Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/31245
|
| Title: | 企業社會責任行為對財務績效的影響與金控銀行與獨立銀行的績效比較－配對方法的應用
The Effects of Corporate Social Responsibility on Financial Performance and the Performance Comparisons between FHC-banks and Independent Banks－An Application of Matching Methods |
| Authors: | 張元
Chang,Yuan |
| Contributors: | 沈中華
Shen,Chung Hua
張元
Chang,Yuan |
| Keywords: | 企業社會責任
選擇偏誤
配對理論
傾向分數配對
金控銀行
獨立銀行
Corporate Social Responsibility
Selection Bias
Matching Theory
Propensity Score Matching
Financial-Holding-Company-Bank
Independent Bank |
| Date: | 2007 |
| Issue Date: | 2009-09-14 09:36:00 (UTC+8) |
| Abstract: | 本篇論文應用Rubin (1973)、Rosenbaum and Rubin (1983、1985a,b)所發展的配對方法(Matching Method)探討兩個議題，其一是評估企業從事社會責任行為是否可以改善績效，另一則是探討銀行加入金控後對其績效的影響。<br>針對第一個議題，我們將FTSE All-share 指數中被收錄於英國FTSE 社會責任指數的成份股定義為社會責任企業，未被收錄者定義為非社會責任企業，應用配對方法，根據特性變數是否相近為依據進行樣本配對。實證結果發現，不論使用配對前或是配對後的樣本進行分析，皆找不到社會責任企業的平均績效優於非社會責任企業的證據；相反地，部分的證據顯示社會責任企業的財務績效相對較低，因此我們的分析結果傾向支持焦點移轉假說，社會責任行為對財務績效的影響效果為負。
<br>另外，我們以遠見雜誌於2006 年公佈的企業社會責任調查為基礎，將衡量企業社會責任績效的三個層面－社區參與、環境保護與財務透明，透過投資組合分析與迴歸分析來評估公司承擔社會責任與財務績效之間的關聯性。實證結果發現，第一，平均來說，公司的社會責任評分愈高，在評比結果公佈後的股票報酬愈低，兩者之間呈現負向關係；第二，公司在不同層面的社會責任行為對於股價報酬的影響具有差異性；第三、透過公司的長期財務資料發現，社會責任評分高的公司其長期平均會計績效相對較佳，但長期平均的股票報酬相對較低，表示社會責任型公司不一定是一個好的投資標的；最後，我們找不到支持社會責任行為可以做為公司績效保險的證據。本文使用各別層面的評比指標，更廣泛地評估社會責任行為對財務績效的影響，改進既有文獻中僅使用單一指標的不足之處。<br>就第二個議題而言，同樣地應用配對方法，根據銀行的特性變數是否相近為依據進行樣本篩選，利用台灣上市上櫃的銀行在2002 年第1 季至2006 年第2季的資料，我們發現在樣本配對前，平均來說，金控銀行在15 個CAMEL 績效指標的表現上皆相對較佳；樣本配對後，金控銀行除了在費用比率之外，其他的評比指標仍相對優於獨立銀行；不論使用配對前或配對後的樣本做分析，皆未出現金控銀行績效顯著較差的證據，因此，我們的實證結果偏向支持綜效假設，銀行加入金控對績效的影響效果為正向。<br>我們的研究架構與方案評估與政策衝擊分析文獻中的方法相一致，而貢獻則在於我們考慮樣本之間特性變數的差異性，進而以樣本配對的方式修正這個差異性，將有效降低既有文獻中在檢驗上述兩個議題上的選擇偏誤問題。
In this thesis, we apply several matching methods, develop by Rubin (1973)、Rosenbaum and Rubin (1983, 1985a,b), on examing the effects of Corporate Social Responsibility (CSR) on firm financial performance (CSR-effect) and on evaluating the effects of banks being subordinated to FHC on CAMEL indicators (join-FHC effect).<br>For the former application, two competing hypotheses, social impact hypothesis and shift of focus hypothesis, are proposed, where the former suggests that CSR has a positive relation with performance and the latter are opposite. To ensure the CSR-effect is not contaminated by other factors or the sample is randomly drawn, we employ four matching methods, Nearest, Caliper, Mahala and Mahala Caliper to match the characteristics of the firms with CSR (CSR-firms) and without CSR (NonCSR-firms) to get rid of sample selection bias. Although the four methods yield slightly different results, to our surprised, firms engaging in CSR activities obtain lower values on the return on assets, return on equity, return on sales and earnings per share. Therefore, CSR at the very least does not improve the firm performance, supporting the shift of focus hypothesis. Engaging in CSR activities lead to more pain than gain, at least in the short run.