政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/99752
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 109948/140897 (78%)
Visitors : 46074473      Online Users : 728
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/99752


    Title: 企業社會責任與信用風險及借款利率關聯性之探討
    An Association of Corporate Social Responsibility with Credit Risk and Lending Interest Rates.
    Authors: 陳律揮
    Chen, Lu Hui
    Contributors: 林宛瑩
    陳律揮
    Chen, Lu Hui
    Keywords: 企業社會責任
    信用風險評等
    銀行借款利率
    Corporate social responsibility
    Credit rating
    Loan rates
    Date: 2016
    Issue Date: 2016-08-09 10:08:21 (UTC+8)
    Abstract: 隨著赤道原則概念的推行，銀行的授信決策中，逐漸考量公司的環境、社會、公司治理等面向的表現，顯示企業社會責任表現已成為銀行風險評估的因素之一。因此，本研究以信用風險評等與銀行借款利率作為企業風險之代理變數，探討企業社會責任表現是否會影響信評機構與銀行對公司之預期風險。
    在控制財務特性及公司治理變數下，本研究實證結果顯示：（1）企業社會責任負面表現（環保與安全、資訊公告、其他違法與違規及綜合指標面向）與信用風險評等呈正向關係；（2）企業社會責任負面表現（其他違法與違規面向）與銀行借款利率呈正向關係；（3）額外之測試顯示，長期借款利率較短期借款利率更能反映企業社會責任對利率的影響。綜合上述分析結果，信評機構及銀行皆會將企業社會責任負面表現視為風險因子，提升公司信用風險評等及借款利率，使得公司的融資門檻提高。
    With the promotion of the Equator Principles, environmental, social and governance performance of the business is becoming considerations for bank loan decisions. It shows that corporate social responsibility has been one of the factors for risk considerations. Therefore, our study uses credit rating as well as loan rates as proxies for business risk to investigate whether the CSR performance affects the risk anticipation of banks and credit rating agencies.
    After controlling firm-specific and corporate governance factors, we find that: (1) A significantly positive association exits between CSR negative performance (environmental protection and safety, information announcement, other violations and the whole) and credit rating; (2) A significantly positive association also exits between CSR negative performance (other violations) and loan rates; (3) the analysis of additional tests indicates that CSR negative performance has greater effect on long-term loan rates than on short-term rates. To sum up, the CSR negative performance is one of the risk factors for banks and credit rating agencies to increase the credit rating and loan rates, simultaneously raising the financing threshold for the business.
    Reference: 中文部分
    林宛瑩、許崇源、戚務君、陳宜伶，2009，公司治理與信用風險，臺大管理論叢，第19卷第S2期，71-98頁。
    林宛瑩、戚務君、韓建婷，2009，公司治理與銀行融資利率，研討會。
    鄭桂蕙、林宛瑩、許崇源，2006，董監事持股高低對庫藏股買回誘因之影響，東吳經濟商學學報，第五十四期：1-26。

    英文部分
    Ashbaugh-Skaife, H., Collins, D. W., and LaFond, R. 2006. The effects of corporate governance on firms’ credit ratings. Journal of Accounting and Economics 42 (1/2): 203-243.
    Attig, N., El Ghoul, S., Guedhami, O. and Suh, J. 2013. Corporate social responsibility and credit ratings. Journal of Business Ethics 117 (4): 679-694.
    Bauer, R., Derwall, J., and Hann, D. 2009. Employee relations and credit risk. Working paper. Available at SSRN:http://ssrn.com/abstract=1483112.
    Barnea, A. and Rubin, A. 2010. Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics 97 (1): 71-86.
    Barry, C. and Brown, S. 1985. Differential information and security market equilibrium. Journal of Financial and Quantitative Analysis 20 (4): 407-422.
    Becchetti, L., Ciciretti, R., and Hasan, I. 2007. Corporate social responsibility and shareholder’s value: An event study analysis. Working Paper, Federal Reserve Bank of Atlanta.
