| Summary: | 碩士 === 立德大學 === 國際企業管理研究所 === 97 === This study examined the impact of corporate social responsibility (CSR) on firm performance. Experimental group consisted of firms named ‘Top 50 Corporate Citizens’ by CommonWealth Magazine from 2007 to 2009. Comparable listed companies within the same industry that failed the evaluation of the magazine were randomly selected as control group with a ratio of 1:3. Corporate governance, innovation, and R&D were adopted as the mediating variables. A total of 412 cases were drawn as research samples. We found that firms with better corporate governance exhibited greater commitment to CSR; firms with better innovation and R&D capacity were more involved in CSR activities than their less capable counterparts; good CSR performance had a positive impact on financial performance, but had no effect on market performance. The mediating effects of innovation capacity and corporate governance were negative under normal circumstances; with improved innovation and R&D capacity, however, the synergetic effect of the two variables turned positive. Results further indicate that financial performance would be enhanced in firms dedicated to corporate governance, innovation and R&D capacity.
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