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系統識別號 U0026-3006202000224300
論文名稱(中文) 企業社會責任表現對合資終止宣告股價之影響
論文名稱(英文) The Effect of Corporate Social Responsibility Performance to Stock Reactions of Joint Venture Termination Announcement
校院名稱 成功大學
系所名稱(中) 國際企業研究所
系所名稱(英) Institute of International Business
學年度 108
學期 2
出版年 109
研究生(中文) 曾妍綺
研究生(英文) Yen-Chi Tseng
學號 R66074012
學位類別 碩士
語文別 英文
論文頁數 39頁
口試委員 指導教授-張紹基
口試委員-李振宇
口試委員-曾瓊慧
口試委員-周庭楷
中文關鍵字 合資  合資中止  企業社會責任 
英文關鍵字 joint venture  joint venture termination  CSR performance 
學科別分類
中文摘要 在過去的文獻中,合資議題方面大多針對合資案的形成作探討,只有少數文獻探討合資案中止的情況。隨著企業社會責任在理論上與實務上受到越來越多的重視,許多文獻開始關注企業社會責任與企業財務績效間的關係。雖然過去有許多文獻分別針對合資案中止和企業社會責任作探討,但卻沒有文獻探討合資案中止和企業社會責任間的關係。因此本研究以利害關係人理論為基礎,探討企業社會責任的表現,是否能作為化解衝突的機制,並在合資案中止時,正面地影響股東的評價。
本研究以在2004年到2016年間曾中止合資案的102間母公司為研究對象,此外,我們採用Thomson Reuters ASSET4資料庫中的三個分數(分別為ESG controversies score、ESG score以及ESG combined score)來衡量企業的企業社會責任表現。實證結果顯示,(1)在企業社會責任表現上發生較少爭議的母公司,當中止合資案時,會產生較高的異常報酬。(2)不論是計畫中的或是無意的,合資中止的類型並不會影響企業社會責任與合資中止異常報酬間的關係。
英文摘要 When it comes to joint venture, previous studies mainly talk about joint venture formation. A few studies focus on joint venture termination and the influence on parent firms. As corporate social responsibility (CSR) becomes a popular issue among researchers and practitioners, many studies pay attention to the relationship between CSR engagement and financial performance of companies. Although there are several studies discuss joint venture termination and CSR separately, there is no existing research discusses the relationship between CSR and joint venture termination announcement returns. This study is the first literature that points out the importance of parent firm’s CSR performance to joint venture termination announcement returns.
This study adopts stakeholder theory and views CSR activities as a conflict-resolution mechanism. We examine the relationship between CSR performance and shareholders’ valuation from joint venture termination announcements. The sample of this study consist of 102 parent firms that terminated the joint ventures from 2004 to 2016. Besides, we use three scores in Thomson Reuters ASSET4 to measure CSR performance of firms which are ESG controversies score, ESG score, and ESG combined score.
The finding shows that ESG controversies score has a positive effect on joint venture termination announcement returns. That is, CSR performance with fewer controversies could serve as a conflict-resolution mechanism during joint venture termination. In addition, we find that the types of joint venture termination do not influence the relationship between CSR performance and joint venture termination announcement returns.
論文目次 Ⅰ. INTRODUCTION 1
Ⅱ. LITERATURE REVIEW AND HYPOTHESES 5
Ⅲ. METHODOLOGY 12
3.1 Sample 12
3.2 Variables 12
3.3 Model specification 18
Ⅳ. RESULTS 19
4.1 Overall Sample 19
4.2 Regression Analysis 24
Ⅴ. CONCLUSION 31
REFERENCES 33
APPENDIX 38

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