字裡行間顯實績：檢視CSR報告書可讀性與CSR績效之關聯

Abstract

本研究利用台灣上市櫃公司在2015年至2021年間發布的2,657份CSR報告書作為研究樣本，探討CSR績效與報告書可讀性之間的關聯，利用報告書中難詞的數量衡量CSR報告的可讀性，並使用台灣經濟新報資料庫中的TESG永續發展指標，於其三項支柱各取議題實績效，但排除資訊揭露程度部分之得分後取分數總和辨識CSR較佳或較差公司，以研究公司是否會因為CSR績效的領先或落後而有不同的揭露行為。實證結果顯示，CSR績效表現優秀或大幅進步的公司，傾向於在其報告書中使用更多的難詞。而CSR績效表現較差的公司則傾向於減少使用難詞的數量。對於CSR績效表現優異或大幅進步的公司，機構投資人的持股比率以及資本支出比率更進一步影響報告書中難詞的使用數。此結果表明CSR績效表現優秀公司之溝通策略：其認為使用更多的難詞能夠提供更具體且客觀的資訊，以達到優化溝通效果的目的。因此本研究提出，相較於傳統的可讀性指標，報告書中的難詞數更可幫助重視企業社會責任的利益關係人區分CSR實際績效為領先或落後的企業。

This study utilizes a sample of 2,657 CSR reports issued by listed companies in Taiwan from 2015 to 2021 to explore the relationship between CSR performance and the readability of CSR reports. The number of difficult words in the reports serves as a measure of readability, while the company's CSR performance is evaluated using the TESG sustainability scores with respect to the performance in ESG for each of the three (E, S, and G) pillars, with the score for the degree of information disclosure for each pillar been excluded, to identify under-performing and over-performing companies in terms of CSR. The research investigates whether the disclosure behaviors of companies change with their CSR performance. Empirical results show that companies with excellent or significantly improved CSR performance tend to use more difficult words in their reports. Conversely, companies with lower CSR performance are more likely to reduce the number of difficult words used. For companies with excellent or greatly improved CSR performance, the institutional investor ownership ratio and capital expenditure ratio further moderate the association between CSR performance and the use of difficult words in the reports. This indicates that companies with good CSR performance believe that using more difficult words provides more specific and objective information, thus optimizing communication effects. Therefore, this study suggests that, compared to traditional readability indices, the number of difficult words in reports is likely to assist investors who value corporate social responsibility in distinguishing between companies with leading or lagging CSR performance.