<br>On the CSR topic, using a set of disaggregated social performance indicators for community participation, environmental protection and fiancail transparency from the Global Views Monthly, we examine the relationship between CSR and financial performance of TSE listing companies. Our main results show that first, scores on composite social performance indicators are negatively related to stock returns and this relationship cannot be rationalized by multi-factor models for explaining the cross-sectional variation in stock returns. Second, the effects of three disaggregated social performance indicators on stock returns are differenct among industries. Third, aggregated social performance indicator is positively related to long-term accounting performance but negatively related to long-term market performance, and thus implies that good companies are good in books, but not good investments. Finally, firms with high CSR ratings do no exhibit smaller decline of their financial performance during stagnations and thus not support the view that CSR is insurance of financial performance.<br>The second application, two hypotheses, synergy hypothesis and specialization advantage hypothesis, are raised too, where the former suggests that FHC-banks performer better and the latter are contrary. Above four matching methods are still used to fix the characteristics of two groups of banks in order to correct for sample selection bias. Based on after-matching samples, most of our empirical results suggest that FHC-banks, on average, outperform independent banks on most of indicators on capital adequacy, asset quality, earning ability and liquidity but not on management ability and being FHC-banks at the very least does not deteriorate the performance of banks, making our conclusion favors the synergy hypothesis and against specialization advantage hypothesis in Taiwan.<br>Our framework is identical to many applications of matching method such as Persson (2001), Hutchison (2004), Glick, Guo and Hutchison (2006), and are also parallel to standard medical and biological research. |
| Reference: | 沈中華 (2002)，金控公司的銀行與獨立銀行CAMEL比較：1997~1998，台灣金融財務季刊，第三輯，第二期，第73-94頁。
許鈺珮與張錫介 (2005)，金融控股公司法實施對台灣銀行業經營效率影響之分析，金融風險管理季刊，第一卷，第二期，第33-56頁。
Aigner, D. J. (2006), "Corporate Social Responsibility and the Bottom Line", Working Paper, Paul Merage School of Business, University of California, Irvine.
Alexander, G. J. and R. A. Buchholz (1978), "Corporate Social Performance and Stock Market Performance", Academy of Management Journal, 21, pp. 479–486.
Alkhafaji, A. F. (1989), A Stakeholder Approach to Corporate Governance: Managing in a Dynamic Environment, New York, Quorum Books.
Anderson, J. and G. Smith (2006), "A Great Company Can be a Great Investment", Financial Analysts Journal, July/August, pp. 86 -93.
Anginer, D., K. L. Fisher. and M. Statman (2008), "Stocks of Admired Companies and Despised Ones", Manuscript.
Antunovich, P., D. Laster, and S, Mitnick (2000), "Are High-Quality Firms also High-Quality Investments?", Current Issues in Economics and Finance, 6, pp. 1-6.
Aron, D. (1988), "Ability, Moral Hazard, Firm Size, and Diversification", The Rand Journal of Economics, 19, pp. 72–87.
Arrow, K. J. (1973), "Social Responsibility and Economic Efficiency", Public Policy, XXI, pp. 303-317.
Aupperle, K., A. Carroll, and J. Hatfield (1985), "An Empirical Examination of the Relationship between Corporate Social Responsibility and Profitability", Academy of Management Journal, 28, pp. 446–463.
