超越分數與象徵：包容性聘用對盈餘品質之影響

Abstract

過去有關ESG及企業社會責任（CSR）的研究，多以整體揭露分數作為衡量指標，但此做法可能掩蓋企業象徵性的行為與漂綠行為（greenwashing）。本研究探討企業是否利用身障包容性聘用（特別是符合法規要求之身障聘用配額）作為一種象徵性的CSR策略，以提高其社會正當性（legitimacy），同時掩蓋管理階層的投機行為。透過代理理論與正當性理論，本研究檢視達到身障聘用門檻的企業，是否更可能從事盈餘管理，包括裁量性應計項目（discretionary accruals）與實質活動操縱（real activities manipulation）。以[2016年至2023年台灣上市公司]為研究樣本，我們發現符合身障聘用配額的企業，其盈餘管理程度顯著較高。此結果意味著某些CSR行為儘管表面上具包容性，實則可能更偏重於聲譽或象徵性目的，而非真實的倫理承諾。此外，本研究透過兩階段最小平方法（2SLS）處理內生性問題後，結果仍具穩健性，並透過異常費用及總費用之橫斷面分析獲得進一步支持。本研究貢獻於ESG相關文獻，揭示象徵性合規（symbolic compliance）的局限性，並進一步深入理解特定社會實踐如何與財務報導品質相互交織之細緻內涵。

Prior studies on ESG and corporate social responsibility (CSR) often rely on aggregated disclosure scores, which may obscure symbolic practices and greenwashing. This study examines whether firms use disability-inclusive employment, specifically compliance with government-mandated disability hiring quotas, as a symbolic CSR strategy to enhance legitimacy while concealing managerial opportunism. Drawing on agency theory and legitimacy theory, we investigate whether firms that fulfill disability employment thresholds are more likely to engage in earnings management, including both discretionary accruals and real activities manipulation. Using a sample of [publicly listed firms in Taiwan from 2016 to 2023], we find that firms meeting disability hiring quotas exhibit significantly higher levels of earnings management. These findings suggest that certain CSR actions, though outwardly inclusive, may serve reputational or symbolic purposes rather than reflect genuine ethical commitment. The results are robust to endogeneity concerns addressed via two-stage least squares (2SLS) estimation and are further supported by cross-sectional analyses based on abnormal and total expenses. This study contributes to the ESG literature by highlighting the limitations of symbolic compliance and offering a more granular understanding of how specific social practices intersect with financial reporting quality.