Can Corporate Social Responsibility Suppress the Abnormal Return of Insider Trading?

• Main Authors: HUANG,CHAO-HUEI, 黃超暉
• Other Authors: CHAO, YA YI
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/23h948

碩士 === 國立高雄科技大學 === 會計資訊系 === 107 === This thesis studies whether corporate social responsibility (CSR) can restrain the insider trading happen in Taiwan’s market. Because a company’s corporate social responsibility is regarded as a major indicator of corporate image in recent years, this study generally believe that the disclosure of corporate social responsibility reports is to establish and maintain a good corporate image. In contrast, insider trading is regarded as one of the negative indicators of corporate image, therefore, the chances of insiders profiting from insider trading should for good CSR companies be relatively low. We take companies in the Taiwan market as research objects, and use Taiwan Economic Journal’s (TEJ) data for event research to measure whether insiders can get abnormal returns. Then, assign the score based on the information in the CSR report, to compare the abnormal reward changes of different CSR scores. The research results in this paper believe that insiders can get abnormal returns due to internal news, and a company with a high degree of CSR have less abnormal returns for insiders than those with lower CSR. Express the CSR does have the effect of curbing insider trading.