    Bhattacharya, C.B. and Sankar S. 2004. Doing better at doing Good: When, why and how consumers respond to corporate social initiatives. California Management Review 47 (1): 9-24.
    Bhojraj, S. and Sengupta, P. 2003. Effect of corporate governance on bond ratings and yields: the role of institutional investors and the outside directors. The Journal of Business 76 (3): 455-475.
    Botosan, C. 1997. Disclosure level and the cost of equity capital. The Accounting Review 72: 323-349.
    Boutin-Dufresne and F., Savaria P. 2004. Corporate social responsibility and financial risk. Journal of Investing Spring, 57-66.
    Bowen, H.R. 1953. Social responsibilities of the businessman, New York: Harper and Row.
    Carroll, A.B. 1979. A three-dimensional conceptual model of corporate social performance. Academy of Management Review 4 (4): 497-505.
    Carroll, A.B. 1991. The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business horizons 34 (4): 39-48.
    Carroll, A.B. 1999. Corporate social responsibility evolution of a definitional construct. Business and Society 38 (3): 268-295.
    Chava, S. 2011. Socially responsible investing and expected stock returns. Working Paper, Georgia Institute of Technology.
    Cheng, B., Ioannou, I., and Serafeim, G. 2014. Corporate social responsibility and access to finance. Strategic Management Journal 35 (1): 1-23.
    Chen, K.C.W., Chen, Z., and Wei, K. C. 2003. Disclosure, corporate governance, and the cost of equity capital: Evidence from Asia’s Emerging markets Working paper. Available online at SSRN:http://ssrn.com/abstract=422000
    Chen, K. H., and Metcalf, R. W. 1980. The relationship between pollution control record and financial indicators revisited. The Accounting Review 55 (1): 168-177.
    Cheng, C.A., D. Collins, and Huang, H. 2006. Shareholder rights, financial disclosure and the cost of equity capital. Review of Quantitative Finance and Accounting 27 (2): 175-204.
    Cochran, P. L. and Wood, R. A. 1984. Corporate social responsibility and financial performance. Academy of Management Journal 27 (1): 42-56.
    Coles, J. L., Daniel, N. D., and Naveen, L. 2008. Boards: Does one size fit all ? Journal of Financial Economics 87 (2): 329-356.
    Davis, K. 1960. Can business afford to ignore social responsibilities? California Management Review 2 (3): 70-76.
    Dennis, S., Nandy, D., Sharpe, I. 2000. The determinants of contract terms in bank revolving credit agreements. The Journal of Financial and Quantitative Analysis 35 (1): 87-110.
    Dhaliwal, D., Eheitzman, S., Li, O.Z. 2006. Taxes, leverage, and the cost of equity capital. Journal of Accounting Research 44 (4): 691-723.
    Dhaliwal, D., Li, O. Z., Tsang, A. H., Yang, Y. G. 2009. Voluntary non-financial disclosure and the cost of equity capital: The case of corporate social responsibility reporting. Working Paper, University of Arizona.
    El Ghoul, S., Guedhami, O., Kwok, C. C. Y., and Mishra D. R. 2011. Does corporate social responsibility affect the cost of capital? Journal of Banking and Finance 35 (9): 2388-2406.
    Endrikat, J., Guenther, E.,and Hoppe, H. 2014. Making sense of conflicting empirical findings: A meta-analytic review of the relationship between corporate environmental and financial performance. European Management Journal 32 (5): 735-751.
    Esty, B. 2005. The Equator Principles: An industry approach to managing environmental and social risks, Harvard Business School Case Study 9, 205-214.
    Feldman, S. J., Soyka, P. A., and Ameer, P. 1997. Does Improving a Firm’s Environmental Management System and Environmental Performance Result in a Higher Stock Price ? Journal of Investing 6 (4): 87-97.