Persson, T. (2001), "Currency Unions and Trade: How Large is the Treatment Effect? ", Economic Policy ,33, pp. 435-448.
Peters, T. J. and R. H. Waterman (1982), In Search of Excellence. New York: Harper and Row, Publishers.
Petersen, M. and R. Rajan (1994), "The Benefits of Lending Relationships: Evidence from Small Business Data", Journal of Finance, 49, pp. 3–37.
Porter, M. and M. Kramer (2006), "Strategy and Society: The Link between Competitive Advantage and Corporate Social Responsibility", Harvard Business Review, 84, No. 12.
Porter, M. E. and C. van der Linde (1995), "Green and Competitive. Ending the Stalemate", Harvard Business Review, September-October, pp. 120-135.
Posner, B. Z. and W. H. Schmidt (1992), "Values and the American Manager: An Update Updated", California Management Review, 34, pp. 80–94.
Posnikoff, J. F. (1997), "Disinvestment from South Africa: They Did Well by Doing Good", Contemporary Economic Policy, 15, pp. 76–86.
Preston, L. E. and P. O`Bannon (1997), "The Corporate Social－Financial Performance Relationship", Business and society, 36, pp. 419-429.
Pulley, L. and D. Humphrey (1993), "The Role of Fixed Costs and Cost Complementarities in Determining Scope Economies and the Costs of Narrow Banking Proposals", Journal of Business, 66, pp. 437–462.
Puri, M. (1996), "Commercial Banks in Investment Banking: Conflicts of Interest or Certification Role", Journal of Financial Economics, 40, pp. 373–401.
Bauer, R., K. Koedijk, and R. Otten (2002), "International Evidence on Ethical Mutual Fund Performance and Investment Style", Mimeo. Limburg Institute of Financial Economics, Maastricht University.
Rajan, R. (1992), "Insiders and Outsiders: the Choice between Informed and Arm’s-length Debt", Journal of Finance, 47, pp. 1367–1400.
Rosenbaum, P. and D. Rubin (1983), "The Central Role of the Propensity Score in Observational Studies for Causal Effects", Biometrika, 70, pp. 41-55.
Rosenbaum, P. and D. Rubin (1985a), "Constructing a Control Group Using Multivariate Matched Sampling Methods that Incorporate the Propensity", American Statistician, 39, pp. 33-38.
Rosenbaum, P. and D. Rubin (1985b), "The Bias Due to Incomplete Matching", Biometrics, 41, pp. 103-116.
Rotemberg, J. and G. Saloner (1994), "Benefits of Narrow Business Strategies", American Economic Review, 84, pp. 1330–1349.
Rubin, D. (1973), "Matching to Remove Bias in Observational Studies", Biometrics, 29, pp. 159-183.
Rubin, D. B. and N. Thomas (1992). "Characterizing the Effect of Matching Using Linear Propensity Score Methods with Normal Distributions", Biometrika, 79, pp. 797-809.
Russo, M. V. and P. A. Fouts (1997), "A Resource-Based Perspective on Corporate Environmental Performance and Profitability", Academy of Management Journal, 40, pp. 534-559.
Shefrin, H. and M, Statman. (2003), "Style of Investment Expectation", The Handbook of Equity and Style Management, Coggin & Fabozzi eds. New York: Wiley.
Saunders, A. and I. Walter (1994), "Universal Banking in the United States: What Could We Gain? What Could We Lose?” Oxford University Press, New York.
Barnett, M. L. and R. M. Salomon (2002), "Unpacking Social Responsibility: The Curvilinear Relationship between Social and Financial Performance", Academy of Management Proceedings SIM: B1.
Scholtens, B. (2005), "Style and Performance of Dutch Socially Responsible Investment Funds", Journal of Investing, 14, pp. 63-72.
Schroder, M. (2004), "The Performance of Socially Responsible Investments: Investments Funds and Indices", Financial Markets and Portfolio Management, 18, pp. 122-142.
