臺灣博碩士論文加值系統

本研究欲透過經理人的特質、經理人與股東之間代理問題與公司對企業社會責任承諾的真誠心，來驗證企業社會責任與財務績效之關聯性是否受到此三個因素影響，而產生不同的結果。首先，我們依據Deng, Kang, and Low (2013)所歸納的「利害關係人價值最大化」與「股東代價」兩個觀點作為基礎，利用美國合併事件作為樣本，探討善盡企業社會責任的公司，合併宣告後的股票累積異常報酬會較高或較低。
接著，進一步納入經理人特質作為考慮因素，Martin (2002) 認為經理人必須擁有能力與利他的內在動機兩種特質，才能使公司達到「策略區」善盡企業社會責任，還能同時讓股東財富增加。再來，解決衝突理論認為，好的公司治理可以降低經理人與股東間代理問題，從而經理人會傾向用企業社會活動去解決投資人與非投資人的利害衝突，進而對股東帶來好的財務績效。最後，依Mackey, Mackey, and Barney (2007) 及Schuler and Cording (2006) 的經濟故事，投資人對於頻繁改變公司企業社會責任活動策略的做法，即使目前做好事，也會讓利害關係人覺得該公司背後的動機並不真誠，進而不會以行動支持該公司。
不同於過去文獻，本研究認為不同程度的企業社會責任活動策略，會為公司帶來不同的財務績效，故考量上述三個影響因素，利用Ordinary Least Square(OLS)迴歸模型分析主併公司合併宣告後的股票累積異常報酬，實證結果發現，當公司經理人與股東之間代理問題小(公司治理機制好)，或者當公司對企業社會責任承諾的真誠度越高，合併事件之主併方投入較多資源於企業社會責任活動時，合併宣告後的股票累積異常報酬會較低，支持解決衝突理論與Mackey, Mackey, and Barney (2007) 及Schuler and Cording (2006) 的經濟故事，代表資本市場重視代理問題與公司對於善盡企業社會責任承諾真誠心，好的公司治理機制與較穩定的企業社會責任政策，將會使主併公司的股東財富增加。

Dang, Kang, and Low (2013) used a large sample of mergers in U.S to analyze the link between corporate social responsibility (CSR) and corporate financial performance (CFP). But we claim that they ignore three important factors, including agency problem between managers and shareholders, CSR commitment sincerity, managerial vision (managerial ability and altruism). Base on Dang, Kang, and Low (2013), we further examine whether this three factors has influence on CSR-CFP link. Thus, we find that the lower agency problems, the higher merger announcement returns. We also find that when firms have commitment sincerity on CSR, they will have higher merger announcement returns. These evidences support conflict-resolution theory and stories from Mackey, Mackey, and Barney (2007), Schuler and Cording (2006).

目錄
第壹章 緒論 1
第一節 動機與背景 1
第二節 研究目的 8

第貳章 文獻探討 9
第一節 企業社會責任與財務績效關聯性 9
第二節 三個對於「企業社會責任與財務績效關聯性」之影響因素 11

第參章 研究設計 20
第一節 研究假說發展 20
第二節 資料來源與樣本篩選 24
第三節 研究指標與變數定義 27
第四節 研究模型與方法 31

第肆章 實證結果與分析 36
第一節 敘述性統計量分析 37
第二節 合併、企業社會責任與財務績效關聯性 42
第三節 經理人能力與利他心、企業社會責任，在合併後對財務績效的影響 46
第四節 代理問題、企業社會責任，在合併後對財務績效的影響 49
第五節 企業社會責任的持續性，在合併後對財務績效的影響 53

第伍章 結論與建議 60
第一節 研究結論 60
第二節 研究限制與建議 63

參考文獻 64

中文文獻

池祥萱、池祥麟、梁綺羚,2014，企業社會責任之策略性分析，管理評論，已接受（TSSCI）未出版。
杜英宗,2015,用併購讓經營更卓越:就算爬窗也要聽的熱門課,天下雜誌出版社。

