企業社會責任、食品安全事件與股票報酬──臺灣股票市場之實證

Corporate Social Responsibility, Food Safety Incident and Stock Returns-Evidences from Taiwan’s Stock Market

近年來食品安全問題備受關注，尤其在發生多次的食品醜聞後，更增加了消費者對食品的風險認知，降低了對食品安全的信任度。事實上，隨著食品貿易日益全球化，食品安全已成為我們關注的主要問題之一。企業社會責任與食品安全和食品行業高度相關，因為它提供人類基本需求並對公眾健康產生重大影響。隨著食品安全事件的發生，這將對食品公司的公眾形象和股價產生影響。一家在企業社會責任方面有良好聲譽的食品公司能否在食品安全事件發生後減緩其股價下跌的趨勢，值得進一步探究。本研究藉由台灣食品企業的樣本數據之蒐集，運用迴歸分析，探討企業社會責任、食品安全事件與其股票收益之間的關係。實證結果顯示，企業社會責任與股票收益之間存在正相關。食品公司如能履行企業社會責任，在食品安全事件發生時，可緩解庫存暴跌的程度。然而，在食品安全事件發生後，無論企業如何努力，也無法緩解股價暴跌的程度。

The issue of food safety has received a lot of attention recently. Particularly, food scandals that happened in recent years increase consumers' risk perceptions of foods and decrease their trust in food safety. In fact, along with more and more globalized food trades, food safety has become one of our major concerns. Corporate social responsibility (CSR) is of high relevance for food safety and the food industry as it provides human basic needs and has a strong impact on public health. It would have an effect on the food company’s public image and stock price as a food safety incident occurred. Can a food company with good reputations on doing CSR slow down the declining trend of their stock price as a food safety incident happened? By collecting the sample data of Taiwan’s food companies and using regression analysis, this study investigates the relationships among CSR, food safety incidents, and stock returns. The empirical results revealed that the positive relationship exists between CSR and stock returns. If a food company does its duties on CSR, it is possible to relieve the plummet degree of stocks when food safety incidents happened. Nonetheless, no matter how hard a company tried their best as the food safety incidents occurred, they cannot relieve the plummet degree of stock prices.