Sen, S. and C. Bhattacharya (2001), "Does Doing Good Always Lead to Doing Better? Consumer Reactions to Corporate Social Responsibility", Journal of Marketing Research, 38, pp. 225-243.
Shefrin, H. and M. Statman (2003), "Style of Investment Expectation", The Handbook of Equity and Style Management, Coggin & Fabozzi eds. New York: Wiley.
Shen, C. H. and C. C. Lee (2006), "Estimating the Effects of hedging by derivatives on firm’s value－Application of Propensity Score Matching Methods", Manuscript.
Soloman, R. and K. Hansen (1985), "It’s Good Business", Atheneum, New York.
Spicer, B. H. (1978), "Investors, Corporate Social Performance and Information Disclosure: An Empirical Study", Accounting Review, 53, pp. 94–111.
Stanwick, P. A. and S. D. Stanwick (1998), "The Relationship between CSP and Organizational Size, Financial Performance, and Environmental Performance: An Empirical Examination", Journal of Business Ethics, 17, pp. 195-204.
Statman, M. (2000), "Socially Responsible Mutual Funds", Financial Analysts Journal, May, pp. 30-39.
Stein, J. (2002), "Information Production and Capital Allocation: Decentralized versus Hierarchical Firms", Journal of Finance, 57, pp. 1891–1921.
Becchetti, L., R. Ciciretti, and I. Hasan (2007), "Corporate Social Responsibility and Shareholder’s Value: An Event Study Analysis", Working Paper, Federal Reserve Bank of Atlanta.
Stulz, R. (1990), "Managerial Discretion and Optimal Financial Policies", Journal of Financial Economics, 26, pp. 3–27.
Sufi, A. (2004), "Does Joint Production of Lending and Underwriting Help or Hurt Firms? A fixed effects approach". Mimeo, MIT, Department of Economics.
Teoh, S. H., I. Welch, and C. P. Wazzan (1999), "The Effect of Socially Activist Investment Policies on the Financial Markets: Evidence from the South African Boycott", Journal of Business, 72, pp. 35–89.
Thomas, A. (2001), "Corporate Environmental Policy and Abnormal Stock Price Returns: an Empirical Investigation", Business Strategy and the Environment, 10, pp. 125-134
Trotman, K. T. and G. W. Bradley (1981), "Associations between Social Responsibility Disclosure and Characteristics of Companies", Accounting, Organizations and Society, 6, pp. 355-362.
Tsoutsourz, M. (2004), "Corporate Social Responsibility and Financial Performance", Applied Financial Project, Berkeley, California.
Turban, D. B. and D. W. Greening (1997), "Corporate Social Performance and Organizational Attractiveness to Prospective Employees", Academy of Management Journal, 40, pp. 658–672.
Ullmann, A. (1985), "Data in Search of a Theory: A Critical Examination of the Relationship among Social Performance, Social Disclosure, and Economic Performance", Academy of Management Review, 10, pp. 540–577.
Vance, S. (1975), "Are Socially Responsible Firms Good Investment Risks?", Management Review, 64, pp. 18–24.
Vega, M. and D. Winkelried (2005), "Inflation Targeting and Inflation Behavior: A Successful Story?", International Journal of Central Banking, 1, pp. 153-175.
Berger, A., R. Demsetz, and P. Strahan (1999), "The Consolidation of the Financial Services Industry: Causes, Consequences, and Implications for the Future", Journal of Banking and Finance, 23, pp. 135–194.
Waddock, S. and S. Graves (1997), "The Corporate Social Performance – Financial Performance Link", Strategic Management Journal, 18, pp. 303–319.
Walley, N. and B. Whitehead (1994), "It’s Not Easy being Green", Harvard Business Review, 72, pp. 2-7.
Williamson, O. (1970), Corporate Control and Business Behavior: An Inquiry into the Effects of Organizational Form on Enterprise Behavior. Prentice-Hall, Englewood Cliffs, NJ.
