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系統識別號 U0026-2107202021463700
論文名稱(中文) 探討英國公司社會責任績效與財務績效之關聯性—以社會責任報告書資訊內涵為中介效果
論文名稱(英文) Exploring the Association between British Companies' CSR Performance and Financial Performance-Using the Information Content of CSR Reports as a Mediator
校院名稱 成功大學
系所名稱(中) 財務金融研究所
系所名稱(英) Graduate Institute of Finance
學年度 108
學期 2
出版年 109
研究生(中文) 江宜倩
研究生(英文) Yi-Chien Chiang
學號 R86071092
學位類別 碩士
語文別 英文
論文頁數 60頁
口試委員 指導教授-顏盟峯
口試委員-許永明
口試委員-許英麟
中文關鍵字 企業社會責任績效  深度學習  財務績效  情感分析 
英文關鍵字 Corporate Social Responsibility Performance  Deep Learning  Financial Performance  Sentiment Analysis 
學科別分類
中文摘要 本研究針對英國上市公司中的環境重大性產業進行研究,並以2004年至2018年作為研究期間,分別探討企業社會責任績效、企業社會責任報告書情緒與財務績效兩兩之間的關係,以及企業社會責任報告書情緒對於企業社會責任績效與財務績效之間關係的中介效果。企業社會責任為企業尋求永續發展的一大策略,其表現可以替企業帶來良好的聲譽以及獲取投資人的信任,進而對企業的財務績效帶來正面影響。而投資人將從企業社會責任報告書了解企業的相關作為,報告書的文字情緒背後所代表的資訊內涵將影響投資人對於企業的評價。本研究運用深度學習技術探討企業社會責任報告書的資訊內涵,將報告書情緒轉換為數值,成為非財務績效的衡量指標。本研究實證結果顯示,企業社會責任績效和財務績效存在正向關係,且當企業擁有較佳的企業社會績效,社會責任報告書將會使用較正面的文字以及更興奮的語氣描寫。另外,社會責任報告書的情緒對於財務績效有正面的影響,且扮演中介者角色,影響企業社會責任績效以及財務績效之間的關係。
英文摘要 This study investigates the relation between the CSR performance, CSR report sentiments and firm’s financial performance, and the mediating effect from CSR report sentiments. CSR tends to improve firms’ reputation and obtain trust from investors, and causes a positive impact on firms’ financial performance. CSR reports is a way for investors to know the firms’ behaviors, and the sentiments on it are informative, which could affect the investors’ valuation of firms. Based on the samples from UK listed firms for the period 2004-2018, our empirical results show that CSR performance has a positive impact on CSR report sentiments and market performance separately. In addition, the relation between CSR report sentiment and financial performance is positive. Besides, CSR report sentiments have a mediating effect on the relation between CSR performance and market performance. The results imply that the CSR report sentiments is informative, which may positively affect the investors’ perception of the firms’ market value, which further results in better market performance.
論文目次 Contents
中文摘要 i
Abstract ii
誌謝 iii
Contents iv
List of Tables v
List of Figures vi
1. Introduction 1
1.1 Background 1
1.2 Motivation and Purpose 3
1.3 Research Structure 4
2. Literature Review and Hypothesis Development 5
2.1 CSR Performance and Firms’ Financial Performance 5
2.2 Text Mining Techniques and CSR Report 6
2.3 CSR Report Sentiment and Financial Performance 8
2.4 CSR Performance and CSR Report Sentiment 9
2.5 CSR Report Sentiment’s Role of Mediator 10
3. Data and Methodology 11
3.1 Data Source and Data Pretreatment 11
3.2 Classifications of Sentiment on Sentences 14
3.3 Deep Learning Model 16
3.4 Measurement of Sentiments Prediction 20
3.5 Research design 21
4. Empirical results 29
4.1 Descriptive Statistics 29
4.2 Test of Hypothesis 1 35
4.3 Test of Hypothesis 2 39
4.4 Test of Hypothesis 3 41
4.5 Test of Hypothesis 4 44
4.6 Further Research 49
5. Conclusion 53
References 55

List of Tables
Table 1 Summary of Sample 12
Table 2 Example of Sentence Segment 12
Table 3 Example of Word Segment 13
Table 4 Emotional Words on ANEW 13
Table 5 Example of Emotional Words on the Sentence 13
Table 6 Example of Sentence Sentiment Labeling 15
Table 7 Descriptive Statistics for the Sentiment of Labeled 2000 Sentences 15
Table 8 Hyperparameters Configuration after Adjustment 19
Table 9 Average MSEs of 10 Cross-validation 20
Table 10 Data Summary 20
Table 11 Detail of ESG Scores Calculation 23
Table 12 Summary of Variables 27
Table 13 Descriptive Statistics 31
Table 14 Correlation Matrix (1) 33
Table 15 Correlation Matrix (2) 34
Table 16 Test of Hypothesis 1 (Tobin’s Qt as dependent variable) 37
Table 17 Test of Hypothesis 1 (Tobin’s Qt+1 as dependent variable) 38
Table 18 Test of Hypothesis 2 (CSR report sentiments in year t as dependent variable) 40
Table 19 Test of Hypothesis 3 (Tobin’s Qt as Dependent variable) 42
Table 20 Test of Hypothesis 3 (Tobin’s Qt+1 as Independent variable) 43
Table 21 Test of Hypothesis 4 (Tobin’s Qt as dependent variable) 45
Table 22 Test of Hypothesis 4 (Tobin’s Qt+1 as dependent variable) 47
Table 23 Test of Change Model (Tobin’s Qt as dependent variable) 50
Table 24 Results of Sobel Test 52

List of Figures
Figure 1 Valence and Arousal 14
Figure 2 GRU-CNN Model 17
Figure 3 Values of Valence after Shifted 21
Figure 4 Direct Effect Model 22
Figure 5 Mediating Effect Model 22

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