The Impact of Corporate Social Responsibility on Firm Value－Short-term versus Long-term Effects

• Main Authors: Zeng,Yi-Ting, 曾奕婷
• Other Authors: 張元
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/5vck5u

碩士 === 國立彰化師範大學 === 財務金融技術學系 === 106 === This master thesis employs the data of 1,503 listed companies (excluding financial industry firms) on the Taiwan Stock Exchange and the Taipei Exchange Market covering the period of 2005~2016 to examine whether the company's corporate social responsibility (CSR) activities affects short-term versus long-term stock returns, Tobin 's Q and market value. This research constructs dummies on CSR measurement according to annual social responsible performance investigation by the Global Views Monthly and the Common Wealth. In addition, CSR proxies are also computed as social contribution value, social contribution value per share and the social returns on assets. To measure company's long term and short term performance variables, one-year, two-year average and three-year average stock returns, Tobin's Q and returns on assets are assembled. Empirical evidence shows that higher degree of CSR engagement has positive impact on stock return, excess return and Tobin's Q but returns on assets, and the magnitude has a tendency of enlargement over time. Therefore, principal outcome proves that long term effect of CSR is larger than short term effect.