企業社會責任在新冠疫情期間對股票報酬之影響

Corporate Social Responsibility and Stock Returns during the COVID-19 Crisis

過去研究發現企業社會責任表現較佳的企業在股市崩盤期間具有顯著較高的報酬，在2014年金融監督管理委員會要求符合特定條件之企業須編製企業社會責任報告書後，新冠疫情為首次出現股市崩盤之事件，因此提供了探討企業社會責任對台灣上市櫃股票報酬在崩盤期間影響程度的自然實驗環境。實證結果顯示企業社會責任表現較佳的企業在新冠疫情的崩盤期間確實具有顯著較高的報酬，且在控制公司治理變數後，此結果仍相當穩健。進一步的實證分析顯示編製並揭露企業社會責任報告書的企業，在新冠疫情的崩盤期間亦具有較佳的報酬表現。整體而言，本研究支持企業社會責任的實施對企業在新冠疫情的崩盤期間的報酬表現存在顯著正向的效益。

The COVID-19 pandemic is the first crisis to take place since the Taiwan Stock Exchange imposed the regulation of mandatory corporate social responsibility (CSR) disclosure in 2014, providing a natural experiment to examine whether CSR engagement is beneficial for protecting shareholders’wealth during a crisis. In this study, I show that Taiwanese listed firms with better CSR performance have achieved remarkably higher returns during the pandemic crisis period from January 20 to March 23, 2020. Additionally, the impact of CSR on stock returns during the pandemic crisis period is found to be robust after controlling for several measures of corporate governance. Further analysis shows that firms with CSR disclosures have demonstrated superior performance during the pandemic. Overall, the empirical evidence supports the claim that CSR has helped enhance firm performance during the COVID-19 pandemic crisis period in Taiwan.