| Summary: | 碩士 === 國立中興大學 === 財務金融系所 === 100 === Intangible assets are hard to assess, however, they affect corporations operating performance significantly. Over the past decades, intangible assets have attracted many attentions around investors and managers, for instance brand loyalty, employee relations, and corporate social responsibility et al. Among them, corporate social responsibility (CSR) gets the most attention in public. The intent of the CSR is not only to achieve profit maximization, but also to maintain the sustainable development of enterprises, to fulfill the responsibility for the community, and to deal with the issues of environmental pollution and improvement it.
This study analyzes the stock performance of the America''s Most Admired Companies through the annual survey by Fortune magazine and the Best Corporate Citizens through the annual survey by Business Ethics magazine. This study also examines the performance of the two portfolios relative to Standard & Poor 500 Index (S&P 500 Index). Based on the database in regard to the rating of CSR by Kinder, Lydenberg, Domini & CO, Inc. (KLD), this study had investigated whether there is a better sustainable development portfolio from how enterprises apply CSR to employees, community, and corporate governance.
Empirical results showed that the performance of a portfolio of Ethic and America''s Most Admired Companies is better than the benchmark. And the sustainable development of the KLD screening portfolio can also perform better returns than the original portfolio. The contribution of this study not only provides investors with an ideal investment strategy, but also to further encourages corporations to fulfill the field of corporate social responsibilities.
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