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The linkage between corporate social performance and firm value
Wang, Chia Hong
Wang, Chia Hong
|Issue Date: ||2012-10-30 11:20:59 (UTC+8)|
|Abstract: || 企業社會績效(Corporate Social Performance; CSP)和企業財務績效(Corporate Financial Performance; CFP)的關聯性是近年來在學術界最常被討論的一個議題，從企業經營的觀點，到底企業進行企業社會責任(Corporate Social Responsibility; CSR)所表現出來的企業社會績效能不能帶動企業財務績效的提升最後創造企業價值(Firm Value; FV)，則是許多企業經營者所關心的。本文試圖研究企業社會績效和企業價值的關聯，希望藉由全盤的分析，從企業社會績效對企業財務績效的因果關係，和企業社會績效透過何種管道提升企業價值，以及企業到底該如何看待企業社會責任這幾個面向，去探討企業社會績效和企業價值的關係。希望能夠將學理上的理論和實務面的思考進行結合。|
The relationship between corporate social performance (CSP) and corporate financial performance (CFP) is the most popular issue for the past few years. From the perspective of business administration, there is always a question aroused. “As a company investment, is it really make sense to invest corporate social responsibility (CSR) in order to increase the CSP?” In other words, is higher CSP really means higher CFP and creating more firm value? This is the central question that all the business manager will like to know. This is the topic that this research paper wants to study. Besides, this research paper not only try to understand the linkage between CSP and CFP but also try to clarify how CSP affect CFP and create firm value.
The methodology be used in this study is the decomposition of Tobin’s q and two-stage regression in order to avoid potential endogenous problem. After several empirical tests for the potential hypothesis, the empirical evidence shows that a higher CSP can increase CFP and create firm value in the end. Furthermore, the investment of CSR is a strategic thinking for company to preserve their firm value and create new value of the firm. The linkage between CSP and firm value is positive and should be consider as a strategy for company who want value creation.
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|Source URI: ||http://thesis.lib.nccu.edu.tw/record/#G0993570311|
|Data Type: ||thesis|
|Appears in Collections:||[財務管理學系] 學位論文|
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