Is CSR the Guideline of Financial Performance? The Example for FTSE All-World Index

• Main Authors: Pei-Yi Hsieh, 謝珮儀
• Other Authors: Ming-Jian Shen
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/82172038585532845130

碩士 === 德明財經科技大學 === 理財與稅務管理研究所 === 99 === Is there necessarily a contradiction between maximize shareholder‟s value and pursuing corporate social responsibility? In this study, it is to analyze the relevance of corporate social responsibility and financial performance by constituents in the FTSE All-world Index by panel data analysis. It discusses the differences between different industries with distinguishing characteristics, financial industry and non-financial industries. Furthermore, we also test whether there is tax-saving effect by implementation of corporate social responsibility. Empirical results display the variation of return on assets and return on equity in financial industry. The consequence of tax-saving effect is verified as well. The empirical studies tend to support social impact hypothesis in this paper. It is to conclude that the implementation of corporate social responsibility has positive effects on financial performance.