財務金融研究

Abstract

本研究探討台灣證券業目標設定之棘輪效果，及家族企業、企業社會責任績效、財務績效之交互影響。首先以國內一家民營金控旗下之大型證券業分公司業務目標、業務績效資料，研究在高度管制之證券業中其設定業務目標是否有棘輪調整效果與不對稱調整效果。實證結果發現該證券業調整業務目標行為呈現不對稱棘輪效果，即目標往上調整與往下調整的行為不同，且管理高層也會用其他同儕分公司資訊來調整分公司業務目標。再者本研究以天下雜誌所頒發永續公民獎獲獎企業為企業社會責任表現優異之企業，探討家族企業、金字塔結構或交叉持股是否影響企業社會責任的表現，也進一步探討企業社會責任表現優異是否能帶動公司財務表現。本研究以隨機效果模型處理追蹤資料，結果發現家族企業或金字塔結構公司的社會企業責任表現較差，且企業社會責任表現優異之公司的確能帶動公司財務表現較為出色。

This study covers interactions between three dimensions of performance, including operational, CSR, and financial types. First, this study investigates a setting in which supervisors use various information to determine performance targets in a highly regulated industry. Using data from 53 branches of a leading securities house over eight years in Taiwan, the study finds evidence that supervisors introduce the past performance of a unit and the relative performance of the peer group to revise targets. The empirical results also show evidence that the ratchet effect is asymmetric but independent from the relative performance of the peer group. Second, this study explores the interaction between firm value and CSR among family firms. Using data about finance and corporate governance in Taiwan as well as Corporate Citizenship Awards granted by the CommonWealth Magazine for the period from 2015 to 2021, this study introduces a random effects model to estimate the logit regression for panel data and finds that ownership structures, including controlling families and pyramidal chains, exert adverse impacts on CSR performance. Furthermore, the empirical results confirm that fulfilling CSR commitment positively influences the corporate financial performance.