企業社會責任事件宣告與股價異常報酬之研究

The Relationship between CSR Announcements and Abnormal Stock Returns

傳統經濟、財務與會計領域的學者，認為公司會致力於企業社會責任活動，是建構於採行企業社會責任行動可極大化股東價值之前提上。然而，卻有另一派學者極力主張，即使會導致股東價值減少，部分公司仍會投資於企業社會責任活動以提升整體社會的福祉。本文聚焦於證券市場投資人觀點，探討正負面企業社會責任事件宣告對於投資人評價決策之影響，進而反映至股價異常報酬。本研究主要奠基於資源基礎理論、合法性理論與展望理論來建構假說，並採用事件研究法加以檢測。
實證結果發現正(負)面企業社會責任事件宣告，可產生顯著為正(負)的股價異常報酬，且投資人對於負面企業社會責任事件宣告的反應幅度，較正面企業社會責任事件宣告的反應幅度大。本研究結果除可瞭解企業社會責任資訊對市場投資人投資決策之影響外，並可提供企業管理者制訂企業社會責任策略與政策之參考。

Does the implementation of corporate social responsibility (CSR) contribute to the assets of a firm or does it increase expenditures? This issue remains a practical management issue of considerable importance to managers. This study performed a literature review and explored the relationship between CSR announcements and abnormal stock returns among companies listed in Taiwan. The research framework was based on resource-based theory, legitimacy theory, and prospect theory. Our empirical results revealed a significantly positive (negative) relationship between positive (negative) announcements regarding CSR event and abnormal stock returns. In addition, the impact level of the negative events was greater than that of the positive events. These findings provide a reference for investors as well as for managers in the development of a CSR strategy.