企業社會責任 ； 內生性 ； 公司價值 ； 營運績效 ； Corporate Governance ； Corporate Social Responsibility ； Endogeneity ； Firm Values ； Operating Performance

中山管理評論

25卷1期（2017 / 03 / 01）

135 - 176

繁體中文

有關企業社會責任對於公司價值的影響一直存在著不一致的看法與論述，本研究將運用Chen et al. (2007) 所提出的公司治理指數與Chen et al. (2013) 的企業社會責任指數進行迴歸分析，以探討公司治理對於企業社會責任、公司價值和營運績效之影響。在控制內生性問題之後，迴歸結果顯示健全的公司治理機制可以有效監督企業社會責任運作，減輕代理問題，進而提升營運績效與公司價值。再者，董事會規模較大、獨立董事席次較多或機構投資人持股較多者的企業，其企業社會責任運作績效會較佳。整體而言，本研究實證結果支持健全的公司治理機制有助於企業社會責任之履行，可有效提升企業經營績效與核心競爭力。反之，若沒有完備的公司治理機制，貿然參與企業社會責任相關活動，則會造成公司價值與股東權益的損失。

The view on the impact of corporate social responsibility (CSR) on firm values is inconsistent. This study uses the corporate governance index proposed by Chen et al. (2007) and the CSR index of Chen et al. (2013) to examine how corporate governance structures affect the CSR, firm values, and operating performance. After controlling for endogeneity problem, regression results show that sound corporate governance mechanisms efficiently monitor firms to engage in CSR activities and mitigate agency problem, which in turn improves cost efficiency, and increases operating performance and firm values. Furthermore, firms characterized by bigger board size, higher board independence or higher institutional ownership have better operational performance in CSR after controlling for firm characteristics, industrial and year effect. Overall, our findings support that sound corporate governance mechanisms help implementation of CSR, and furthermore enhance operating performance and core competitiveness. In contrast, firms without sound corporate governance mechanisms rashly engage in CSR activities, resulting in the loss of firm values and shareholders' equity.

