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Author: 江仁文
Jen-Wen Chiang
Thesis Title: 企業社會責任對財務績效之影響-企業生命週期觀點
The Impact of Corporate Social Responsibility on Financial Performance- A Perspective of Business Life cycle
Advisor: 陳俊男
Chun-Nan Chen
Committee: 陳嬿如
Yen-Ju Chen
謝劍平
Chien-Ping Hsieh
林軒竹
Hsuan-Chu Lin
Degree: 碩士
Master
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2020
Graduation Academic Year: 108
Language: 中文
Pages: 43
Keywords (in Chinese): 企業社會責任企業生命週期財務績效
Keywords (in other languages): Corporate social responsibility, Business life cycle, Financial performance
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在現今資本世界,越來越多企業投注資源於社會責任,以期許企業除了能夠創造經濟利益外,也能為社會、環境、人文盡一份心力。而一般人民也逐漸關注企業對於社會責任的實踐程度,而間接認同企業的努力。而企業社會責任是否能為公司財務績效帶來實質上的改變,在過去諸多文獻已有不同角度的探討,而較少以企業生命週期之角度來論析企業社會責任之實踐對於公司財務績效之影響。因此本研究加入企業生命週期之觀點,以期許從不同角度探討此議題。
本研究以有無得到天下雜誌之天下公民獎作為企業社會責任之實踐表現,以資產報酬率、TobinQ比率作為公司財務績效之指標,並加入企業生命週期之觀點。實證結果發現初創期之企業,其社會責任之表現相較於成熟期對於財務績效有負面影響;而衰退期之企業,其社會責任之表現相較於成熟期對於財務績效有負面影響。而當企業處於成長期與動盪期,從實證結果顯示,此二時期沒有顯著負相關。
本研究之貢獻為,提供企業實證研究,了解企業於不同生命週期,其社會責任表現對於財務績效之影響存在差異。建議後續研究者可嘗試以KLD資料庫來探討美國企業於不同生命週期,其企業社會責任之表現對於財務績效影響是否存在差異。


Nowadays, there are much more corporates that put resource into corporate social responsibility section which can make an impact on society, environment even people rather than chasing high financial performance. At the same time, the public also start caring the quality and content of corporate social responsibility which can lead to a sense of recognition toward company. However, there are lots of researches focusing on the relationship between achieving corporate social responsibility and corporate’s financial performance which are covered by different aspects. Few researches had added the aspect of business life cycle. Therefore, this research examines the relationship between the performance of corporate social responsibility and financial performance included the concept of business life cycle.
In this research, having nominated by the CommonWealth magazine is the proxy variable as the performance of corporate social responsibility. ROA and TobinQ ratio are as indicator of corporate financial performance. Besides, this research introduce the business life cycle concept. First, in the stage of set-up, corporate social responsibility performance will have negative influence on financial performance compared to the stage of mature. Second, in the stage of recession, corporate social responsibility performance will have negative influence on financial performance compared to the stage of mature. When a corporate is in the stage of growth and the stage of unstableness, the empirical results show that there is no significant negative influence on financial performance compared to the stage of mature.
The contribution of the research is providing an empirical evidence that can be used as a reference when corporates are in different stage of life cycle and they plan to enforce their CSR performance. For further research, researcher can use the data from KLD in US to implement the research of relationship between CSR and financial performance with the concept of business life cycle to see whether there is the difference when corporates are in different stages.

第壹章 緒論 1 第一節 研究動機與背景 1 第二節 研究目的 2 第三節 研究流程 3 第貳章 文獻探討 5 第一節 企業社會責任之演進 5 第二節 企業社會責任與財務績效之相關性研究 9 第三節 企業生命週期 11 第四節 企業生命週期與財務績效之相關性 14 第參章 研究方法 16 第一節 研究假說 16 第二節 研究期間、選樣準則、資料來源 18 第三節 變數定義與衡量 19 第四節 實證方法 24 第肆章 實證結果 27 第一節 敘述性統計 27 第二節 相關係數分析 28 第三節 迴歸分析結果 30 第四節 穩健性分析 34 第伍章 結論與建議 37 第一節 研究結論 37 第二節 研究限制與建議 38 參考文獻 39 (一) 中文部分 39 (二) 英文部分 40

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