英文文獻

Alchian, A.A., Demsetz, H., 1972. Production, information costs, and economic organization. American Economic Review 62, 777–795.
Alexander, G. J., & Buchholz, R. A. 1978. Corporate social responsibility and stock market performance. Academy of Management Journal, 21: 479–486.
Anderson, J. C., & Frankle, A. W. 1980. Voluntary social reporting: An iso-beta portfolio analysis. Accounting Review, 55: 467–479.
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17, 99–120.
Baron, D.: 2007, ‘Corporate Social Responsibility and Social Entrepreneurship’, Journal of Economics and Management Strategy 16, 683–717.
Baron, D.: 2008, ‘Managerial Contracting and Corporate Social Responsibility’, Journal of Public Economics 92, 268–288.
Basu, K., & Palazzo, G. 2008. Corporate social responsibility: A process model of sensemaking. Academy of management review, 33(1), 122-136.
Bénabou, Roland, Tirole, Jean, 2010. Individual and corporate social responsibility. Economica 77 (305), 1–19.
Berle, A. A., Jr., & Means, G. C. 1932. The modern corporation and private property. New York: Macmillan.
Bernea, A., Rubin, A., 2010. Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics 71–86.
Bertrand, M. and A. Schoar. 2003. Managing with style: The effect of managers on firm policies. The Quarterly Journal of Economics 118 (4): 1169–1208.
Borghesi, R., Houston, J. F., & Naranjo, A. 2014. Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26, 164-181.
Byrd, J.J., Hickman, K.A., 1992. Do outside directors monitor managers? Journal of Financial Economics 32, 195–221.
Calton, J. and S. Payne: 2003, ‘Coping with Paradox’, Business and Society 42, 7–42.
Coase, R.H., 1937. The nature of the firm. Economica 4, 386–405.
Cornell, B., Shapiro, A.C., 1987. Corporate stakeholder and corporate finance. Financial Management 16, 5–14.
Cronqvist, H., Heyman, F., Nilsson, M., Svaleryd, H., Vlachos, J., 2009. Do entrenched managers pay their workers more? Journal of Finance 64, 309–339.
Davis, K. 1973. The case for and against business assumption of social responsibilities. Academy of Management Journal, 16: 312–322.
Datta, S., Iskandar-Datta, M., Raman, K., 2001. Executive compensation and corporate acquisition decisions. Journal of Finance 56, 2299–2336.
Demerjian, P., Lev, B., & McVay, S. 2012. Quantifying managerial ability: A new measure and validity tests. Management Science, 58(7), 1229-1248.
Deng, X., Kang, J. K., & Low, B. S. 2013. Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110(1), 87-109.
Deephouse, D. L. 2003. Stakeholder knowledge of corporate citizenship: Integrating reputation into the CSP/CFP debate. Paper presented at the annual meeting of the Academy of Management, Seattle.
Di Giuli, A., & Kostovetsky, L. 2014. Are red or blue companies more likely to go green? Politics and corporate social responsibility. Journal of Financial Economics, 111(1), 158-180.
Drucker, P. F. (2009). Managing in a time of great change. Harvard Business Press.
Dowling, G., & Moran, P. 2012. Corporate reputations: Built in or bolted on? California Management Review, 54(2), 25–42.
Edmans, A., Gabaix, X., Landier, A., 2009. A multiplicative model of optimal CEO incentives in market equilibrium. Review of Financial Studies 22, 4881–4917.
Freeman, R.E., Wicks, A.C., Parmar, B., 2004. Stakeholder theory and ‘the corporate objective revisited. Organization Science 15, 364–369.
Friedman, M. 1970. The social responsibility of business is to increase its profits. New York Times, September 13: 122-126.
Friedman, M., 1998. The social responsibility of business is to increase its profits. In: Pincus, L.B. (Ed.), Perspectives in Business Ethics, McGraw-Hill, Singapore, p. 246–251.
Frooman, J. 1997. Socially irresponsible and illegal behavior and shareholder wealth. Business & Society, 36: 221–249.
Gompers, P., Ishii, J., Metrick, A., 2003. Corporate governance and equity prices. Quarterly Journal of Economics 118, 107–155.
Hart, O.D., 1983. The market mechanism as an incentive scheme. Bell Journal of Economics 14, 366–382.
Hill, C.W.L., Jones, T.M., 1992. Stakeholder-agency theory. Journal of Management Studies 29, 131–154.

Hitt, M. A., Biermant, L., Shimizu, K., & Kochhar, R. 2001. Direct and moderating effects of human capital on strategy and performance in professional service firms: A resource-based perspective. Academy of Management journal, 44(1), 13-28.
Jawahar, I.M., McLaughlin, G.L., 2001. Toward a descriptive stakeholder theory: an organizational life cycle approach. Academy of Management Review 26, 397–414.
Jensen, M.C., Meckling, W.H., 1976. Theory of the firm: managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 3, 305–360.
Jensen Michael C. 2001. Value Maximization, Stakeholder Theory, and the Corporate Objective Function. Journal of Applied Corporate Finance, 14(3), 8-21.
Jiao, Y., 2010. Stakeholder welfare and firm value. Journal of Banking and Finance 34, 2549–2561.
Jiraporn, P. and P. Chintrakarn, 2013, How do powerful CEOs view corporate social responsibility (CSR)? Economics Letters 119, 344-347.
Jones, T. M. 1995. Instrumental stakeholder theory: A synthesis of ethics and economics. Academy of Management Review, 20: 404–437.
Kor, Y. Y. 2003. Experience-based top management team competence and sustained growth. Organization Science, 14(6), 707-719.
Lang, L., Stulz, R.M., Walkling, R.A., 1989. Managerial performance, Tobin's q, and the gains from successful tender offers. Journal of financial Economics 24, 137–154.
Loughran, T., Ritter, J.R., 2004. Why has IPO underpricing changed over
time? Financial Management 33, 5–37.

