本研究深入探討台灣上市櫃公司的股利政策是否受到企業社會責任 (Corporate Social Responsibility；CSR)影響。鑒於台灣商業環境中家族企業的重要存在，我們將家族企業納入研究範疇，探討股利政策與企業社會責任之間的關係是否存在差異。研究期間涵蓋2015年至2021年，並對台灣證券交易所上市櫃公司進行了總共10,942個樣本的實證分析。
實證結果顯示，進行更多企業社會責任活動的公司傾向於發放現金股利。換句話說，隨著公司的企業社會責任評分提高，增加現金股利支付比例的意願也相應增加。我們的研究揭示了家族企業的相反趨勢，家族企業傾向於較少發放現金股利。
在研究過程中，我們解決了股利政策領域中的資料設限問題，並採用Tobit模型以增強實證結果的穩健性和一致性。此項研究方法的應用在相關文獻中尚屬首次，因而對於擴充現有學術理解具有重要的貢獻。
本研究進一步考慮了新冠疫情(COVID-19)作為一個非預期的外部衝擊，分析其對家族企業在CSR實踐和股利政策間關係的影響。有趣的是，實證結果表明新冠疫情並未對這種關係造成顯著影響。此外，將樣本按高科技產業公司進行分群的分析也顯示，行業類別同樣未對家族企業在CSR與股利政策之間的關係產生顯著的差異。
總體而言，本研究提供了有關台灣上市櫃公司如何在CSR實踐與股利政策之間權衡的新見解，特別是在家族企業的環境下，這些發現對於投資者、政策制定者以及對企業責任和經濟績效均有重要意義。

This research examines the impact of Corporate Social Responsibility (CSR) on the dividend policies of publicly traded and over-the-counter companies in Taiwan. This study includes family companies within the Taiwanese business community to investigate possible differences in the relationship between dividend policy and corporate social responsibility (CSR) activities. The research spans the time period from 2015 to 2021 and involves performing an empirical analysis on a total of 10,942 samples derived from companies that are listed on the Taiwan Stock Exchange.
The empirical evidence suggests that corporations that actively participate in corporate social responsibility (CSR) initiatives are more likely to distribute larger amounts of cash dividends. Stated otherwise, there exists a positive correlation between an elevation in a company's corporate social responsibility (CSR) score and a tendency to allocate a larger percentage of cash dividends. Additionally, our research reveals a divergent pattern in the context of family firms, since they exhibit a tendency to distribute lower amounts of cash dividends.
Throughout the course of the investigation, the researchers encountered difficulties related to data constraints within the area of dividend policy. To mitigate these obstacles, the researchers utilized the Tobit model as a means to bolster the reliability and logic of the empirical findings. The application of the Tobit model in this context presents an innovative methodology within the current corpus of literature, thereby providing an important addition to the advancement of current research.
Moreover, this research examines the COVID-19 pandemic as an unexpected exogenous shock to assess its impact on the correlation between corporate social responsibility (CSR) practices and dividend policies within family-owned enterprises. It is interesting that empirical findings indicate that the pandemic had little impact on this association. Furthermore, when samples were divided into groups based on high-tech industry enterprises, it was shown that the definition of the industry did not significantly impact the association between corporate social responsibility (CSR) and dividend policy in family businesses.
This study provides novel perspectives on the manner in which publicly listed and over-the-counter companies in Taiwan manage the interplay between corporate social responsibility (CSR) initiatives and dividend policy, with a specific focus on family-owned businesses. The implications of these findings hold significant relevance for stakeholders such as investors, legislators, and scholars who are engaged in the study of corporate responsibility and its impact on economic performance.

Aivazian, V., Booth, L., & Cleary, S. (2003). Do Emerging Market Firms Follow Different Dividend Policies From U.S. Firms? Journal of Financial Research, 26(3), 371-387.
Allen, F., Bernardo, A. E., & Welch, I. (2000). A Theory of Dividends Based on Tax Clienteles. The Journal of Finance, 55(6), 2499-2536.
Athari, S. A., Adaoglu, C., & Bektas, E. (2016). Investor protection and dividend policy: The case of Islamic and conventional banks. Emerging Markets Review, 27, 100-117.
Baker, H. K., Powell, G. E., & Veit, E. T. (2002). Revisiting managerial perspectives on dividend policy. Journal of Economics and Finance, 26(3), 267-283.
