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題名 | 企業社會責任與股價淨值比因果關係之研究--以獲得天下雜誌企業公民獎的公司作為樣本=Causal Relationship between Corporate Social Responsibility and Price-to-Book Ratio: Companies That Have Won the Common Wealth Magazine Excellence in Corporate Social Responsibility Award as a Sample |
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作者 | 邱素麗; 梁惠姍; 程怡親; 廖彗筑; 林楷芸; 李若瑛; 謝惠盈; 羅巧儒; Chiou, Sue-li; Liang, Hui-shan; Cheng, Yi-chin; Liao, Hui-zhu; Lin, Kai Yun; Li, Ruo-ying; Hsieh, Hui-ying; Luo, Chiao Ru; |
期刊 | 樹德科技大學學報 |
出版日期 | 20180700 |
卷期 | 20:2 2018.07[民107.07] |
頁次 | 頁25-39 |
分類號 | 555.4 |
語文 | chi |
關鍵詞 | 企業社會責任; 股價淨值比; 因果關係; Corporate social responsibility; Price to book ratio; Causal relationship; |
中文摘要 | 本文探討盡企業社會責任與股價淨值比之間的因果關係。我們採用獲得天下雜誌企業公民獎的公司作為盡企業社會責任的樣本。首先使用平均數分析、回歸分析檢驗假說「得獎公司比未得獎公司的股價淨值比高」。其中,做回歸分析時,亦分別調整產業效果、序列相關與極端值。接著以事件研究法及橫斷面回歸分析,進一步探討「盡企業社會責任與股價淨值比之間的因果關係」。結果顯示:(一)在相關分析方面:得獎公司之股價淨值比高於未得獎公司;(二)在因果關係方面,沒有證據支持「從事企業社會責任後會提高股價淨值比」的假說;改用相反的假說「具高股價淨值比的公司會去從事企業社會責任」進行探討後,得到顯著的結果。 |
英文摘要 | This paper explores the causal relationship between corporate social responsibility and a firm's price-to-book ratio. We use the award winners of excellence in corporate social responsibility, which are released by the Common Wealth Magazine, as a proxy for firms that engage in corporate social responsibility. First, we conduct average analysis and regression analysis respectively to test the following hypothesis: winners' price-to-book ratios are higher than nonwinners' price-to-book ratios. In a regression analysis, we adjust the effects of industry, serial correlation, and outliers. Second, we use event study and cross-section regression to explore the causal relationship between corporate social responsibility and price-to-book ratios. We find that the winners' price-to-book ratios are significantly higher than the nonwinners' price-to-book ratios. We also find that a significantly higher price-to-book ratio causes higher engagement in corporate social responsibility; however, no studies have shown that higher engagement in corporate social responsibility causes higher price-to-book ratios. |
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