機構投資人比例與企業社會責任關聯之研究: 以臺灣上市櫃公司為例

Abstract

過往文獻曾討論公司層面的企業社會責任（CSR）如何影響財務績效、資本結構及機構持股等。而本國少有討論機構持股與公司CSR關係的相關文獻，因此此篇論文使用台灣上市櫃公司近十年的機構持股資料，探討機構投資人是否能夠促進公司CSR活動的落實。我們採用2007年至2019年天下雜誌企業公民得獎名單來衡量企業CSR績效，發現擁有較高比例的機構投資人的公司在社會責任表現上較佳。此外，與本國機構投資人相比，外國機構投資人的影響更為顯著。整體而言，實證結果顯示，機構投資人對公司CSR有正面的貢獻。

Existing literature has explored how firm-level corporate social responsibility (CSR) affects financial performance, capital structure, institutional holdings, etc. However, few studies in Taiwan discuss the relationship between institutional holdings and CSR. Therefore, this study aims to explore whether institutional investors could promote the implementation of CSR activities by examining the evidence from Taiwan. Using data from the CSR Award of CommonWealth Magazine to measure firms’ CSR performance, we find that greater institutional ownership is associated with higher CSR measures for publicly listed companies in Taiwan over the 2007-2019 period. Additionally, we find the effect is more pronounced for foreign institutional investors than domestic institutional investors. The results suggest that overall institutional investors are able to generate positive impact on firms’ CSR outcomes.