本研究探討家族或非家族企業在CSR整體表現對財務績效穩定性的影響，研究期間自2010年起至2021年，以臺灣證券交易所之上市公司為研究對象，並依據台灣經濟新報資料庫(TEJ)的集團控制型態模組將其區分為家族與非家族企業。實證結果發現，非家族企業的CSR表現優於家族企業，而總資產報酬率與公司價值的穩定性方面，則為家族企業表現優於非家族企業，此結果符合Mork and Yeung (2004)所主張的論點，家族企業較注重維護其家族利益，缺乏誘因調節企業與利害關係人的關係。本研究進一步納入家族企業的虛擬變數，並考量家族企業與CSR的交互作用後發現，當CSR表現越好，會使家族企業的總資產報酬率更為穩健，但不如非家族企業顯著。而無論是否為家族或非家族企業，企業之CSR整體表現皆使股東權益報酬率及每股盈餘更為穩健。自2020年起Covid-19蔓延，導致全球經濟發展的不確定性提升，本研究亦納入Covid-19期間進行穩健性分析，實證結果顯示在2020年後之Covid-19期間，CSR整體表現對總資產報酬率、股東權益報酬率及每股盈餘的穩定性影響，不因是否為家族企業而有所差異。整體而言，無論是否發生Covid-19之系統性影響，當家族企業於CSR表現越好時，公司價值則更為穩健。

This study examines the impact of family or non-family firms in CSR behavior on performance stability. The research samples are the listed companies in the Taiwan Stock Exchange and this study classifies them into family and non-family companies based on the corporate control types of the Taiwan Economic Journal (TEJ) for the period from 2010 to 2021. The empirical results show that non-family firms outperform family firms in terms of CSR performance, while the stability of ROA and Tobin’s Q is better for family firms than for non-family firms. The results are in line with Mork and Yeung's (2004) findings that family firms are more concerned with maintaining their family interests and lacking in the cause to regulate the relationship between the firm and stakeholders. This study further incorporates the dummy variables for family control and considers the interaction effects between family firms and CSR. CSR performance leads to a more stable ROA for family firms but not as significantly as for non-family firms. Regardless of whether it is a family or non-family business, the overall CSR performance of the company will make the ROE and EPS more stable. As the global economy has become more uncertain due to the spread of Covid-19 in recent years, this study includes the Covid-19 period. The empirical results show that during Covid-19, the overall performance of CSR has no difference on the stability of total ROA, ROE, and EPS depending on whether the company is a family control or not. Overall, regardless of whether or not the systemic impact of Covid-19 occurs, when family control performs better in CSR, the company’s value is more stable.

摘 要 i
ABSTRACT ii
誌 謝 iii
目錄 iv
表 目 錄 vi
圖 目 錄 vii
壹、緒論 1
一、研究背景與動機 1
二、研究目的 5
三、研究架構 6
貳、文獻探討 7
一、財務績效與績效穩定性 8
二、企業社會責任與ESG概念發展 10
三、家族企業之定義與其特性 13
四、Covid-19與企業社會責任投入之關聯 17
五、研究假說歸納 19
參、研究設計與方法 22
一、樣本說明 22
二、企業社會責任指標建立 26
三、財務績效指標與財務績效穩定性指標 28
四、控制變數 30
五、研究模型 31
肆、實證結果與分析 35
一、敘述性統計 35
二、相關係數分析 38
三、家族與非家族企業於CSR表現的平均數差異性檢定 40
四、企業社會責任指標對財務績效穩定性影響之迴歸分析 43
五、家族與非家族企業其績效穩定性指標之檢定與迴歸分析 47
六、Covid-19期間對績效穩定性影響之迴歸分析 58
伍、結論 68
一、研究結論 68
二、理論意涵 70
三、管理意涵 71
四、研究建議與限制 72
參考文獻 73
一、中文文獻 73
二、英文文獻 74
附錄一、CSR指數的建立準則說明-以長榮航空 (2618) 為例 79

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