企業永續報告與股利支付之相關性──以家族企業為中介變數

THE RELATIONSHIP BETWEEN SUSTAINABILITY REPORTING AND DIVIDEND POLICY - THE MODERATE EFFECT OF FAMILY FIRM

本研究以2011年至2020年台灣上市（櫃）公司為研究對象，探討企業永續報告（CSR）以及強制／自願揭露CSR與股利支付之相關性，進行實證性研究。考量實證資料同時具有時間序列與橫斷面的特質，本研究採用追蹤資料法。研究實證支持企業CSR與企業現金股利或者股利總額呈正向相關。自願性揭露CSR相較於強制性揭露報告者有較高的股利支付，在績效較優與系統風險較高者，其CSR與股利支付之相關性顯著較高。家族企業型式會以家族企業利益為優先考慮，降低CSR與股利支付的正向相關。

This study investigates the relationship between Sustainability Reporting (CSR) and mandatory/voluntary CSR disclosure on dividend payments of listed companies in Taiwan from 2011 to 2020. To account for both the year-over-year trends and company-specific factors, the study utilizes a panel data model. The key findings reveal a positive correlation between CSR and both cash and total dividends distributed by corporations. Interestingly, companies that voluntarily disclose CSR information are associated with higher dividend payouts compared to those mandated to disclose. This suggests that voluntary disclosure might signal a stronger commitment to CSR, attracting investors who value such practices. Furthermore, the positive link between CSR and dividends is amplified for high-performing companies operating in environments with greater systemic risk. In other words, CSR appears even more important for financially sound companies and those navigating riskier environments. However, the study highlights that family-owned firms, which tend to prioritize family interests, exhibit a weaker correlation between CSR and dividend payments. This could be because these companies may prioritize reinvesting profits back into the business or distributing them to family members, even if strong CSR practices could benefit shareholders in the long run.