    Frederick, W.C. 1960. The growing concern over business responsibility.California Management Review 2: 54-61.
    Freeman, R.E. 1984.Strategic management: A stakeholder approach. Pitman, Boston.
    Friedman, M. 1970. The Social Responsibility of Business is to Increase its Profits, New York Times Magazine (September 13), 32-33: 122, 126.
    Godfrey, P. C. 2005. The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of Management Review 30 (4): 777-798.
    Goss, A. and Roberts, G. S. 2011. The impact of corporate social responsibility on the cost of bank loans. Journal of Banking and Finance 35 (7): 1794-1810.
    Gottesman, A.A. and Roberts, G.S. 2004. Maturity and corporate loan pricing. Financial Review 38: 55-77.
    Handa, P. and Linn, S. C. 1993. Arbitrage Pricing with Estimation Risk. Journal of Financial Economics 28 (1): 81-100.
    Hartman, L., DesJardins J., MacDonald, C. 2008. Business Ethics: Decision Making for Personal Integrity and Social Responsibility. The McGraw−Hill Companies.
    Heald, M. 1957. Management’s responsibility to society: The growth of an idea. The Business History Review 31 (4): 375-384.
    Heinkel, R., Kraus, A., and Zechner, J. 2001. The effect of green investment on corporate behavior. Journal of Financial and Quantitative Analysis 36 (4): 431-449.
    Hong, H., Kacperczyk, M. 2009. The price of sin: the effects of social norms on markets. Journal of Financial Economics 93 (1): 15-36.
    Izzo, M.F., Magnanelli, B.S. 2012. Does it pay or does firm pay? The relation between CSR performance and the cost of debt. Available online at SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1986131.
    Jiao, Y. 2010. Stakeholder welfare and firm value. Journal of Banking and Finance 34 (10): 2549-2561.
    Jiraporn, P., Jiraporn, N., Boeprasert, A., and Chang, K. 2014. Does corporate social responsibility improve credit ratings? Evidence from geographic identification. Financial Management 43 (3): 505-531.
    Jo, H. and Harjoto, M. 2010. The causal effect of corporate governance on corporate social responsibility. Working paper, Santa Clara University.
    Johnson, R. A., and Greening, D. W. 1999. The effects of corporate governance and institutional ownership types on corporate social performance. Academy of Management Journal 42 (5): 564-576.
    Johnson, H. L. 1971. Business in contemporary society: Framework and issues.Belmont, CA: Wadsworth.
    Jones, T.M. 1980. Corporate social responsibility revisited, redefined. California Management Review 22 (3): 59-67.
    Kempf, A., Osthoff, P. 2007. The effect of socially responsible investing on financial performance. European Financial Management 13 (5): 908-922.
    Lantos, G. P. 2002. The ethicality of altruistic corporate social responsibility. Journal of Consumer Marketing 19 (3): 205-230.
    McGuire J. 1963. Business and Society, New York: McGraw-Hill.
    McWilliams, A., and Siegel, D. 2000. Corporate social responsibility and financial performance: correlation or misspecification. Strategic Management Journal 21 (5): 603-609.
    McWilliams, A., and Siegel, D. 2001. Corporate social responsibility: A theory of the firm perspective. Academy of Management Review 26 (1): 117-127.
    Machauer, A. and Weber, M. 1998. Bank behavior based on internal credit ratings of borrowers. Journal of Banking and Finance 22 (10-11): 1355-1383.
    Makni, R., Francoeur, C., and Bellavance, F. 2009. Causality between corporate social performance and financial performance: Evidence from Canadian Firms. Journal of Business Ethics 89 (3): 409-422.
    Margolis, J. D., Elfenbein, H. A., Walsh, J. P. 2007. Does it pay to be good? A meta-analysis and redirection of research on the relationship between corporate social and financial performance. Working paper, Harvard Business School, Cambridge MA.
