進階搜尋


   電子論文尚未授權公開,紙本請查館藏目錄
(※如查詢不到或館藏狀況顯示「閉架不公開」,表示該本論文不在書庫,無法取用。)
系統識別號 U0026-2006201723310600
論文名稱(中文) 企業社會責任績效與權益資金成本之關聯性:進一步的證據
論文名稱(英文) Corporate Social Responsibility Performance and the Cost of Equity Capital:Further Evidence
校院名稱 成功大學
系所名稱(中) 會計學系
系所名稱(英) Department of Accountancy
學年度 105
學期 2
出版年 106
研究生(中文) 黃妤珊
研究生(英文) Yu-Shan Huang
學號 R16044130
學位類別 碩士
語文別 中文
論文頁數 20頁
口試委員 指導教授-陳政芳
口試委員-林囿成
口試委員-黃炳勳
口試委員-蔡群立
中文關鍵字 企業社會責任  權益資金成本  重大性 
英文關鍵字 corporate social responsibility  cost of equity capital  materiality 
學科別分類
中文摘要 近幾年,不管是實務界或是學術界,企業社會責任的概念不斷被倡導與討論,然而,永續議題多元繁雜,營利事業在考量成本效益下,應該優先對哪些議題進行投資呢?為探討此議題,本研究以企業社會責任績效對權益資金成本的影響作為測試,選用美國上市櫃公司為樣本,並以 KLD 指數作為企業社會責任績效的代理變數,參酌 Khan,Serafeim, 及 Yoon,(2016)的方法,依照 SASB 永續會計準則的產業別重大永續議題,
將 KLD 指數分類為重大及非重大分數後,分別以原始、重大、非重大 KLD 分數跑迴歸,在控制了系統性風險、公司規模、淨值市值比、負債比率、分析師預測的分散度這些預期會影響權益資金成本的變數後,實證結果發現,企業社會責任績效與權益資金成本為顯著反向關係,且顯著性來自於投資於重大永續議題的企業社會責任績效,投資於非重大永續議題的企業社會責任績效則不顯著,顯示企業社會責任績效好的公司,能享受較低的權益資金成本,但對永續議題進行投資時,必須考量該產業的重大永續議題,若都投資於非重大永續議題,則無法享受較低的權益資金成本,另一方面,因為 SASB 永續會計準則近幾年才發布,其所制定出的永續重大議題準則是否能夠幫助企業聚焦於真正重要的永續議題,本研究亦提供驗證。
英文摘要 This paper further investigates the relationship between corporate social responsibility performance and the cost of equity capital for public-listed firms in U.S. By decomposing the KLD score into materiality performance score and immaterial performance score, I run the regression in three different models. The empirical results show that firms with better corporate social responsibility performance exhibit cheaper equity financing. Further, firms with good ratings on material sustainability issues significantly exhibit cheaper equity financing than firms with poor ratings on these issues.
論文目次 壹、前言 .................................................. 1
貳、文獻探討與研究假說............................ ........ 3
參、研究方法 .............................................. 5
一、實證迴歸模型 .......................................... 5
二、變數衡量 .............................................. 5
三、研究期間與觀察值 ..................................... 12
四、敘述性統計與相關分析 ................................. 12
肆、實證結果與分析........................................ 15
一、單變量 ............................................... 15
二、多變量 ............................................... 16
伍、研究結論限制與建議 ................................... 17
參考文獻 ................................................. 19
參考文獻 Amir Amel-Zadeh (2016), The Materiality of Nonfinancial Information: A Review of Theory and Empirical Evidence on Sustainability Disclosures, Corporate Social Responsibility and Responsible Investing. Working Paper.
Aupperle, K., A. Caroll, and J. D. Hatfield (1985). An Empirical Examination of the Relationship between Corporate Social Responsibility and Profitability. Academy of
Management Journal 28, 446-463.
Baron, D.P. (2008). Managerial Contracting and Corporate Social Responsibility. Journal of Public Economics 91, 268-288.
Benabou, R. and J. Tirole (2010). Individual and Corporate Social Responsibility. Economica 77, 1-19.
Chen, K., Chen, Z., Wei, K., (2011). Agency costs of free cash flow and the effect of shareholder rights on the implied cost of equity capital. Journal of Financial and Quantitative Analysis, 46(1), 171-207.
Chiara Mio and Marco Fasan (2013). Materiality from financial towards non-financial Reporting.Working Paper.
Dan S. Dhaliwal, Oliver Zhen Li, Albert Tsang, Yong George Yang, 2011. Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social
Responsibility Reporting. The Accounting Review 86(1), 59–100.
Dhaliwal, D., Eheitzman, S., Li, O. Z. (2006). Taxes, leverage, and the cost of equity capital. Journal of Accounting Research 44, 691-723.
Eric J. Hespenheide and Dinah A. Koehler (2012, April) Disclosure of long-term business value: What matters? Deloitte University Press, 7-16.
Fama, E. F. and K. R. French (1992), The Cross-Section of Expected Stock Returns. Journal of Finance 47(2), 427-65.
Freeman, R. Edward (1984). Strategic Management: A stakeholder approach. Boston:Pitman.
Gode, D., Mohanram, P. (2003). Inferring the cost of capital using the Ohlson-Juettner model. Review of Accounting Studies 8, 399-431.
Heal, G. (2005). Corporate Social Responsibility : An Economic and Financial Framework. The Geneva Papers 30, 387-409.
Jensen, M. (1986). Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review 76, 323-329.
Jensen, M. C., & Meckling, W. (1976). Theory of the Firm: Managerial Behavior,Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
O Falck, S Heblich (2007, May–June). Corporate social Responsibility : Doing well by doing good.Business Horizons Elsevier 50(3), 247–254.
Pittman, J. A. and S. Fortin (2004), Auditor Choice and the Cost of Debt Capital for Newly Public Firms. Journal of Accounting and Economics 37(2), 113-36.
Robert C. Merton (1987). A Simple Model of Capital Market Equilibrium with Incomplete Information.The Journal of Financial 42(3),483–510.
Robert G. Eccles, Jean Rogers,George Serafeim (2012).The Need for Sector-Specific Materiality and Sustainability Reporting Standards. Journal of Applied Corporate Finance. 24(2), 65-71.
Robert G. Eccles, Michael P. Krzus(2014).The Integrated Reporting Movement: Meaning, Momentum Motives, and Materiality. Wiley Corporate F&A.
論文全文使用權限
  • 同意授權校內瀏覽/列印電子全文服務,於2022-06-01起公開。
  • 同意授權校外瀏覽/列印電子全文服務,於2022-06-01起公開。


  • 如您有疑問,請聯絡圖書館
    聯絡電話:(06)2757575#65773
    聯絡E-mail:etds@email.ncku.edu.tw