The Effect of Corporate Social Responsibility on Financial Risk
學年 105
學期 1
發表日期 2016-10-04
作品名稱 The Effect of Corporate Social Responsibility on Financial Risk
作品名稱（其他語言） 企業社會責任績效對財務風險的影響
著者 Li-Peng Hsiao;Weitzu Chen;Jwu-Rong Lin
作品所屬單位
出版者
會議名稱 Asia-Pacific Management Accounting Association 2016 (12th) Annual Conference
會議地點 台北市，台灣
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
收錄於
會議性質 國際
校內研討會地點 無
研討會時間 20161004~20161007
通訊作者
國別 TWN
公開徵稿
出版型式
出處
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/127046 )