家族企業、女性董事與外資持股對企業社會責任治理之影響

The Impacts of Family Firms、Female Directors and Foreign Shareholder on Governance of Corporate Social Responsibility

陳建中(Chien-Chung Chen)；林依璇(Yi-Xuan Lin)

企業社會責任治理 ； 企業社會責任專職單位 ； 家族企業 ； 女性董事 ； 外資持股 ； Corporate social responsibility governance ； Corporate social responsibility unit ； Family firms ； Female directors ； Foreign shareholder

會計與公司治理

16卷2期（2021 / 12 / 01）

37 - 65

繁體中文

企業社會責任（corporate social responsibility，CSR）議題逐漸受到關注。公司要擁有良好的CSR績效，需要一套能推動CSR的CSR治理架構。CSR治理的重點之一是公司應該設置CSR專職單位來履行CSR。本研究探討CSR治理的決定因素，探討家族企業、女性董事與外資持股是否影響公司設置CSR專職單位以及CSR專職單位是否召開會議來檢討CSR運作情形。本研究樣本為我國103年至107年上市（櫃）公司，共計8,187筆公司年觀察值。迴歸結果顯示，女性董事比例越低，公司越傾向設置CSR專職單位，控制型態非為家族企業及外資持股比例越高，CSR專職單位越傾向召開會議。另外本研究亦發現，女性董事比例對公司設置CSR專職單位之負向影響，只發生於電子產業，非電子產業並無此負向影響。

Corporate social responsibility (CSR) has become an important issue. The company needs a good CSR governance to get good CSR performance. In order to strengthen CSR governance, the company should set up a dedicated unit to operate for CSR. This study specifically uses family firms, female directors and foreign shareholdings to explore whether it will affect the company's establishment of the dedicated unit for CSR and whether CSR unit will meet to review the operation of CSR. Using a sample of listed companies in Taiwan during 2014 to 2018, for a total of 8,187 observations, the results of this study are: The lower the percentage of female directors, the company will more tend to establish CSR dedicated units. While the company is not a family firm and the percentage of foreign shareholdings is higher, CSR dedicated units tend to hold a meeting. In addition, we find the negative impacts of female directors on CSR governance exists only in electrical industry.