Benlemlih, M. (2019). Corporate social responsibility and dividend policy. Research in International Business and Finance, 47, 114-138.
Borghesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26, 164-181.
Cheung, A. W., Hu, M., & Schwiebert, J. (2018). Corporate social responsibility and dividend policy. Accounting & Finance, 58(3), 787-816.
Croker, N. C., & Barnes, L. R. (2017). Epistemological development of corporate social responsibility: the evolution continues. Social Responsibility Journal, 13(2), 279-291.
Famiyeh, S. (2017). Corporate social responsibility and firm’s performance: empirical evidence. Social Responsibility Journal, 13(2), 390-406.
Farinha, J. (2003). Dividend Policy, Corporate Governance and the Managerial Entrenchment Hypothesis: An Empirical Analysis. Journal of Business Finance & Accounting, 30(9-10), 1173-1209.
Gordon, M. J. (1963). Optimal Investment and Financing Policy. The Journal of Finance, 18(2), 264-272.
Gugler, K. (2003). Corporate governance, dividend payout policy, and the interrelation between dividends, R&D, and capital investment. Journal of Banking & Finance, 27(7), 1297-1321.
Hategan, C.-D., & Curea-Pitorac, R.-I. (2017). Testing the Correlations between Corporate Giving, Performance and Company Value. Sustainability, 9(7), 1210.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jiraporn, P., Kim, J.-C., & Kim, Y. S. (2011). Dividend Payouts and Corporate Governance Quality: An Empirical Investigation. Financial Review, 46(2), 251-279.
Kim, B. S., & Maddala, G. S. (1992). Estimation and specification analysis of models of dividend behavior based on censored panel data. Empirical Economics, 17(1), 111-124.
Koch, P. D., & Shenoy, C. (1999). The Information Content of Dividend and Capital Structure Policies. Financial Management, 28(4), 16-35.
Lin, C.-H., Yang, H.-L., & Liou, D.-Y. (2009). The impact of corporate social responsibility on financial performance: Evidence from business in Taiwan. Technology in Society, 31(1), 56-63.
Lintner, J. (1956). Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. The American Economic Review, 46(2), 97-113.
Martínez-Ferrero, J., Rodríguez-Ariza, L., & García-Sánchez, I.-M. (2016). Corporate social responsibility as an entrenchment strategy, with a focus on the implications of family ownership. Journal of Cleaner Production, 135, 760-770.
McKendall, M., Sánchez, C., & Sicilian, P. (1999). CORPORATE GOVERNANCE AND CORPORATE ILLEGALITY: THE EFFECTS OF BOARD STRUCTURE ON ENVIRONMENTAL VIOLATIONS. The International Journal of Organizational Analysis, 7(3), 201-223.
Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4), 411-433.
Nissim, D., & Ziv, A. (2001). Dividend Changes and Future Profitability. The Journal of Finance, 56(6), 2111-2133.
Oyewumi, O. R., Ogunmeru, O. A., & Oboh, C. S. (2018). Investment in corporate social responsibility, disclosure practices, and financial performance of banks in Nigeria. Future Business Journal, 4(2), 195-205.
Park, S. Y., & Park, S. Y. (2022). Information Shock and Dividend Policy in Family-controlled Firms: Evidence from Korea [Article]. Emerging Markets Finance & Trade, 58(6), 1771-1793.
Perrini, F., Russo, A., Tencati, A., & Vurro, C. (2011). Deconstructing the Relationship Between Corporate Social and Financial Performance. Journal of Business Ethics, 102(1), 59-76.
Salvioni, D., & Gennari, F. (2017). CSR, Sustainable Value Creation and Shareholder Relations *. SYMPHONYA. Emerging Issues in Management, 1, 36-49.
Shleifer, A., & Vishny, R. W. (1997). A Survey of Corporate Governance. The Journal of Finance, 52(2), 737-783.
Travlos, N., Trigeorgis, L., & Vafeas, N. (2001). Shareholder Wealth Effects of Dividend Policy Changes in an Emerging Stock Market: The Case of Cyprus. Multinational Finance Journal, 5.
Walter, J. E. (1963). Dividend Policy: Its Influence on the Value of the Enterprise. The Journal of Finance, 18(2), 280-291.
Wei, Z., Wu, S., Li, C., & Chen, W. (2011). Family control, institutional environment and cash dividend policy: Evidence from China. China Journal of Accounting Research, 4(1), 29-46.