| Summary: | 碩士 === 國立臺北大學 === 企業管理學系 === 102 === Recently, the booming economy induces environmental pollution, over-exploitation of resources. The concept of green consumption and international environmental consciousness rise up. Government, investors, employees and the community pay attention to CSR gradually. In addition to financial and operating conditions, the contribution to society and environment are also included in commercial operations of enterprises.
This paper examines the influence of CSR on stock returns. The performance of CSR is well, whether the company will have higher stock returns or not. CSR is measured by “the overall performance of CSR”, “corporate governance”, “corporate commitment”, “social participation” and “environmental protection”. Data on the “World Citizenship Award” for the period from 2007 to 2013 is used. Using the company winning a prize as the sample of CSR enterprises, “Taiwan Mid-Cap 100” as the sample of non-CSR enterprises, we compare the difference of stock returns between them. Besides, 10 billion in annual revenue as the criterion standard, companies are divided into "large-sized enterprise" and "medium-sized enterprise". Under the classification, then we discuss the difference of stock returns between CSR enterprises and non-CSR enterprises further.
We find that the stock returns are not significantly different between CSR and non-CSR enterprises. Besides, there is a significant negative relationship between stock returns and “The performance of CSR”. That is, the enterprises having better CSR performance won’t be able to get a higher stock returns.
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