CSR 與企業財務績效關係之研究—以台灣的金控為例

Abstract

長期以來，企業社會責任一直是企業間有爭議的問題。根據世界可持續發展工商理事會（WBCSD）的定義，企業社會責任（CSR）的定義是“企業對持續遵守道德標準、為經濟發展做出貢獻、改善人民生活而做出的承諾”。員工及其家人的利益，以及整個社區和社會的整體福祉。本研究關注台灣金融控股公司的企業社會責任與企業財務績效之間的關係，以期為政府和企業決策者做出貢獻，旨在幫助人們和行業提高企業社會責任意識。研究對象為27家上市及OTC台灣商業銀行公司，數據資源由台灣經濟日報（TEJ）提供，研究時間為2015年至2020年5年。本研究使用DEA，用於衡量業務績效的常用方法，以及 Tobin Q 回歸分析。實證分析結果未達到顯著水平（方差分析驗證結果的F值為1.170，未達到顯著水平）。進一步考察回歸結果的內容，發現人均收入、人均設備和效率值呈負相關。員工平均增加值和每股收益與效率呈正相關。這項研究的結果顯然與 Stanwick 和 Stanwick (1998) 以及 Tsoutsoura (2004) 的主張不一致，後者支持企業社會責任與企業財務績效之間存在正相關關係。

CSR has long been a controversial issue among corporations. According to world business council for sustainability and development (WBCSD), the definition of corporate social responsibility (CSR)is “the promises that have been made by enterprises to continuously comply with ethical standards, make contribution to economic developments, and to improve the lives of its employees and their families as well as the general well-being of the whole communities and the society.” This research focuses on the relationship between CSR and corporate financial performance of the financial holding companies in Taiwan in expectation for making contribution to the government and corporate decision makers and aims at assisting people and industries to enhance the consciousness of CSR. The targeted data of the research are the twenty-seven listed and OTC Taiwanese commercial banking companies, the data resources are provided by Taiwan Economic Journal (TEJ) and the research time length is five years from 2015 to 2020. This study uses DEA, a common method used for measuring business performance, as well as Tobin’s Q regression analysis. The empirical analysis result did not reach the significant level (the F-Value of the variance analysis verification result was 1.170, which did not reach the significant level). Further inspection of the content of the regression results revealed that the average revenue per capita, the average equipment per capita, and the efficiency value are negatively related. The average employee value-added and earnings per share have a positive relationship with efficiency. The results of this study are clearly not consistent with the claims of Stanwick and Stanwick (1998) and Tsoutsoura (2004), which support a positive relationship between CSR and corporate financial performance.