現今，企業社會責任（Corporate Social Responsibility, CSR）議題在聯合國中深受重視，因此本研究以三大機構投資人樂觀與悲觀情緒為研究對象，旨在探討公司績效、企業社會責任對三大機構投資人情緒之影響，實證結果可知：（1） 當自營商及投信情緒是樂觀（悲觀）時，對在公開資訊觀測站發行CSR報告書的公司及CSR指標越高的公司，自營商及投信樂觀（悲觀）情緒降低（增加）；而天下雜誌選出的天下永續公民使自營商悲觀情緒增加；投信情緒是樂觀（悲觀）時，天下雜誌選出的天下永續公民及CSR指標越高的公司，投信樂觀（悲觀）情緒降低（增加）； （2）前一期外資情緒樂觀（悲觀），對發行CSR報告書及CSR指標越高的公司，外資樂觀（悲觀）情緒增加（降低）；前一期自營商及投信情緒樂觀（悲觀），對發行CSR報告書的公司及CSR指標越高的公司，自營商及投信樂觀（悲觀）情緒降低（增加）；前一期天下雜誌選出的天下永續公民使下一期投信樂觀情緒降低；（3）公司績效越高（低），三大機構投資人情緒越樂觀（悲觀）。 Now, corporate social responsibility (CSR) attracts attention in the United Nations. Therefore, this study, with the optimism and pessimism of the three major institutional investors as research objects, explores the effects of corporate performance and CSR on the sentiment of the three major institutional investors. The empirical results show that: (1) if dealers and investment trust companies are optimistic (pessimistic), their optimistic (pessimistic) sentiments will be reduced (increase) for companies that issue CSR reports in the Market Observation Post System or have high CSR indicators. Excellence in Corporate Social Responsibility selected by the CommonWealth Magazine increases the pessimistic sentiments of dealers. If investment trust companies are optimistic (pessimistic), their optimistic (pessimistic) sentiments will be reduced (increase) for Excellence in Corporate Social Responsibility selected by the CommonWealth Magazine and companies that have high CSR indicators. (2) If foreign investors are optimistic (pessimistic) in the previous period, their optimistic (pessimistic) sentiments will be increased (decrease) for the companies that issue CSR reports or have high CSR indicators. If dealers and investment trust companies are optimistic (pessimistic) in the previous period, their optimistic (pessimistic) sentiments will be reduced (increased) for the companies that issue CSR reports or have high CSR indicators. Excellence in Corporate Social Responsibility selected by the Commonwealth Magazine in the previous period reduces the optimistic sentiments of investment trust companies in the following period. (3) The higher (lower) the corporate performance is, the more optimistic (pessimistic) the three major institutional investors will be.
