| Summary: | 碩士 === 國立東華大學 === 公司理財碩士學位學程 === 97 === This paper examines the relationship between corporate social responsibility and corporate financial performance with data from Fortune Global 500 companies, proposing two relative hypotheses: Frame and Profit Win-win hypothesis (FPWWH) and Resource Distortion Hypothesis (RDH). In short term, when the actual number of earning announcement is less then the analysts forecast, companies engaged in CSR will have a better or worse performance in CAR than those not engaged in CSR. In addition, a further examination in how CSR may influence a company’s long term benefits was also given, through the way of investigating whether the positive effect caused by CSR is to increase the company’s way of profiting, or to provide an ability of safeguarding the company itself. On the contrary, if there is a negative effect, it would be caused by the inferior corporate financial performance resulted from investor's viewing CSR as a whitewashing trick, or the excessive costs and expenses to the company.
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