家族持股與董事會結構對企業社會責任之影響

The Effect of Family Ownership and Board Composition on Corporate Social Responsibility

由於企業善盡社會責任為企業形象發展、永續經營的重要指標，故企業除追求利益極大化並保障股東的權益外，如何兼顧環境面及社會面等，是企業經營時應額外列入考量的重要方針。本研究欲探討家族持股比率是否影響公司負企業社會責任的程度（Corporate Social Responsibility，簡稱 CSR），並且探討董事會結構對企業負社會責任的影響。本研究採用2010年至2015年台灣上市上櫃公司為研究對象，並採用次序尺度迴歸模型（ordered probit regression model）來進行實證分析。實證結果發現家族持股比例與企業負社會責任的程度呈負相關，企業負社會責任可能對企業獲利造成影響，因此家族持股比例愈高的企業，控制家族為穩固自身利益，愈不願負社會責任。當外部法人持股比例高時，會透過監督行為來抑制管理者短視行為，使企業願意負社會責任來提升公司聲譽。另外，獨立董事比率愈高者以及總經理同時身具董事長雙重身分時，企業愈願意負社會責任以提高公司之聲譽，達到永續經營。 Since Corporate Social Responsibility (CSR) may be an important indicator for the development of corporate image and sustainable management, firms need to devote to CSR activities beyond the goals of maximizing shareholder wealth. This study examines the effect of family ownership and board structure on CSR for a sample of publicly listed Taiwanese companies from 2010-2015. Using the ordered probit regression model, our study finds a significantly negative relationship between family ownership and CSR. Since CSR may have an impact on firm profits, firms with higher family ownership tend to less willing to bear social responsibility. However, effective supervision mechanism can be exercised to reduce the short-sighted behavior of managers and enhance CSR by a higher institutional ownership. In addition, we find that the firms with greater proportion of independent directors and CEO duality are willing to take social responsibility to enhance the company's reputation.