企業社會責任報告書之聲譽回復效果-以台灣公司為例

Abstract

本研究旨在探討國內企業社會責任報告書之聲譽回復效果，即探討在企業發生公共安全、工安事故、勞資糾紛、法律遵循等負面社會責任事件後，企業社會責任報告書的發佈，是否能有效扭轉市場評價、挽回公司聲譽。 本研究主要針對台灣2015年發佈並公告之企業社會責任報告書進行探討。研究結果顯示當過去發生的負面社會責任事件越嚴重，企業於社會責任報告書發佈時，該企業之股價異常報酬就越高。此即顯示企業社會責任報告書，確實具有公司聲譽的回復效果，且在強制揭露、經過第三方獨立驗證、使用GRI4編製後，回復效果更為顯著。 另外，本研究發現企業社會責任報告書的聲譽回復效果，主要來自於報告書中對於負面事件的處理方式、事後檢討與後續預防措施之揭露。此即顯示負面社會責任事件後，企業的改善行動與平衡中立之揭露，均能有效扭轉市場評價、挽回公司聲譽及提升公司價值。

This study investigates the reputation-recovery effect of corporate social responsibility (CSR) reports in Taiwan. The reputation-recovery effect refers to the releasing of social responsibility report can effectively reduce the market negative reactions after companies had negative CSR events. The sample firms are those issuing 2015 CSR reports in Taiwan. We find that the negative CSR-related news effects are positively associated with the cumulative abnormal returns surrounding the issuance of CSR reports after the news released. This implies that the subsequently disclosed CSR reports could recover the negative impact of negative news on a company’s reputation. Furthermore, the effects are more significant when the CSR reports are prepared mandatory, prepared following GRI4 and verified through an independent third-party. Besides, we found that the reputation recovery effect was mainly from the disclosure of reviews and precautions of negative CSR events. The results imply that improvements after negative CSR events and neutral disclosure can help company recovery reputation, enhance corporate value.