| Summary: | 碩士 === 義守大學 === 管理學院碩士班 === 97 === In this study, we conduct a literature review approach to examine the motives and the purposes of implementing Corporate Social Responsibility and to undertake a comparison study between corporate foundations and public trusts through a sample of Taiwanese listed companies from 2002 to 2007.
This study employing Logit regression analysis investigates the effect of the corporate financial status, business cycle, industry environment, social responsibility events, and ownership structures on the establishment of corporate foundations. The Ohlson (1995) valuation model is to examine the effect of corporations with foundations on share prices.
This study shows that: (1) Growth firms and mature firms are more likely to establish foundations to fulfill corporate social responsibility. (2) Firms with high cash flow deviations are likely to establish corporate foundations to enhance ownership controls. (3) There is a positive effect of corporate foundations on share prices implying that investors are in favor of investing in firms with corporate foundations. (4) There is a positive relationship between corporate financial performance and social responsibility but it is not a significant factor. (5) There is no direct effect of the occurrence of significant social responsibility events on the corporate social responsibility. In the end, There is no direct relationship between the level of exposure to pollute and the spending of the social public welfare.
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