The Disclosure Quality of CSR Report and Market Willingness to Investment: Organizational Learning Perspective

• Main Authors: CHANG,YA-LING, 張雅玲
• Other Authors: HUNG,YU-SHUN
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/3yzxvq

碩士 === 輔仁大學 === 會計學系碩士班 === 107 === Due to global trends of climate change, energy shortage, population growth, destruction of natural ecology and increasing wealth, countries overseas has already turned their attention towards issues of sustainable global development relating to environmental protection, corporate governance, and corporate social responsibility (CSR) over a decade ago. At this point, there are many stock exchanges and research institutes around the world that has proposed indices for measuring sustainable corporate development. Taiwan on the other hand, only became more aware of the concept of CSR and sustainable development in recent years, particularly after a number of food safety and pollution cover-ups as well as major work safety incidents. In September 2014, the R.O.C. Financial Supervisory Commission announced regulations enforcing CSR reports from listed companies, which led to greater discussion on the topic, and in the past couple of years, the number of CSR reports made public has also grown exponentially. This research is the first study of its kind in Taiwan to look at the effects of CSR report on corporate reputation and willingness of the market to invest in a corporation through disclosure of quality by exploring the perspective of organizational learning. During the process of preparing a CSR report, corporations must first distinguish issues that major stakeholders and other stakeholders place emphasis on. The actual status of implementation and results thereof by the corporation related to these issues were then disclosed in the CSR report. Based on communication with the stakeholders, the process of whether the corporation can consistently generate and publish CSR reports year after year was examined, along with: whether there was an effect in organizational learning; if the corporation was able to draft and meet its own CSR strategies; management of the relationship between the organization and its stakeholders; and through constant revision and improvement of performance metrics, the gradual integration of CSR related issues into the management strategies and internal control mechanisms, in order to strength corporate constitution, enhance financial performance, corporate reputation and increase willingness of investment from the market. This research utilized companies in Taiwan that was listed during the period of 2007-2015 as samples. The data in terms of number of CSR reports published was consolidated from the sustainability report platform and the websites of the sampled corporations, while information on whether the sample corporation received the Commonwealth Magazine’s Excellence in Corporate Social Responsibility Award was collected directly from the Commonwealth Magazine’s website under the list of winners from 2007-2015. The empirical results showed that due relatively short lengths of time over which most Taiwanese corporation has published CSR reports, the organizational learning in these corporations in terms of production of CSR reports has not yet reached double-loop learning. This has led to lack of support in reducing the number of negative new incidents, and the results here were not as expected. In terms of CSR report validation, corporate reputation and willingness of investment from the market, the results were also not as initially expected. This is likely due to the fact that currently there are no publically recognized standards in Taiwan for the production and validation of CSR reports for corporations to follow, thus there remains space for discussion. Nonetheless, the empirical results has some degree of support as the number of CSR reports accumulate, with forecast of willingness from analysts, willingness of institutional investors to become stakeholders, and being ranked in the Commonwealth Magazine’s Excellence in Corporate Social Responsibility Award, all demonstrating that the corporations sampled has reached the level of single-loop learning in terms of production of CSR reports.