    McWilliams, A., and Siegel, D. 2000. Research notes and communications. Corporate social responsibility and financial performance: correlation or misspecification?. Strategic management journal 21 (5): 603-609.
    Merton, R.C. 1987. A simple model of capital market equilibrium with incomplete information. Journal of Finance 42 (3): 483-510.
    Menz, K.M., 2010. Corporate Social Responsibility: Is it Rewarded by the Corporate Bond Market? A Critical Note. Journal of Business Ethics 96 (1): 117-134.
    Moskowitz, M. 1972. Choosing Socially Responsible Stocks. Business and Society Review 1: 71-75.
    Navarro, P. 1988. Why do corporations give to charity? Journal of Business 61 (1): 65-93.
    Porter, M.E. and Kramer, M. R. 2006. Strategy and society: The link between competitive advantage and corporate social responsibility. Harvard Business Review 84 (12): 1-15.
    Pound, J. 1988. Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics 20 (1): 237-265.
    Rahman, S. 2011. Evaluation of definitions: Ten dimensions of corporatesocial responsibility. World Review of Business Research 1 (1): 166 -176.
    Renneboog, L., Horst, J.T., Zhang, C. 2008. Socially responsible investments:institutional aspects, performance, and investor behavior. Journal of Banking and Finance 32 (9): 1723-1742.
    Russo, M.V. and Fouts, P.A. 1997. A resource-based perspective on corporate environmental performance and profitability. Academy of Management Journal 40 (3): 534-559.
    Sengupta, P. 1998. Corporate disclosure quality and the cost of debt. The Accounting Review 73 (4): 459-474.
    Sethi S.P. 1975. Dimensions of corporate social performance: An analytical framework. California Management Review 17 (3): 58-64.
    Stanwick, P. A. and Stanwick, S. D. 1998. The Relationship Between Corporate Social Performance, and Organizational Size, Financial Performance, and Environmental Performance: An Empirical Examination. Journal of Business Ethics 17 (2): 195-204.
    Sharfman, M.P., Fernando, C.S. 2008. Environmental risk management and the cost of capital. Strategic Management Journal 29 (6): 569-592.
    Statman M., Fisher, K. L., and Anginer, D. 2008. Affect in a behavioral asset-pricing model. Financial Analysts Journal 64 (2): 20-29.
    Sturdivant, F. D. and Ginter, J. L. 1977. Corporate Social Responsiveness: Management Attitudes and Economic Performance. California Management Review 19 (3): 30-36.
    Tsoutsoura, M. 2004. Corporate social responsibility and financial performance.Working Paper, University of California.
    Waddock, S. and Graves, S. 1997. The corporate social performance-financial performance link. Strategic Management Journal 18 (4): 303-319.
    Weber, O. 2012. Environmental credit risk management in banks and financial service institutions. Business Strategy and the Environment 21 (4): 248-263.
    Woodward-Clyde. 1999. Key opportunities and risks to New Zealand’s export trade from green market signals: final paper, Sustainable Management Fund Project 6117, New Zealand Trade and Development Board, Auckland.
    Wu, M.W. and Shen, C.H. 2013. Corporate social responsibility in the banking industry: Motives and financial performance. Journal of Banking and Finance 37 (9): 3529-3547.
    Zahra, S. A., Oviatt, B. M., and Minyard, K. 1993. Effects of corporate ownership and board structure on corporate social responsibility and financial performance. Academy of Management Best Paper Proceedings, 336-340.

    參考網頁
    證券櫃檯買賣中心_企業社會責任專區，網址：http://www.tpex.org.tw/web/csr/content/resource.php
    中華民國企業永續發展協會，網址：http://www.bcsd.org.tw/domain_node/domainnode/23
    Description: 碩士
    國立政治大學
    會計學系
    103353004
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0103353004
    Data Type: thesis
    Appears in Collections:[Department of Accounting] Theses

    Files in This Item:

    File SizeFormat
    300401.pdf1144KbAdobe PDF2414View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback