企業社會責任之策略性分析

A Strategic Analysis of Corporate Social Responsibility

本文分析公司管理當局對於不同利害關係人所實行的企業社會責任(Corporate SocialResponsibility, CSR)活動對經營績效（包括總資產報酬率(ROA)和經營成本）的影響。我們的目的是提供證據使公司管理當局了解如何執行CSR活動以兼顧所有利害關係人的權益；主要實證結果如下。第一，整體而言，公司從事CSR活動確實會增進公司經營績效，而且可以持續長期。第二，正面的CSR活動會持續提高ROA；負面的CSR活動則會持續增加經營成本。第三，若以不同利害關係人的角度來看，正面的公司治理、員工關係與環境等CSR活動會持續增進公司經營績效。負面的社區、員工關係與人權等CSR活動會降低公司經營績效。

This study examines the relation between corporate social responsibility (CSR) performance and corporate operating performance (ROA and operating costs) from stakeholders’ points of view. The purpose of this paper is to provide evidence on how to conduct CSR activities to account for stakeholders' rights. Our results are summarized as follows. First, in general, CSR activities improve operating performance in both short and long run. Second, positive CSR activities have positive impacts on ROA in the short and long run, while negative CSR activities increase operating costs. Third, positive corporate governance, employee relations, and environment activities increase operating performance. Negative community, employee relations, and human rights activities decrease the corporate financial performance.