企業社會責任報告書對盈餘反應係數之影響

Abstract

本研究探討市場投資人對企業社會責任報告書揭露之反應。具體而言，檢驗(1)投資人是否認為自願性企業社會責任報告書相較於強制性企業社會責任報告書，更能提升資訊透明度，使得投資人對盈餘數字所知覺的品質提升，進而有較高的盈餘反應係數；(2)是否經第三方認證之企業社會責任報告書相較於未經認證之企業社會責任報告書，其盈餘反應係數較高；(3)當企業社會責任報書經第三方認證後，是否自願性企業社會責任報告書和強制性企業社會責任報告書之盈餘反應係數差異會更為顯著；(4)是否經會計師事務所認證之企業社會責任報告書相較於經其他機構認證之企業社會責任報告書，其盈餘反應係數較高。本研究以2014年至2016年台灣上市、上櫃公司為研究樣本，實證結果顯示自願性編製企業社會責任報告書之公司，其盈餘反應係數較高，相較於強制性編製企業會責任報告書之公司。而薄弱的證據顯示，企業社會責任報告書經會計師事務所認證，相較於經其他機構認證之企業社會責任報告書，其盈餘反應係數較高。

This thesis investigates issues related to investors’ responses to the disclosure of corporate social responsibility (CSR) reports. Specifically, it examines (1) whether voluntary CSR reports are better in increasing investors’ perceived information transparency and therefore their perceived earning quality than mandatory CSR reports as manifested in higher earnings response coefficients (ERC); (2) whether ERCs are higher when CSR reports are assured by a third party than when CSR reports are not assured; (3) whether the differential ERCs between voluntary firms and mandatory firms are more pronounced when CSR reports are assured by a third party; and (4) whether ERCs for firms whose CSR reports are assured by audit firms are higher than those assured by other assurers. Using listed companies in Taiwan as the sample for the period from 2014 to 2016, the results indicate that ERCs are higher for firms voluntarily preparing CSR reports than for firms preparing CSR reports on a mandatory basis. There is weak evidence that ERCs are higher for firms whose CSR reports are assured by audit firms than those assured by other assurers.