企業社會責任績效對財務風險的影響
學年 109
學期 1
出版（發表）日期 2020-08-01
作品名稱 企業社會責任績效對財務風險的影響
作品名稱（其他語言）
著者 蕭莉芃:陳維慈:林灼榮
單位
出版者
著錄名稱、卷期、頁數 臺大管理論叢 30(2), 頁257-310
摘要 Since the UN Global Compact was proposed in 1999, entrepreneurs and institutions around the world have placed a steadily increasing emphasis on corporate social responsibility (CSR). Accompanying the increased levels of CSR reporting and activities, researchers raise questions regarding whether the aim of a firm's operations is always to maximize shareholder value regardless of other potential motivating factors, an assumption frequently stated in past literature. The present study infers that a firm with superior CSR performance experiences lower market risk and liquidity risk, from empirically assessing the effect of CSR performance on financial risk. The robustness test also finds that superior CSR performance reduces the cost of capital. Furthermore, the study documents that the performance of corporate governance activities increases the cost of capital. Although there is a positive association between corporate governance performance and the cost of capital, prior research suggests that the corporate governance dimension is distinct from other social and environmental dimensions of CSR. Therefore, if the study excludes the corporate governance dimension from CSR activities, the result supports the hypothesis that CSR performance, in sum, is negatively related to the cost of capital.
關鍵字 corporate social responsibility ； market risk ； liquidity risk ； cost of capital
語言 en
ISSN
期刊性質 國內
收錄於 TSSCI
產學合作
通訊作者
審稿制度 是
國別 TWN
公開徵稿
出版型式 ,電子版,紙本
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/126880 )