Worrell, D., W. N. Davidson, and V. N. Sharma (1991), "Layoff Announcements and Stockholder Wealth", Academy of Management Journal, 34, pp. 662–678.
Wright, P. and S. Ferris (1997), "Agency Conflict and Corporate Strategy: The Effect of Divestment on Corporate Value", Strategic Management Journal, 18, pp. 77–83.
Werther, W. and D. Chandler (2005), "Strategic Corporate Social Responsibility as Global Brand Insurance", Business Horizons, 48, pp. 317-324.
Ziegler, A., K. Rennings, and M. Schröder (2002), "The Effect of Environmental and Social Performance on the Shareholder Value of European Stock Corporations", Working Paper. Centre for European Economic Research.
Berger, A., G. Hanweck, and D. Humphrey (1987), "Competitive Viability in Banking: Scale, Scope, and Product Mix Economies", Journal of Monetary Economics, 20, pp. 501–520.
Berger, A. and D. Humphrey (1991), "The Dominance of Inefficiencies over Scale and Product Mix Economies in Banking", Journal of Monetary Economics, 28, pp. 117–148.
Berger, A. and D. Humphrey (1997), "Efficiency of Financial Institutions: International Survey and Directions for Future Research", Wharton Financial Institutions Center. Working Paper 97-05, University of Pennsylvania, Philadelphia.
Bowen, H. R. (1953), Social Responsibilities of the Businessman, New York, Harper and Brothers.
Bowman, E. H. and M. Haire (1975), "A Strategic Posture toward Corporate Social Responsibility", California Management Review, 18, pp. 49–58.
Bragdon, J. and J. Marlin (1972), "Is Pollution Profitable?", Risk Management, 19, pp. 9-18.
Brammer, S. and S. Pavelin (2005), "Corporate Reputation and Social Performance: the Importance of Fit", Journal of Management Studies, 43, pp. 435-455.
Brammer, S., C. Brooks, and S. Pavelin (2005a), "Corporate Social Performance and Stock Returns: UK Evidence from Disaggregate Measures", Financial Management, 35, pp. 97-116.
Brammer, S., C. Brooks, and S. Pavelin (2005b), "The Stock Performance of America’s 100 Best Corporate Citizens", Working Paper, Cass Business School, City University.
Brown, T. and P. Dacin (1997), "The Company and the Product: Corporate Associations and Consumer Product Responses", Journal of Marketing, 61, pp. 68-84.
Burgstahler, D. and I. Dichev (1997), "Earnings management to avoid earnings decreases and losses", Journal of Accounting and Economics, 24, pp. 99–126.
Carhart, M. (1997), "On Persistence in Mutual Fund Performance", Journal of Finance 52, pp. 57-82.
Carroll, A. B. (1979), "A Three-Dimensional Model of Corporate Performance", Academy of Management Review, 4, pp. 497-505.
Chen, K. H. and R. W. Metcalf (1980), "The Relationship Between Pollution Control Record and Financial Indicators Revisited", The Accounting Review, 55, pp. 168-177.
Chih, H. L., C. H. Shen, C. F. Kang (2007), "Does Higher Corporate Social Responsibility Imply Less Earnings Management?-An International Evidence", Journal of Business Ethics, forthcoming.
Clark, A. (1996), "Economic Cost, Scale Efficiency, and Competitive Viability in Banking", Journal of Money, Credit, and Banking, 28, pp. 342-364.
Clayman, M. (1987), "In Search of Excellence: The Investor`s Viewpoint", Financial Analysts Journal, May-June, pp. 54-63.
Clayman, M. (1994), "Excellence: Revisited", Financial Analysts Journal, May-June, pp. 61-65.
Clinebell, S. K. and J. M. Clinebell (1994), "The Effect of Advanced Notice of Plant Closings on Firm Value", Journal of Management, 20, pp. 553–564.
Cochran, P. L. and R. A. Wood (1984), "Corporate Social Responsibility and Financial Performance", Academy of Management Journal, 27, pp. 42–56.