1. 池祥萱、繆文娟、莊瀅臻(2014)。企業社會責任對於公司財務績效之影響是雙面刃嗎？來自全球500 大公司的證據。管理學報，31(1)，1-19。
   連結：
2. 沈中華、張元(2008)。企業的社會責任行為可以改善財務績效嗎?—以英國FTSE社會責任指數為例。經濟論文，36(3)，339-385。
   連結：
3. 廖秀梅、李建然、吳祥華(2006)。董事會結構特性與公司績效關係之研究─兼論台灣家族企業因素的影響。東吳經濟商學學報，54，117-160。
   連結：
4. Poddi, L. and Vergalli, S., 2009, “Does Corporate Social Responsibility Affect the Performance of Firms?” Working Paper, University of Ferrara
5. Anginer, D., Fisher, K. L., and Statman, M., 2008, “Stocks of Admired Companies and Despised Ones.” Working Paper, Virginia Tech Pamplin Business School.
6. Aggarwal, R. K. and Nanda, D., 2004, “Access, Common Agency and Board Size.”Working Paper, University of Virginia.
7. Bassen, A., Hölz, H. M., and Schlange, J., 2006, “The Influence of Corporate Responsibility on the Cost of Capital: An Empirical Analysis.” Working Paper, Schlange & Co., Hamburg, Universität Hamburg, Deutsche Bank.
8. Allen, F.,Bernardo, A.,Welch, I.(2000).A Theory of Dividends Based on Tax Clientele.Journal of Finance,55(6),2499-2536.
9. Aupperle, K.,Carroll, A.,Hartfield, J.(1985).An Empirical Examination of the Relationship between Corporate Social Responsibility and Profitability.Academy of Management Journal,28(2),446-463.
10. Barnea, A.,Rubin, A.(2010).Corporate Social Responsibility as a Conflict between Shareholders.Journal of Business Ethics,97(1),71-86.
11. Beccheti, L.,Ciciretti, R.,Hasan, I.(2012).Corporate Social Responsibility and Shareholder's Value.Journal of Business Research,65(11),1628-1635.
12. Bushee, B.(1998).The Influence of Institutional Investors on Myopic R&D Investment Behavior.The Accounting Review,73(3),305-333.
13. Chen, A.,Kao, L.,Tsao, M.,Wu, C.(2007).Building a Corporate Governance Index from the Perspectives of Ownership and Leadership for Firms in Taiwan.Corporate Governance: An International Review,15(2),251-261.
14. Chen, C. Y. Roger,Tang, H. W.,Hung, S. W.(2013).Corporate Social Responsibility and Firm Performance.Journal of American Business Review, Cambridge,2(1),181-188.
15. Chen, S. S.,Chen, I. J.(2012).Corporate Governance and Capital Allocations of Diversified Firms.Journal of Banking and Finance,36(2),395-409.
16. Cochran, R.,Wood, R.(1984).Corporate Social Responsibility and Financial Performance.Academy of Management Journal,27(1),42-56.
17. Demsetz, H.,Lehn, K.(1985).The Structure of Corporate Ownership: Causes and Consequences.Journal of Political Economy,93(6),1155-1177.
18. Elyasiani, E.,Jia, J.(2010).Distribution of Institutional Ownership and Corporate Firm Performance.Journal of Banking and Finance,34(3),606-620.
19. Fama, E.(1980).Agency Problems and the Theory of the Firm.Journal of Political Economy,88(2),288-307.
20. Fama, E.,Jensen, M.(1983).Agency Problems and Residual Claims.Journal of Law and Economics,26(2),327-349.
21. Fauzi, H.,Mahoney, L.,Rahman, A. A.(2007).Institutional Ownership and Corporate Social Performance: Empirical Evidence from Indonesian Companies.Social and Environmental Accounting,1(2),334-347.
22. Fombrun, C. J.,Gardberg, N. A.,Barnett, M. L.(2000).Opportunity Platforms and Safety Nets: Corporate Citizenship and Reputational Risk.Business and Society Review,105(1),85-106.
23. Friedman, M.(1970).The Social Responsibility of Business is to Increase its Profits.New York Times Magazine,13(1),122-126.
24. Giroud, X.,Mueller, H.(2011).Does Corporate Governance Matter in Competitive Industries?.Journal of Financial Economics,95(3),312-331.
25. Glaser, M.,Müller, S.(2010).Is the Diversification Discount Caused by the Book Value Bias of Debt?.Journal of Banking and Finance,34(10),2307-2317.
26. Goel, A.,Thakor, A.(2008).Overconfidence, CEO Selection, and Corporate Governance.Journal of Finance,63(6),2737-2784.
27. Gompers, P.,Ishii, J.,Metrick, A.(2003).Corporate Governance and Equity Prices.Quarterly Journal of Economics,118(1),107-155.
28. Goss, A.,Roberts, G. S.(2011).The Impact of Corporate Social Responsibility on the Cost of Bank Loans.Journal of Banking and Finance,35(7),1794-1810.
29. Graves, S. B.,Waddock, S. A.(1994).Institutional Owners and Corporate Social Performance.Academy of Management Journal,37(4),1034-1046.
30. Guenster, N.,Bauer, R.,Derwall, J.,Koedijk, K.(2011).The Economic Value of Corporate Eco-efficiency.European Financial Management,17(4),679-704.
31. Hausman, J. A.(1978).Specification Tests in Econometrics.Econometrica,46(6),1251-1271.
32. Heckman, J. J.(1979).Sample Selection Bias as a Specification Error.Econometrica,47(1),153-161.
33. Jensen, M.(1986).Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers.American Economic Review,76(2),323-329.
34. Jo, H.,Harjoto, M. A.(2011).Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility.Journal of Business Ethics,103(3),351-383.
35. Kempf, A.,Osthoff, P.(2007).The Effect of Socially Responsible Investing on Portfolio Performance.European Financial Management,13(5),908-922.
36. Malmendier, U.,Tate, G.(2005).CEO Overconfidence and Corporate Investment.Journal of Finance,60(6),2661-2700.
37. McGuire, J.,Sundgren, A.,Schneeweis, T.(1988).Corporate Social Responsibility and Firm Financial Performance.Academy of Management Journal,31(4),854-872.
38. Moore, G.(2001).Corporate Social and Financial Performance: An Investigation in the U.K. Supermarket Industry.Journal of Business Ethics,34(3-4),299-315.
39. Porter, M. E.,van der Linde, C. V. D.(1995).Green and Competitive: Ending the Stalemate.Harvard Business Review,73(5),120-135.
40. Porter, M.,Kramer, M.(2006).The Link between Competitive Advantage and Corporate Social Responsibility.Harvard Business Review,84(12),78-92.
41. Preston, L. E.,O'Bannon, D. P.(1997).The Corporate Social-Financial Performance Relationship: A Typology and Analysis.Business and Society,36(1),419-429.
42. Prior, D.,Surroca, J.,Tribó, J. A.(2008).Are Socially Responsible Managers Really Ethical? Exploring the Relationship between Earnings Management and Corporate Social Responsibility.Corporate Governance: An International Review,16(3),160-177.
43. Schuler, D. A.,Cording, M.(2006).A Corporate Social Performance-Corporate Financial Performance Behavioral Model for Consumers.Academy of Management Review,31(3),540-558.
44. Shleifer, A.,Vishny, R.(1986).Large Shareholders and Corporate Control.Journal of Political Economy,94(3),461-488.
45. Spicer, B. H.(1978).Investors, Corporate Social Performance and Information Disclosure: An Empirical Study.The Accounting Review,53(4),781-796.
46. Vilanova, M.,Lozano, J.,Arenas, D.(2009).Exploring the Nature of the Relationship between CSR and Competitiveness.Journal of Business Ethics,87(1),57-69.
47. Waddock, S. A.,Graves, S. B.(1997).The Corporate Social Performance Link.Strategic Management Journal,18(4),303-319.
48. White, H.(1980).A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity.Econometrica,48(4),817-838.

1. 游景棠(2017)。董監事責任險與公司價值之研究。臺中科技大學會計資訊系碩士班學位論文。2017。1-30。