董事會結構與企業社會責任報告書 : 以電腦及週邊產業與半導體公司為例

Board Structure and Corporate Social Responsibility Reporting: Evidence from Listed Computer and Consumer Electronics Manufacturing and Semiconductor Firms

本研究以台灣上市櫃電腦及週邊產業與半導體子產業為樣本，分析樣本公司自西元2012年前後因應政府當局國際接軌之要求，如何積極地強化其公司治理品質。樣本期間為西元2012-2016年，進行分樣本期間檢定(西元2012年 V.S.西元2013-16年) ，實證發現樣本企業之董事會結構，唯有獨立董事比例有統計上顯著差異，此可歸因於政府法規強制上市櫃公司設置獨立董事。企業主具有宗教信仰會影響其企業經營理念與社會責任，因此以企業主有無宗教信仰進行樣本區分，實證也發現樣本企業之企業主有無宗教信仰，對企業之董事會結構與企業社會責任報告書發行意願有統計上顯著差異。本研究進一步採用Logit模型，探討樣本 企業之社會責任報告書發行意願與董事會結構兩者之關聯性，發現樣本企業前一期忙碌董事比例 ( 董事會結構 ) 會正向影響其下一期社會責任報告書之發行意願，排除法規強制樣本、企業主宗教信仰樣本後，穩健性檢測結果仍具一致性。本研究實證結果將可提供台灣主管機關政策制定時參考使用，企業發行社會責任報告書也是提升上市櫃公司財報品質並與 國際資本市場接軌的方式，社會機構投資者進行社會投資時也參考使用 。

 

We analyze the board structure and corporate social responsibility (CSR) issuance of listed computer and consumer electronics manufacturing and semiconductor firms in Taiwan by the sub-sample analysis before- and after- year 2012. After the intensified corporate governance plan for upgrading the international ranking among Asian countries, only the proportion of independent directors is statistically different between the two sub-periods. We infer that the different proportions of independent directors might be directly caused by the mandated independent director regulation of listed firms. Besides, we further divide our sample firms into two types (CEOs and chairmen with or without religious belief). The characteristic of board structure and the willingness of CSR issuance are statistically different between the religious belief sub-groups. Finally, this study adopts the logit model for the determinants of sample firms’ CSR issuances from board structure. We provide the evidence that the proportion of busy director (board structure) has a significantly and positively impact on the willingness of next year CSR issuances. Due to the compulsory CSR issuance with capital threshold enacted in year 2014, we exclude the sample firms with the compulsory regulation or religious belief of CEOs and Chairmen as robustness checks. Corporate social responsibility issuance is critical for enhancing the quality of corporate governance and connection of Taiwanese listed firms with international capital markets. The findings here not only provide some policy implications but also investment suggestions for institutional investors either.