企業社會責任揭露對經營績效之影響：財產保險業實證

The Impact of Corporate Social Responsibility Disclosure on Business Performance: Evidence from the Property-Liability Insurance Industry

企業社會責任（Corporate Social Responsibility, CSR）的揭露已逐漸成為政府與企業都相當關注的重要議題。過去有關CSR的研究都偏重於上市與上櫃之公司的探討，大都排除金融保險業。本研究聚焦於保險產業，探究財產保險企業社會責任揭露對於其公司財務與非財務績效的影響。本研究期間自2010年至2019年，收集研究樣本為台灣產物保險保險公司合計共11家資料，透過多元迴歸分析以檢驗研究假說。結果顯示，CSR的揭露並沒有影響財產保險業之財務績效，但是對財產保險業之非財務績效產生正向顯著之影響。本文實證結果部分支持利害關係人理論，顯示企業對CSR的揭露，會為公司帶來有利的影響。研究結果對台灣財產保險業未來經營策略發展與CSR的揭露具有實務之應用。

The disclosure of corporate social responsibility (CSR) issues has drawn more and more attention from government and enterprise. Previous studies on CSR focused on companies listed, but most excluded the financial and insurance industries. Difference from previous research, the purpose of this study is to explore the impact of insurer’s CSR disclosures on the financial and non-financial performance of insurance companies. This study used the data from the 2010 to 2019 period of the property-liability (P-L) insurance industry in Taiwan, and the research hypotheses were tested through multiple regression. The results show that the disclosure of CSR has not affected the financial performance of P-L insurance industry, but has a positive and significant impact on the non-financial performance of P-L insurance. Our results partially support the stakeholder theory, showing that the disclosure of CSR by a corporate will have a beneficial impact on the company. The results have practical applications for the development of Taiwanese P-L future business strategy and the disclosure of CSR.