企業社會責任報告書對聲譽之風險管理效果-以台灣上市櫃公司為例

Abstract

本研究主要探討國內企業社會責任報告書對企業聲譽之風險管理效果，即探討在發生負面事件時，先前曾發布企業社會責任報告書是否能為公司帶來保險效果，減緩股價的下跌；抑或者是反而加劇負面事件的影響，造成企業聲譽受損更加嚴重。 本研究以 2014 到 2016 年間曾發生負面事件之台灣上市櫃公司進行探討，並結合國內法規以研究強制性企業社會責任所帶來的影響。結果顯示，在負面事件發生時，自願性發布之企業社會責任報告書非但未帶來保險效果，反而會使社會大眾感到被欺騙，因而得到更為嚴厲的制裁，使聲譽受損更加嚴重；強制性發布之社會責任報告書則無顯著影響。

This study investigates the risk management effect of corporate social responsibility (CSR) reports on corporate reputation in Taiwan. Specifically, little is known whether issuance of independent CSR reports could dampen or reduce the negative market reaction to the firms with negative CSR events afterwards. When firms disclose negative events, whether issuing CSR reports will have insurance effects on firms and mitigate the declines in stock price or intensify the impact of negative events and cause greater damage to firms’ reputation. The sample includes the listed companies with negative events from year 2014 to 2016 in Taiwan. The sample includes both firms with voluntary and mandatory CSR reports. The empirical results show that voluntary CSR reports do not have insurance effects on firms, but have incremental negative effects. It is possibly because the voluntary ones, considered good firms before negative events, make the community feel deceived when negative events occur. These firms obtain more severe sanctions so that CSR reports cause greater damage to firms’ reputation. However, mandatory issuance of CSR reports has no impact on firms’ reputation.