CSR是否能為企業帶來類保險效果?

Abstract

本文以台灣上市櫃公司為研究對象，以企業受到券商調降評等為負面事件，欲探討企業社會責任的投入是否能在企業發生負面事件時提供類保險效果。如果好的企業社會責任能提供類保險效果，當公司被降等時，企業社會責任表現較好的公司股價跌幅較小。本文研究結果發現：發生降等的負面事件時，若企業有出版企業社會責任報告書，則其股價跌幅相較於沒有出版企業社會責任報告書的公司小，顯示出版企業社會責任報告書能產生類保險效果。本文亦發現，企業社會責任報告書但第三方認證為AA1000認證不能提供類保險效果。此外，本文結果發現，當降等程度比較不嚴重時，類保險效果較為顯著。

Using the sample of listed firms in Taiwan, this thesis examines whether firms’ engagement in corporate social responsibility (CSR) can provide an insurance-like effect when they are downgraded by stock analysts. If good CSR has the insurance-like effect, the drop in stock price caused by a downgrade should be smaller for firms with better CSR. The thesis finds that when downgrades occur, the firms that publish CSR reports have relatively smaller drops in stock price than those that do not publish CSR reports, suggesting that publishing the CSR report can generate an insurance-like effect. It also finds that the CSR reports with the AA1000 certification do not have the insurance-like effect. In addition, the insurance-like effect seems to be more significant when the downgrades are less serious.