A Study of Corporate Social Responsibility Indicator on Firm Performance

• Main Authors: Chih-YenLiu, 劉志彥
• Other Authors: Shao-Huai Liang
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/8m6s48

碩士 === 國立成功大學 === 財務金融研究所 === 107 === Most of corporate social responsibility (CSR) literature in Taiwan selected award-winning companies to represent the performance of CSR. However, the award-winning companies were only a minority, so Taiwan lacks a method to measure corporate social responsibility. Therefore, this paper refers to the score methodology of international organization and construct an indicator to measure CSR, then examines the relation between CSR performance and firm performance. In addition, this paper also selects the companies with excellent indicator to construct the investment portfolios and use the four-factor model to test the stock performance of CSR company. The empirical results show that CSR indicators are positively related to financial performance and company value, and CSR portfolios also have significant excess returns. According to the above results, companies committed to CSR activities in Taiwan will bring positive effects to company performance, and investors can also incorporate CSR into their investment considerations and obtain both financial and social compensation.