企業社會責任具有績效保險的功能嗎？

Does Corporate Social Responsibility Have the Function of Insurance on Performance?

"本研究檢驗公司面對總體負面事件以及發生個體負面事件時，公司的企業社會責任表現是否具有減緩績效下跌的功能，即探討企業社會責任的績效保險功能是否存在。企業從事社會責任的善行以建立與累積於公眾中的信任與聲譽，在發生負面事件時，透過社會責任作為所建立的信任與聲譽將可成為負面事件衝擊的緩衝，使公司受到的負面影響相對較輕微。本研究根據 2005 年至 2015 年間臺灣上市上櫃非金融產業共 1,484 家公司的資料，透過相關分析與迴歸估計發現，當公司面對總體負面衝擊與公司特有負面事件之發生時，績效與價值皆傾向下降而獲利波動性上升，有趣的是，企業社會責任表現較佳者，績效下跌的幅度相對較小，獲利波動性增加的幅度相對較低，證實企業社會責任具有績效保險的功能。"

"This study examines whether corporate social responsibility (CSR) has the function of mitigating a decline in performance when facing overall negative events and individual negative events - that is, whether CSR is like a form of insurance on performance. Firms engaging in CSR are able to establish and accumulate both trust and a positive reputation among the general public. When negative events occur, the trust and reputation established through CSR serve as a buffer against the impacts of those events, and the negative impacts on a firm will be relatively slight. Based on data of 1,484 listed non-financial firms on the Taiwan Stock Exchange (TWSE) and the Taipei Exchange (TPEx) from 2005 to 2015 and through correlation analysis and regression estimation, this study finds when firms confront overall negative events and firm-specific negative events that their performance and value tend to decline, while profit volatility increases. Interestingly, those with better CSR performance present a relatively small decline in performance and a relatively low increase in profit volatility, confirming that CSR does play a function like insurance on performance. "