| 摘要: | 本研究主要探討企業社會責任(corporate social responsibility, CSR)與企業經營績效(corporate financial performance, CFP)之間的關係。企業社會責任指標(CSR)係採用天下雜誌2007至2016年的「天下公民」得獎企業10年平均評選分數作為解釋變數；企業之財務資料則採用台灣經濟新報(Taiwan Economic Journal, TEJ)資料庫所提供之台灣上市、櫃公司資料進行實證觀察，所採用之被解釋變數為股東權益報酬率(return of equity, ROE)以及每股盈餘(earning per share, EPS)，其餘變數做為控制變數。另外，依據過往文獻發現，於不同的企業規模(firm size)下，大中小型企業所投入企業社會責任的活動費用的多寡對於企業經營績效會產生不同的影響，因此採用企業規模做為本實證研究的門檻變數。樣本資料採用年資料組成，由2007年至2016年，共97筆企業家數樣本，總計有970筆觀察值。
本研究利用González, Teräsvirta, and Dijk (2004, 2005)所發展之縱橫平滑移轉迴歸模型(panel smooth transition regression, PSTR)做為檢測工具。本研究結果發現於不同的企業規模下，企業社會責任(CSR)對於股東權益報酬率(ROE)雖呈現非線性關係，但顯著性不明顯；企業社會責任(CSR)則對於每股盈餘(EPS)呈現顯著性明顯的異質影響非線性關係。結果顯示企業社會責任(CSR)與企業經營績效(CFP)兩者間的確存在著一種較複雜的非線性關係，然而不同的企業經營績效代裡變數受企業社會責任之影響呈現出程度不同的顯著性。
The aim of this research is to investigate the relationship between Corporate Social Responsibility (CSR) and Corporate Financial Performance (CFP). The explanatory variable of CSR index is the ten-year average score, spread out from 2007 to 2016, of those prized corporate honored by Common Wealth Magazine. Our empirical study utilized some financial data of listing corporate which are adopted from Taiwan Economic Journal (TEJ). Return of Equity (ROE) and Earning per Share (EPS) are two proxy variables for the explained variables of CFP, others are control variables. Moreover, owing to the controversial finding of the impact of the firm size from the previous literature, we adopted the firm size as the threshold variable in our empirical study. There are totally 97 firms selected from 2007 to 2016, it therefore consists of 970 observations.
The methodology of Panel Smooth Transition Research (PSTR) elaborated by González et al., (2005) is employed in our nonlinear analysis. The finding is that the nonlinear effect of CSR on ROE is non-significant. However, on the other hand, it shows significant heterogeneous effect on EPS. The overall finding shows that there is a complex nonlinear relationship between CSR and CFP. There exists different effect of CSR on different proxy variables utilized for the CFP. |