1. Setó-Pamies, D.(2015).The relationship between women directors and corporate social responsibility.Corporate Social Responsibility and Environmental Management,22(6),334-345.
   連結：
2. 李馨蘋,莊宗憲(2007)。公司治理機制與公司績效之實證研究。東吳經濟商學學報，57，1-27。
   連結：
3. 邱慈觀,黃啟瑞(2019)。治理結構對企業社會責任的影響。中山管理評論，27(3)，511-550。
   連結：
4. 張裕任,王泰昌,吳琮璠(2009)。公司治理機制與外資持股偏好關聯性之探討。管理與系統，16(4)，505-532。
   連結：
5. 陳振遠,王健聰,洪世偉(2017)。公司治理對於企業社會責任、公司價值之影響。中山管理評論，25(1)，135-176。
   連結：
6. Adams, R. B.,Ferreira, D.(2004).Finance Working PaperFinance Working Paper,European Corporate Governance Institute.
7. Adams, R. B.,Funk, P.(2012).Beyond the glass ceiling: Does gender matter?.Management Science,58(2),219-235.
8. Aldamen, H.,Duncan, K.,Kelly, S.,McNamara, R.,Nagel, S.(2012).Audit committee characteristics and firm performance during the global financial crisis.Accounting & Finance,52(4),971-1000.
9. Alotaibi, K. O.,Hussainey, K.(2016).Determinants of CSR disclosure quantity and quality: Evidence from non-financial listed firms in Saudi Arabia.International Journal of Disclosure and Governance,13(4),364-393.
10. Aydin, N.,Sayim, M.,Yalama, A.(2007).Foreign ownership and firm performance: Evidence from Turkey.International Research Journal of Finance and Economics,11(11),103-111.
11. Barako, D. G.,Brown, A. M.(2008).Corporate social reporting and board representation: evidence from the Kenyan banking sector.Journal of Management & Governance,12(4),309-324.
12. Beutel, A. M.,Marini, M. M.(1995).Gender and values.American Sociological Review,60(3),436-448.
13. Bradbury, M.(1991).Characteristics of firms and voluntary interim earnings disclosure: New Zealand evidence.Pacific Accounting Review,3(1),37-62.
14. Cahyani, C.,Suryaningsih, R.(2016).The effect of leverage, board of commissioner, foreign ownership, company age, and company size towards the disclosure of corporate social responsibility (CSR) implementation.Accounting and Finance Review,1(1),27-33.
15. Chan, M. C.,Watson, J.,Woodliff, D.(2014).Corporate governance quality and CSR disclosures.Journal of Business Ethics,125(1),59-73.
16. Chang, Y. K.,Oh, W. Y.,Jung, J. C.,Lee, J. Y.(2012).Firm size and corporate social performance: The mediating role of outside director representation.Journal of Leadership and Organizational Studies,19(4),486-500.
17. Cormier, D.,Gordon, I. M.,Magnan, M.(2004).Corporate environmental disclosure: Contrasting management's perceptions with reality.Journal of Business Ethics,49(2),143-165.
18. Dalton, D. R.,Daily, C. M.,Johnson, J. L.,Ellstrand, A. E.(1999).Number of directors and financial performance: A meta-analysis.Academy of Management journal,42(6),674-686.
19. Dam, L.,Scholtens, B.(2013).Ownership concentration and CSR policy of European multinational enterprises.Journal of Business Ethics,118(1),117-126.
20. Detomasi, D. A.(2007).The multinational corporation and global governance: Modelling global public policy networks.Journal of Business Ethics,71(3),321-334.
21. Dewi, D. M.(2014).CSR effect on market and financial performance.El Dinar,1(2),198-216.
22. Dyer, W. G., Jr,Whetten, D. A.(2006).Family firms and social responsibility: Preliminary evidence from the S&P 500.Entrepreneurship Theory and Practice,30(6),785-802.
23. Fan, J. P.,Wong, T. J.(2002).Corporate ownership structure and the informativeness of accounting earnings in East Asia.Journal of Accounting and Economics,33(3),401-425.
24. Fenwick, G. D.,Neal, D. J.(2001).Effect of gender composition on group performance.Gender, Work and Organization,8(2),205-225.
25. Ghazali, N. A. M.(2007).Ownership structure and corporate social responsibility disclosure: some Malaysian evidence.Corporate Governance: The International Journal of Business in Society,7(3),251-266.
26. Godfrey, P. C.(2005).The relationship between corporate philanthropy and shareholder wealth: A risk management perspective.Academy of Management Review,30(4),777-798.
27. Gómez-Mejía, L. R.,Haynes, K. T.,Núñez-Nickel, M.,Jacobson, K. J.,Moyano-Fuentes, J.(2007).Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills.Administrative Science Quarterly,52(1),106-137.
28. Halme, M.,Huse, M.(1997).The influence of corporate governance, industry and country factors on environmental reporting.Scandinavian journal of Management,13(2),137-157.
29. Haniffa, R. M.,Cooke, T. E.(2005).The impact of culture and governance on corporate social reporting.Journal of Accounting and Public Policy,24(5),391-430.
