| Summary: | 碩士 === 國立高雄第一科技大學 === 金融系碩士專班 === 106 === This study explores the impact of corporate social responsibility, financial performance, operating performance, and market performance on stock price remuneration. Since the 1980s, corporate social responsibility (CSR) has grown in popularity, particularly with investors. This concept has broadened the scope of corporate aims from maximization of shareholder value to include legal, moral, and charitable responsibilities. This international trend has been reflected in Taiwan. In the current literature, the relationship between corporate social responsibility and financial performance is described in two main ways. The social impact hypothesis views it as a positive relationship, as it purports that corporate social responsibility can improve corporate finances. The shift-of-focus hypothesis argues that corporate performance of social responsibilities increases costs and hides poor management and financial performance. The purpose of this study was to use the sample established by Chen and Hong (2013) to explore the impact of corporate social responsibility enacted by listed companies in Taiwan on their profitability, corporate value, and growth power. Profitability was measured using shareholder's equity, total asset return, operating gross profit, earnings per share, dividend yield, after-tax net profit, common stock market value at the end of the quarter, total assets, and total liabilities; Tobin's Q as A measured corporate value; we compared the top 55 companies in the sample with those of the Taiwan 50 Index from 2010 to 2015 to measure growth power. The empirical results show that Taiwan 50 companies and CSR55 have their return on equity, total return on assets, operating gross profit, earnings per share, dividend yield, after-tax net margin, common stock market value at the end of the season, total assets, total liabilities. There were no significant differences in Tobin's Q. Corporate social responsibility does not refer to enterprises engaging in public charity. Companies can use their own professional skills to give back to society, including company stakeholders. Our results showed that for Taiwan 50 companies, when they engage in corporate social responsibility, profitability and corporate value were similar . When enterprises invest in corporate social responsibility activities, because the initial marginal cost of promotion is high, their contributions are low, and their reputation base is low. Over time, the marginal cost begins to decline, and the marginal benefit begins to rise, as does the company’s reputation. Corporate social responsibility can indeed increase operating performance, building not only a good brand image, but also a corporate social shield (CSR Shield; Chen and Lee, 2017), which enhances corporate competitiveness and corporate value. Companies do not need to grow to the scale of the Taiwan 50 Index, and their profitability will also perform quite well . Therefore, this research supports engagement in social responsibility.
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