本研究檢驗實行企業社會責任公司的經營效率及其影響因素。第一部分，利用兩階段DEA評估企業的經營效率，並比較實行和未實行企業社會責任公司其經營效率之差異，研究結果顯示有履行社會責任之公司其獲利效率相對較高；但股票市場效率卻較為低落。第二部分，本研究使用Tobit迴歸探討實行之社會責任構面對經營效率的影響，實證結果顯示，公司治理和企業承諾構面對獲利效率和股票市場效率具有顯著正向影響；環境保護構面對股票市場效率則是具有負向顯著影響。企業履行社會責任不僅能提升獲利表現且最終能創造企業的市場價值，企業若能策略性的實行社會責任，回應各個利害關係人的需求，將企業社會責任納入營運核心中，對提升企業的競爭優勢和經營效率有正面之助益。

This study examines the operation efficiency and its determinants of corporate social responsibility companies. First, a two-stage DEA is adopted to evaluate CSR companies’ profitability and marketability efficiency in comparison with Non-CSR companies. The empirical results show that profitability efficiency of CSR companies are higher than Non-CSR companies and marketability efficiency of CSR companies are lower than Non-CSR firms. Second, this study use Tobit Regression to explore which dimension of CSR would affect corporate efficiency. The empirical results show that the corporate governance and corporate commitment dimension are significant and positive relationship with profitability efficiency, while the environment protection dimension has a significant and negative relationship with marketability efficiency. CSR initiatives not only help enterprise get better profitability but also create market value. Enterprise implements CSR to response to the needs of stakeholders and bring CSR into business activities will have positive effects to their competitive advantages and operation efficiency.

中文部分
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網頁資料
36. KLD Investments: Domini 400 Social Index (http://www.msci.com/products/esg/)
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