Cornell, B. and A. C. Shapiro (1987), "Corporate Stakeholder and Corporate Finance", Financial Management, 16, pp. 5-14.
Cox, P., S. Brammer, and A. Millington (2004), "An Empirical Examination of Institutional Investor Preferences for Corporate Social Performance", Journal of Business Ethics 52, pp. 27-43.
Crowe, C. (2006), "Testing the Transparency Benefits of Inflation Targeting: Evidence from Private Sector Forecasters", Working Paper.
Dam, L. (2006), "Corporate Social Responsibility in a General Equilibrium Stock Market Model: Solving the Financial Performance Puzzle", Working paper, Department of Economics, University of Groningen.
Degeorge, F., J. Patel, and R. Zeckhauser (1999), "Earnings management to exceed thresholds", Journal of Business, 72, pp. 1–33.
Dehejia, R. and S. Wahba (1998), "Causal Effects in Non-Experimental Studies: Re-Evaluating the Evaluation of Training Programs", NBER Working Papers 6586, National Bureau of Economic Research.
Dehejia, R. H. and S. Wahba (2002), "Propensity Score Matching Methods For Nonexperimental Causal Studies", The Review of Economics and Statistics, 84, pp. 151-161.
Derwall, J., N. Günster, R. Bauer, and K. Koedijk (2004), "The Eco-Efficiency Premium Puzzle", Mimeo. Rotterdam School of Management, Erasmus University.
Diamond, D. (1991), "Monitoring and Reputation: the Choice between Bank Loans and Directly Placed Debt", Journal of Political Economy, 99, pp. 689–721.
Dierkes, M. and R. Coppock (1978), "Europe Tries the Corporate Social Report", Business and Society Review, Spring, pp. 21-24.
Fama, E. and K. French (1993), "Common Risk Factors in the Returns on Stocks and Bonds", Journal of Financial Economics, 33, pp. 3-56.
Feldman, S. J., P. A. Soyka, and P. G. Ameer (1997), "Does Improving a Firm’s Environmental Management System and Environmental Performance Result in a Higher Stock Price?", Journal of Investing 6, pp. 87-97.
Ferrier, G., S. Grosskopf, K. Hayes, and S. Yaisawarng (1993), "Economies of Diversification in the Banking Industry: A Frontier Approach", Journal of Monetary Economics, 31, pp. 229–249.
Folger, H. R. and F. Nutt (1975), "A Note on Social Responsibility and Stock Valuation", Academy of Management Journal, 18, pp. 155-160.
Fombrun, C. and M. Shanley (1990), "What`s in a Name? Reputation Building and Corporate Strategy", Academy of Management Journal, 33, pp. 233-258.
Friedman, M. (1970), "The Social Responsibility of Business Is to Increase Its Profits ", The New York Times Magazine, 13, September.
Frooman, J. (1997), "Socially Irresponsible and Illegal Behavior and Shareholder Wealth: A Meta-analysis of Event Studies", Business and Society, 36, pp. 221–249.
Gande, A., M. Puri, A. Saunders, and I. Walter (1997), "Bank Underwriting of Debt Securities: Modern Evidence", Review of Financial Studies, 10, pp. 1175–1202.
Gertner, R., D. Scharfstein, and J. Stein (1994), "Internal vs. External Capital Markets", Quarterly Journal of Economics, 109, pp. 1211–1230.
Glick, R., X. Guo, and M. Hutchison (2006), "Currency Crises, Capital-Account Liberalization, and Selection Bias ", The Review of Economics and Statistics, 88, pp. 698-714.
Griffin, J. J. and J. F. Mahon (1997), "The Corporate Social Performance and Corporate Financial Performance Debate: Twenty-five Years of Incomparable Research", Business and Society, 36, pp. 5-31.
Guenster, N., J. Derwall, R. Bauer, and K. Koedijk (2005), "The Economic Value of Corporate Eco-Efficiency", Academy of Management Conference Paper.