30. Harrison, D. A.,Price, K. H.,Bell, M. P.(1998).Beyond relational demography: Time and the effects of surface-and deep-level diversity on work group cohesion.Academy of Management Journal,41(1),96-107.
31. Ho, S. S.,Wong, K. S.(2001).A study of the relationship between corporate governance structures and the extent of voluntary disclosure.Journal of International Accounting, Auditing and Taxation,10(2),139-156.
32. Kolk, A.,Pinkse, J.(2010).The integration of corporate governance in corporate social responsibility disclosures.Corporate Social Responsibility and Environmental Management,17(1),15-26.
33. Laksmana, I.(2008).Corporate board governance and voluntary disclosure of executive compensation practices.Contemporary Accounting Research,25(4),1147-1182.
34. Lenssen, G.,Bevan, D.,Fontrodona, J.(2010).Corporate responsibility and governance: the responsible corporation in a global economy.Corporate Governance: The International Journal of Business in Society,10(4),349-353.
35. Liu, Y.,Wei, Z.,Xie, F.(2014).Do women directors improve firm performance in China?.Journal of Corporate Finance,28,169-184.
36. McMullen, D. A.(1996).Audit committee performance: An investigation of the consequences associated with audit committees.Auditing,15(1),100-103.
37. Minciullo, M.(2019).Corporate Governance and Sustainability.Springer International Publishing.
38. Molloy, L.,Erekson, H.,Gorman, R.(2002).Exploring the relationship between environmental and financial performance.Proceedings of the Workshop on Capital Markets and Environmental Performance,Laguna Beach:
39. Ngcamu, N.,Dorasamy, N.(2011).Disaster preparedness by local government: A case study of foreman and Kennedy road informal settlements in the Ethekwini municipality.Corporation Ownership Control,8,352-365.
40. Oh, W. Y.,Chang, Y. K.,Martynov, A.(2011).The effect of ownership structure on corporate social responsibility: Empirical evidence from Korea.Journal of Business Ethics,104(2),283-297.
41. Platonova, E.,Asutay, M.,Dixon, R.,Mohammad, S.(2018).The impact of corporate social responsibility disclosure on financial performance: Evidence from the GCC Islamic banking sector.Journal of Business Ethics,151(2),451-471.
42. Raghunandan, K.,Rama, D. V.(2007).Determinants of audit committee diligence.Accounting Horizons,21(3),265-279.
43. Rose, C.(2007).Does female board representation influence firm performance? The Danish evidence.Corporate Governance: An International Review,15(2),404-413.
44. Ruback, R. S.,Jensen, M. C.(1983).The market for corporate control: The scientific evidence.Journal of Financial Economics,11,5-50.
45. Soliman, M.,El-Din, M.,Sakr, A.(2013).Ownership structure and Corporate Social Responsibility (CSR): An empirical study of the listed companies in Egypt.The International Journal of Social Sciences,5(1),63-74.
46. Spitzeck, H.(2009).The development of governance structures for corporate responsibility.Corporate Governance: International Journal of Business in Society,9(4),495-505.
47. Stahl, G. K.,Maznevski, M. L.,Voigt, A.,Jonsen, K.(2010).Unraveling the effects of cultural diversity in teams: A meta-analysis of research on multicultural work groups.Journal of International Business Studies,41(4),690-709.
48. Suto, M.,Takehara, H.(2014).,Waseda University Institute of Finance.
49. Torchia, M.,Calabrò, A.,Morner, M.(2015).Board of directors' diversity, creativity, and cognitive conflict: The role of board members' interaction.International Studies of Management and Organization,45(1),6-24.
50. Tsoutsoura, M. 2004. Corporate social responsibility and financial performance. working paper, Haas School of Business, University of California, Berkeley.
51. Vafeas, N.(1999).Board meeting frequency and firm performance.Journal of financial Economics,53(1),113-142.
52. Villalonga, B.,Amit, R.(2006).How do family ownership, control and management affect firm value?.Journal of Financial Economics,80(2),385-417.
53. Wang, X.,Cao, F.,Ye, K.(2018).Mandatory corporate social responsibility (CSR) reporting and financial reporting quality: Evidence from a quasi-natural experiment.Journal of Business Ethics,152(1),253-274.
54. Zhang, J. Q.,Zhu, H.,Ding, H. B.(2013).Board composition and corporate social responsibility: An empirical investigation in the post Sarbanes-Oxley era.Journal of Business Ethics,114(3),381-392.
55. 孫震(2009).企業倫理與企業社會責任.遠見天下文化出版股份有限公司.
56. 陳春山(2007)。公司治理與企業社會責任(CSR)的實踐。證交資料，546，2-7。