Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/149032
|
| Title: | 董事持股比例對企業社會責任表現之影響：CEO 雙元性為調節變項
The Impact of Director Ownership on Corporate Social Responsibility: The Moderating Role of CEO Duality |
| Authors: | 朱宇平
Chu, Yu-Ping |
| Contributors: | 傅浚映
Fu, Jyun-Ying
朱宇平
Chu, Yu-Ping |
| Keywords: | 董事持股比例
企業社會責任
CEO 雙元性
Director ownership
Corporate social responsibility
CEO duality |
| Date: | 2023 |
| Issue Date: | 2024-01-02 15:22:47 (UTC+8) |
| Abstract: | 積極履行企業社會責任實際上能為企業實現雙贏局面，不僅有助於回饋和貢獻社會，維護良好的社會關係，同時還能夠塑造出卓越的企業形象和聲譽，贏得利害關係人的信任，進一步提升企業的市場價值，最終建立長期之產業競爭優勢並且達成可持續發展。企業社會責任是一項長期的投資計劃，而董事持股比例可能會影響董事會經營決策的方向，是傾向於短期獲利還是長期經營。此外，CEO 雙元性領導結構是現今企業普遍採用的組織領導模式。過往的文獻指出，當公司採用 CEO 雙元性領導結構時，可能會引發嚴重的代理問題，並對經營績效產生負面影響，這些負面影響會增加股東的代理成本負擔，最終損害了股東的利益，亦即持股董事的利益。本文選取了 2015 年至 2019 年期間中國 A 股市場的上市公司作為研究對象，以探討董事持股比例對於公司企業社會責任表現的影響。透過迴歸分析，本研究得出以下實證結論：(1) 董事持股比例對於公司的企業社會責任表現具有正面影響。(2) 當公司的 CEO 與董事長是同一個人時，會使董事持股比例對公司企業社會責任表現的正面影響更為強烈且明顯。
In practice, actively discharging corporate social responsibility (CSR) can lead to a win-win situation for companies. It not only contributes to giving back to and benefiting society, maintaining robust social relationships but also helps shape an exceptional corporate identity and reputation. Consequently, this garners the trust of stakeholders, further enhancing the market value of the company. Ultimately, it establishes long-term competitive advantages and achieves sustainable development. CSR is a long-term investment plan, and director ownership may influence the direction of board decision-making, whether it leans towards short-term profitability or long-term operation. Furthermore, the CEO duality leadership structure is a commonly adopted organizational leadership model in the contemporary business environment. Previous literature has indicated that when companies adopt a CEO duality leadership structure, it may lead to severe agency problems and negatively impact operational performance. These negative effects increase the agency costs borne by shareholders, ultimately harming the interests of shareholders, namely, the interests of shareholding directors. This study selects publicly-listed companies within the China A-share market spanning from 2015 to 2019 as the research subjects to examine the influence of director ownership on a company's CSR performance. Through regression analysis, this research draws the following empirical conclusions: (1) Director ownership has a positive impact on a company's CSR performance. (2) When the CEO and chairman of the board are the same person, the positive impact of director ownership on the company's CSR performance becomes more significant and pronounced. |
| Reference: | 一、中文文獻
上海證券交易所 (2008年5月14日)。《關於加強上市公司社會責任承擔工作暨發布〈上海證券交易所上市公司環境信息披露指引〉的通知》。上海證券交易所股票與存托憑證類。http://www.sse.com.cn/lawandrules/sserules/listing/stock/c/c_20150912_3985851.shtml，擷取日期：2023年6月2日。
中國證券監督管理委員會 (2018年9月30日)。《上市公司治理準則》。中國證券監督管理委員會公告 [2018] 29 號。http://big5.www.gov.cn/gate/big5/www.gov.cn/gongbao/content/2019/content_5363087.htm，擷取日期：2023年8月23日。
中華人民共和國全國人民代表大會常務委員會 (2018年10月26日)。《中華人民共和國公司法》。國家法律法規數據庫。https://flk.npc.gov.cn/detail.html?ZmY4MDgwODE2ZjEzNWY0NjAxNmYxY2M5OGFkODExMzQ%3D，擷取日期：2023年8月23日。
中華人民共和國國務院辦公廳 (2023年4月14日)。《關於上市公司獨立董事制度改革的意見》。國務院辦公廳印發 [2023] 9 號。https://www.gov.cn/zhengce/content/2023-04/14/content_5751463.htm，擷取日期：2023年6月20日。
司徒達賢 (2011年4月14日)。公司治理，獨立董事如何幫上忙？天下雜誌，第 346 期。https://www.cw.com.tw/article/5004806 ，擷取日期：2023年6月21日。
余惠芳、梁榮輝與薛宗盛 (2017)。CEO 雙重性與企業經營危機關聯性之研究。全球管理與經濟，第十三卷第一期：1-16。
李揚、彭華崗、黃群慧、鐘宏武、張蒽 (2022)。企業社會責任藍皮書：中國企業社會責任研究報告（2022）責任領航，邁入現代化新征程。社會科學文獻出版社。