Mackey, A., Mackey, T. B., & Barney, J. B. 2007. Corporate social responsibility and firm performance: Investor preferences and corporate strategies. Academy of management review, 32(3), 817-835.
Mahon, J. F. 2002. Corporate reputation: A research agenda using strategy and stakeholder literature. Business & Society, 41: 415–445.
Masulis, R.W., Wang, C., Xie, F., 2007. Corporate governance and acquirer returns. Journal of Finance 62, 1851–1889.
Martin, R. L. 2002. The virtue matrix: Calculating the return on corporate responsibility. Harvard business review, 80(3), 68-75.
Mattingly, J. E., & Berman, S. L. 2006. Measurement of corporate social action discovering taxonomy in the Kinder Lydenburg Domini ratings data. Business & Society, 45(1), 20-46.
McGuire, J.B., Sundgren, A., Schneeweis, T., 1988. Corporate social responsibility and firm financial performance. Academy of Management Journal 31, 854–872.
McWilliams, A., Siegel, D., 2000. Corporate social responsibility and financial performance: correlation or misspecification? Strategic Management Journal 21, 603–609.
Morck, R., Shleifer, A., Vishny, R.W., 1990. Do managerial incentives drive bad acquisitions? Journal of Finance 45, 31–48.
New York Times Magazine, 1970. The Social Responsibility of Business is to increase its Profits. M. Friedman, September 13.
Nickell, S., 1996. Competition and corporate performance. Journal of Political Economy 104, 724–746.
Porter, M. E. 1980. Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press, New York.
Pagano, M., Volpin, P.F., 2005. Managers, workers, and corporate control. Journal of Finance 60, 841–868.
Porter, M. E., & Kramer, M. R. 2006. The link between competitive advantage and corporate social responsibility. Harvard business review, 84(12), 78-92.
Preston, L. E., & O’Bannon, D. P. 1997. The corporate social- financial performance relationship: A typology and analysis. Business & Society, 36: 419–429.
Prahalad, C.K. and Hamel, G. 1994 Strategy as a Field of Study: Why Search for a New Paradigm? Strategic Management Journal, 15, 5-16.
Scherer, A., G. Palazzo and D. Baumann: 2006, ‘Global Rules and Private Actors, Toward a New Role of the TNC in Global Governance’, Business Ethics Quarterly 16, 502–532.
Schuler, D. A., & Cording, M. 2006. A corporate social performance–corporate financial performance behavioral model for consumers. Academy of Management Review, 31(3), 540-558.
Sen, S., & Bhattacharya, C. B. 2001. Does doing good always lead to doing better? Consumer reactions to corporate social responsibility. Journal of Marketing Research, 38: 225–243.
Simmons, C.J., Becker-Olsen, K.L., 2006. Achieving marketing objectives through social sponsorships. Journal of Marketing 70, 154–169.
Smith,A. (1776): An Inquiryinto the Nature and Causes of the Wealthof Nations. New York: Modern Library, 1937.
Surroca, J., Tribo, J.A., 2008. Managerial entrenchment and corporate social performance. Journal of Business Finance and Accounting 35, 748–789.
Teoh, S.H., Welch, I., Wazzan, C.P., 1999. The effect of socially activist investment policies on the financial markets: evidence from the South African boycott. Journal of Business 72, 35–89.
Tirole, J., 2001. Corporate governance. Econometrica 69, 1–35.
Ullmann, A. A. 1985. Data in search of a theory: A critical examination of the relationships among social performance, social disclosure, and economic performance of U.S. firms. Academy of Management Review, 10: 540– 557.
Vance, S., 1975. Are socially responsible firms good investment risks? Management Review 64, 18–24.
Waddock, S. A., & Graves, S. B. 1997. The corporate social performance–financial performance link. Strategic Management Journal, 18: 303–319.
Wernerfelt, B. 1984. A resource based view of the firm. Strategic Management Journal, 5, 171–180.
Whetten, D. A., & Mackey, A. 2004. An identity-congruence explanation of consistently high corporate social performance ratings. Working paper, Marriott School of Management, Brigham Young University, Provo, UT.
Yoon, Y., Gu ̈rhan-Canli, Z., & Schwarz, N. 2003. When doing good is bad for you: Backfire effects of corporate social responsibility (CSP) activities. Working paper, Jesse H. Jones Graduate School of Management, Rice University, Houston.