Guerard, J. B. Jr. (1997a), "Is there a Cost to being Socially Responsible?", Journal of Investing 6, pp. 11-18.
Guerard, J. B. Jr. (1997b), "Additional Evidence on the Cost of being Socially Responsible in Investing", Journal of Investing, 6, pp. 31-35.
Ham, J., X. Li, and P. Reagan (2004), "Propensity Score Matching: A Distance-Based Measure of Migration and the Wage Growth of Young Men", Ohio State University, Department of Economics, Columbus.
Hamilton, S., H. Jo, and M. Statman (1993), "Doing Well While Doling Good? The Investment Performance of Socially Responsible Mutual Funds", Financial Analysts Journal, November, pp. 62-66.
Hannon, J. and G. Milkovich (1996), "The Effect of Human Resource Reputation Signals on Share Prices: An Event Study", Human Resource Management, 35, pp. 405–424.
Henderson, D. (2002), Misguided Virtue: False Notions of Corporate Social Responsibility. London: Institute of Economic Affairs.
Heckman, J. (1979), "Sample Selection Bias as a Specification Error", Econometrica, 47, pp. 153-162.
Heckman, J., H. Ichimura, and P. Todd (1997), "Matching as an Econometric Evaluation Estimator: Evidence from Evaluating a Job Training Programme", Review of Economic Studies, 64, pp. 605–654.
Heckman, J., H. Ichimura, J. Smith, and P. Todd (1998), "Characterizing Selection Bias using Experimental Data", Econometrica, 66, pp. 1017-1098.
Heckman, J. and R. Robb (1985), "Alternative methods for evaluating the impact of interventions", in Heckman, James J., and Burton Singer, eds., Longitudinal Analysis of Labor Market Data, Econometric Society Monographs series, no. 10. Cambridge: Cambridge University Press.
Heckman, J. and R. Robb (1986), "Alternative methods for solving the problem of selection bias in evaluating the impact of treatments on outcomes", in Howard Wainer, ed., Drawing Inference from Self Selected Samples, Springer-Verlag.
Herremans, I., P. Akathaporn, and M. McInnes (1993), "An Investigation of Corporate Social Responsibility Reputation and Economic Performance", Accounting, Organisations and Society, 18, pp. 587-604.
Hofler, R., J. Elston, and J. Lee (2004), "Dividend Policy and Institutional Ownership: Empirical Evidence using a Propensity Score Matching Estimator", Discussion Papers on Entrepreneurship, Growth and Public Policy, No. 2004-27, Group for Entrepreneurship, Growth and Public Policy, Max Planck Institute of Economics.
Houston, J., C. James, and D. Marcus (1997), "Capital Market Frictions and the Role of Internal Capital Markets in Banking", Journal of Financial Economics, 46, pp. 135–164.
Humphrey, D. (1990), "Why Do Estimates of Bank Scale Economies Differ?" Economic Review, Federal Reserve Bank of Richmond, pp. 38-50.
Hunter, C., S. Timme, and W. K. Yang (1990), "An Examination of Cost Subadditivity and Multiproduct Production in Large U.S. Commercial Banks", Journal of Money, Credit, and Banking, 22, pp. 504-525.
Hunter, C., S. Timme (1995), "Core Deposits and Physical Capital: A Reexamination of Bank Scale Economies and Efficiency with Quasi-Fixed Inputs", Journal of Money, Credit, and Banking, 27, pp. 165-115.
Hutchison, M. M. (2004), "Selection Bias and the Output Cost of IMF Programs", University of California, Santa Cruz, discussion paper.
Iqbal, M. and P. Molyneux (2005), Thirty Years of Islamic Banking: History,Performance and Prospects. Palgrave Macmillan. New York.
Jagtiani, J. and A. Khanthavit (1996), "Scale and Scope Economies at Large Banks: Including Off-Balance Sheet Products and Regulatory Effects (1984-1991)", Journal of Banking and Finance, 20, pp. 1271-1287.
