企業社會責任與公司風險之關聯性

Abstract

隨著企業社會責任（CSR）之議題逐漸受到政府及社會大眾之關注，不論在學術界或實務界皆對其愈加重視，使企業社會責任成為各方利害關係人評估企業潛在風險及獲利能力的重要管道之一。本研究以 2007 年至 2017 年獲得天下雜誌《企業公民獎》之得獎企業，以及相對應之非得獎企業作為研究對象，探討企業社會責任與企業風險間之關聯性，驗證企業執行社會責任是否將降低企業風險。傳統上，企業經理人在進行投資決策時，皆以極大化股東利益作為主要考量，而從過去相關之研究文獻中發現，股東具有風險偏愛之傾向，但從事企業社會責任之企業經理人，在人格特質上，通常具備較高的道德水準，其在進行投資決策時，除了以極大化股東利益作為目標外，同時亦考慮包括如：債權人、員工等利害關係人之利益，及企業活動可能對環境所造成之影響，進而選擇較為穩健之經營模式，加上執行企業社會責任所帶來之正面效益，降低公司之企業風險。本研究實證結果發現，企業社會責任與企業風險間確實具有顯著的負向關係，並顯示兩者間之交互因果關係為企業社會責任之投入將能產生降低企業風險之效益，另外加以進行穩健性測試之結果亦大致相符。

Governments and the public recently show more interest in corporate social responsibility (CSR), so do the academics and the practice community. The increasing popularity of corporate social responsibility during the past few years has made it a conduit for stakeholders to measure the potential firm risk and profitability. The sample consists of winners of the Corporate Citizenship Award conferred by Common Wealth Magazine and their correspondence during 2007 to 2017 investigating the relationship between corporate social responsibility and firm risk. Implementation of corporate social responsibility will reduce firm risk. Traditionally, corporate managers took maximizing the interest of shareholders as the main consideration, who are risk preferred. However, the managers of corporate social responsibility firms often possess higher morality standards, make them are more concern about stakeholders, such as debtors, employees etc. and the environments rather than only considering shareholders and operate with conservatism; in addition, implementing corporate social responsibility will produce some benefits which further reduce firm risk. The research results showed that corporate social responsibility and firm risk are negatively correlated and that the implementation of corporate social responsibility will reduce firm risk. And the result of robust test showed consistence.