A Study on the Information Effect of Corporate Social Responsibility on Credit Risk under Moral Hazard

• Main Authors: Chen-Ling Liu, 劉貞伶
• Other Authors: Ta-Chien Lee
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/90078183426570686711

碩士 === 靜宜大學 === 會計學系 === 102 === The study explores the moderating effect of moral hazard on Corporate Social Responsibility (CSR) and Taiwan Corporate Credit Risk Index (TCRI). This research obtained samples from Taiwanese publicly traded companies, including the Taiwan Stock Exchange (TSE) and the computerized over-the-counter market (OTC). Samples were also obtained from the Common Wealth Magazine, the Global Views Monthly Magazine and the Taiwan Economic Journal (TEJ) from 2007 to 2012. The empirical study shows the following results. First, CSR strength and weakness are significant associated with TCRI under moral hazard consideration. Second, Moral hazard proxy variables including the chairperson of board holds the general manager position, institutional ownership ratio, family business, outside directors and supervisors ratio and cash and short-term investment to sales ratio are significantly moderating effect. Third, the information of CSR strength and weakness are significant effect on TCRI. But the positive information effect for a firm continuously winning CSR is decreased progressively. The main contribution of this study as follow: First, we not only examine the relationship but also the moderating effect of moral hazard on CSR and TCRI. Second, we explore the information effect of CSR strength and weakness both on TCRI.