The Relationship among Corporate Social Responsibility, Firm Characteristics and Corporate Performance

• Main Authors: FANG-HUNG CHEN, 陳芳鴻
• Other Authors: Yu-Shun Hung
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/738y6v

碩士 === 輔仁大學 === 會計學系碩士班 === 103 === With recent years of global economic growth, the subject of sustainable management has been vastly discussed, and that leads to the greater demand of action in social responsibility from enterprises. Corporate Social Responsibility (CSR) Report is an explanation of a company’s sense of responsibility toward community. In Taiwan, the publishing of CSR Report is not compulsory for corporations and basically relies on the company’s own decision to do so until recent 2 years, part of the enterprises are obliged to produce CSR Report regulated by government. The CSR related subjects of sustainable management are broadly considered, from major issues such as environment, economy and humanistic community to local debate on food safety, community security and development are all included. This research is focus on the correlation between CSR Report and enterprise performance, with further discussion of the impact of CSR and corporation peculiarity on enterprise performances. The case studies of the decision making on issuing CSR Report by enterprises in this research is based on the CSR Reports that were published at CSRone Reporting website between 2003 and 2013, and also on the Excellence in Corporate Social Responsibility Award wining enterprises selected by CommonWealth magazine from 2007 to 2013. This research evaluates the performance of enterprises with two features: their financial performance and market performance. Financial performance assessment is based on Return on Assets (ROA), Return on Equity (ROE), Earnings Per Share (EPS) and Marginal Profit Ratio (PM); Market performance is based on Stock returns (RTN) for evaluation. The assessment of company character is by Company size (Size), Market-to-Book Value Ratio (MB), Debt ratio (LEV) and Idiosyncratic risk (RiskM) computed with Market Model method. The outcome of this research shows that, comparing with companies without CSR Report, those companies with published CSR Report results in obvious negative correlation with enterprise’s financial performance (ROA, ROE, EPS, PM); on the other hand, even their market performance (RTN) shows some positive correlation, however not evident. And that leads to the support of resource distortion hypothesis in this research. Comparing with enterprises without CSR Report, those who published CSR Report shows that the bigger the Company size (SIZE) is, the greater negative influence it will be on ROA, ROE, EPS and PM; the larger the Market-to-Book Value Ratio (MB) is, the greater positive influence it would be on ROE, EPS and RTN; the bigger the Debt ratio (LEV) is, the greater negative influence it would be on ROA, PM, and EPS; at last, it shows no noticeable affect to enterprise performance when it comes to Idiosyncratic risk (RiskM).