CSR與保險公司財務表現關聯性?

Abstract

企業社會責任為現代企業除了追求公司價值極大化之外，另一個專注發展的領域。台灣金融相關產業有許多公司專注於履行企業社會責任，甚至因此獲得了更多投資人的信任與投資信心，因為這代表著企業家永續經營的態度。保險業更著重於企業社會責任來改善保險公司的品牌形象。 本研究以企業社會責任面向及企業社會責任總體表現探討是否與保險公司長期經營績效有所關聯，分別觀察美國壽險業與產險業的現況。根據研究，以美國壽險公司來說，以未來一年ROA作為應變數，公司治理(Corporate Governance)以及多樣性(Diversity)是顯著負相關。以未來一年ROE、ROS以及EPS作為應變數，多樣性(Diversity)是顯著負相關。而以未來一年P/E作為應變數，雇傭關係(Employee Relations)是顯著負相關。若以未來一年ROA、ROE、ROS以及EPS作為應變數，企業社會責任整體指標是顯著負相關。若以未來一年ROA、ROE、ROS作為應變數，企業社會責任實施強項(strengths)是顯著負相關。 以美國產險公司來說，以未來一年ROA作為應變數，公司治理(Corporate Governance)是顯著正相關，而以未來一年Tobin’s Q作為應變數，環境(Environment)是顯著正相關。若以未來一年Tobin’s Q作為應變數，企業社會責任整體指標做為自變數，是顯著正相關。 本研究預期研究結果，對於保險業未來實行企業社會責任時，能夠更清楚指出其能夠改進的面向，以求達到永續發展，並使得企業與社會共榮。

Corporate social responsibility is an area that modern enterprises develop and focus in addition to the pursuit of enterprise value maximization. There are many companies in the finance-related industries focusing on implementing corporate social responsibility and thus gain more trust and confidence from investors, because it shows the entrepreneur’s attitude toward sustainability. Insurance industry focuses even more on corporate social responsibility to improve the brand image of insurance companies. This analysis uses the aspects of corporate social responsibility to discuss whether they are related to the long-term business performance of insurance companies and the analysis is divided and observed according to the types of life insurance companies and property and casualty insurance companies in the USA. Based on the analysis, for life insurance companies in the USA, if we choose next year’s ROA as a dependent variable, “Corporate Governance” and “Diversity” are significantly negatively correlated. If we choose next year’s ROE, ROS and EPS as a dependent variable, “Diversity” is significantly negatively correlated. If we choose next year’s P/E as a dependent variable, “Employee Relations” is significantly negatively correlated. If we choose next year’s ROA, ROE, ROS and EPS as a dependent variable, sum of CSR indicators is significantly negatively correlated. If we choose next year’s ROA, ROE, ROS as a dependent variable, sum of CSR strengths is significantly negatively correlated. Speaking of the property and casualty insurance companies in the USA, if we choose next year’s ROA as a dependent variable, “Corporate Governance” is significantly positively correlated, and if we choose next year’s Tobin’s Q as a dependent variable, “Environment” is significantly positively correlated. If we choose next year’s Tobin’s Q as a dependent variable, the sum of CSR indicators is significantly positively correlated. The expected result of this analysis hopes to indicate the areas requiring improvements more clearly when insurance industry implements corporate social responsibility in the future so that it can reach sustainable development and make the enterprises and society prosperous at the same time.