| Abstract: | 近年來普遍認為企業在追求利潤的同時，應為社會大眾及環境生態負起責任，才能讓企業永續發展。為了檢視企業社會責任 (CSR) 對公司價值之影響，本研究以台灣上市上櫃公司2007至2018年得到雜誌所頒發之CSR獎且該年之股利水準有變動的企業為樣本，另為避免樣本選擇偏誤，也對每一樣本找到沒有得到CSR獎而公司特徵與得獎公司相近者做為控制組。以事件組和控制組為樣本觀測值，並將股利政策變動分成增加與減少兩類，分別進行迴歸分析，以事件研究法估計股利宣告期間的累積異常報酬為應變數，而公司是否得到CSR獎為主要自變數。
實證結果顯示，當控制組樣本僅以同產業為配對條件時，股利變動與股票報酬呈正相關，與過去文獻之發現一致。在股利增加部分，CSR得獎公司的股價反應比未得獎公司的反應比較正向。但是股利減少部分，CSR得獎公司與未得獎公司的股價反應並無顯著差異。然而，當同時以同產業和資產規模相近為配對控制組之條件時，結果發現CSR得獎與否對於股利增加或減少之股價反應的影響並無顯著差異。此結果與前述只控制產業別的結果比較，隱喻規模對於CSR得獎與否的效果有頗大之干擾作用。實質上，CSR得獎的股價效果在統計上並不顯著。
In recent years, it is generally believed that firms should take responsibility for the public and environmental ecology while pursuing profits, in order to enable firms to develop sustainably. To examine the impact of corporate social responsibility (CSR) on firm values, this study takes the CSR-award winners for the Taiwan listed companies and OTC companies, where the CSR awards are issued by the magazine, from 2007 to 2018, and changing in their dividend levels in the year of winning awards as a sample. In addition, to avoid sample selection biases, we also consider the control firms without CSR award for each sample. The control firms have features similar to the award-winning firms. The event firms and the control firms are taken as sample observations in regression analyses, which are carried out, respectively, according to the dividend increase and decrease. The cumulative abnormal return during the dividend announcement period estimated by the event study method is the dependent variable, and whether the company receives the CSR award is the key independent variable.
The empirical results show that when the control firms are only matched by the same industry, the dividend change is positively correlated with the stock returns, which is consistent with the findings of the past literature. In terms of the increases in dividends, the CSR winning companys stock price reaction is more positive than that of the un-winning company, but there is no significant difference in the stock price reactions between the CSR winning companies and the un-winning companies. However, when the conditions of matching control firms are both the same industry and the asset size similar to the CSR winning firms, it is found that there is no significant difference in the impact of whether winning the CSR awards or not on the stock price reactions to the increase or decrease of dividends. This result is compared with the result of the above-mentioned for only control industry, it is implied that there is a considerable interfering effect on the impact of winning CSR awards. In essence, the effect of winning CSR awards on stock prices is not statistically significant. |