Jegadeesh, N. and S. Titman (1993), "Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency", Journal of Finance, 48, pp. 65-91.
Jensen, M. (1986), "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers", American Economic Review, 76, pp. 323–329.
Jensen, M. and W. Meckling (1976), "Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure", Journal of Financial Economics, 3, pp. 305–360.
Kahn, R. N., C. Lekander, and T. Leimkuhler (1997), "Just Say No? The Investment Implications of Tobacco Divesture", Journal of Investing 6, pp. 62-70.
King, A. and M. Lenox (2002), "Exploring the Locus of Profitable Pollution Reduction", Management Science, 48, pp. 289-299.
Kroszner, R. and R. Rajan (1994), "Is the Glass–Steagall Act Justified? A Study of the US Experience with Universal Banking before 1933", American Economic Review, 84, pp. 810–832.
LaLonde, R. (1986), "Evaluating the econometric evaluations of training programs with experimental data", American Economic Review, 76, pp. 604-620.
Lewis, M. K. and L. M. Algaud (2001). Islamic Banking. Edward Elgar. Cheltenham, UK.
Llewellyn, D. T. (2005), "Competition and Profitability in European Banking: Why are British Banks so Profitable? ", Economic Notes, 34, pp. 279-311.
Mahapatra, S. (1984), "Investor Reaction to a Corporate Social Accounting", Journal of Business Finance and Accounting, 11, pp. 29-40.
McGuire, J., A. Sundgren, and T. Schneeweis (1988), "Corporate Social Responsibility and Firm Financial Performance", Academy of Management Journal, 31, pp. 854–872.
McWilliams, A. and D. Siegel (2001), "Corporate Social Responsibility: A theory of the Firm Perspective", Academy of Management Review, 26, pp. 117-127.
Moore, G. (2001), "Corporate Social and Financial Performance: An Investigation in the U.K. Supermarket Industry", Journal of Business Ethics, 34, pp. 299-315.
Moskowitz, M. R. (1972), "Choosing Socially Responsible Stocks", Business and Society Review, 1, pp. 71–75.
Moussavi, F. and D. Evans (1986), "An attributional approach to measuring corporate social performance", paper presented at the Academy of Management Meetings, San Diego, CA.
Nelling, E. and E. Webb (2006), "Corporate Social Responsibility and Financial Performance: The Virtous Circle Revisited", Working Paper.
Newgren, K., A. Rasher, M. LaRoe, and M. Szabo (1985), "Environmental Assessment and Corporate Performance: A Longitudinal Analysis Using Market-Deter-mined Performance Measures", L. E. Preston (ed.), Research in Corporate Social Performance and Policy, 7, pp. 153-164.
Nguyen, A. N., J. Taylor, and S. Bradley (2005), "The Estimated Effect of Catholic Schooling on Educational Outcomes Using Propensity Score Matching", Working Paper, Department of Economics, Lancaster University.
Orlitzky, M., F. L. Schmidt, and S. L. Rynes (2003), "Corporate Social and Financial Performance: A Meta-Analysis", Organization Studies, 24, pp. 403-441.
Parket, I. R. and H. Eilbirt (1975), "Social Responsibility: The Underlying Factors", Business Horizons, 18, pp. 5–10.
Pastor, L. and R. Stambaugh (2003), "Liquidity Risk and Expected Stock Returns", Journal of Political Economy, 111, pp. 642-685.
Pava, M. L. and J. Krausz (1996), "The Association between Corporate Social Responsibility and Financial Performance: The Paradox of Social Cost", Journal of Business Ethics, 15, pp. 321-357
Peloza, J. (2006), "Using Corporate Social Responsibility as Insurance for Financial Performance", California Management Review, 48, pp. 52-72. |
| Description: | 博士
國立政治大學
金融研究所
92352506
96 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0923525062 |
| Data Type: | thesis |
| Appears in Collections: | [金融學系] 學位論文
|
Files in This Item:
| File |
Size | Format | |
|---|
| index.html | 0Kb | HTML2 | 284 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