肖紅軍與陽鎮 (2018)。中國企業社會責任40年：歷史演進、邏輯演化與未來展望。經濟學家，第十一期：22-31。
唐清泉、羅黨論與王莉 (2006)。上市公司獨立董事辭職行為研究——基於前景理論的分析。南開管理評論，第九卷第一期：74-83。
徐曉俊 (2020)。獨立董事制度會影響股價崩盤風險嗎——基於獨立性和專業性視角的研究。會計之友，第八期：95-103。
張玉山 (無日期)。中國大陸國有企業改革。國立中山大學財管系所。http://www.feu.edu.tw/edu/gec/linhuang/china/business-c.htm，擷取日期：2023年6月2日。
深圳證券交易所 (2006年9月25日)。《深圳證券交易所上市公司社會責任指引》。深圳證券交易所信息披露通知公告。http://www.szse.cn/disclosure/notice/general/t20060925_499697.html，擷取日期：2023年6月2日。
陸靜、張瑩與向誠 (2020)。獨立董事制度對公司違規行為的影響——來自中國 A 股市場的經驗證據。重慶大學學報 (社會科學版)，第二十六卷第五期：102-120。
黃家慧 (2017年11月8日)。終結連10季虧損 味全靠什麼辦到的？今周刊，第 1090 期。https://www.businesstoday.com.tw/article/category/80393/post/201711080030/，擷取日期：2023年5月30日。
廖秀梅、李建然與吳祥華 (2006)。董事會結構特性與公司績效關係之研究－兼論台灣家族企業因素的影響。東吳經濟商學學報，第五十四期：117-160。
鄭閔聲、許瓊文與林麗娟 (2014年10月16日)。4500億頂新王國 陷入空前危機的4個錯誤。今周刊，第 930 期。https://www.businesstoday.com.tw/article/category/80408/post/201410160038/，擷取日期：2023年5月30日。
二、英文文獻
An, R., & Albattat, A. R. S. (2023). Examining the effect of CSR on financial performance in China: Agency cost as mediator. International Journal of Professional Business Review: Int. J. Prof. Bus. Rev., 8(6): 4.
Attig, N., Boubakri, N., El Ghoul, S., & Guedhami, O. (2016). Firm internationalization and corporate social responsibility. Journal of Business Ethics, 134(2): 171-197.
Bowen, H. R. (1953). Social Responsibilities of the Businessman. New York: Harper & Row.
Brammer, S., & Millington, A. (2006). Firm size, organizational visibility and corporate philanthropy: An empirical analysis. Business Ethics: A European Review, 15(1):6-18.
Carroll, A. B. (1979). A three-dimensional conceptual model of corporate 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 & Society, 38(3): 268-295.
Chapple, W., & Moon, J. (2005). Corporate social responsibility (CSR) in Asia: A seven-country study of CSR web site reporting. Business & Society, 44(4): 415-441.
Commission of the European Communities, EC. (2001). Green Paper: Promoting a European Framework for Corporate Social Responsibility, COM (2001) 366 final, 18.7.2001. Brussels: Commission of the European Communities.
Committee for Economic Development, CED. (1971). Social Responsibilities of Business Corporations. Committee for Economic Development.
Cornell, B., & Shapiro, A. C. (1987). Corporate stakeholders and corporate finance. Financial Management, 16(1): 5-14.
Davis, K. (1960). Can business afford to ignore social responsibilities?. California Management Review, 2(3): 70-76.
Dewi, D. M., Sudarma, M., Djumahir., & Eko Ganis, S. (2014). CSR effect on market and financial performance. International Journal of Business and Management Invention, 3(1): 56-66.
Drucker, P. F. (1984). Converting social problems into business opportunities: The new meaning of corporate social responsibility. California Management Review, 26(2): 53-63.
European Commission. (2011). A renewed EU strategy 2011-14 for corporate social responsibility. Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions, COM (2011) 681 final, 25.10.2011. Brussels: European Commission.
Frederick, W. C. (1960). The growing concern over business responsibility. California Management Review, 2(4): 54-61.
Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Boston: Pitman Publishing Inc.
Friedman, M. (1970). The social responsibility of business is to increase its profits. New York Times Magazine, 32(33): 173-178.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4):305-360.
Jensen, M. C., & Ruback, R. S. (1983). The market for corporate control: The scientific evidence. Journal of Financial Economics, 11(1-4): 5-50.
Johnson, H. L. (1971). Business in Contemporary Society: Framework and Issues. Wadsworth Publishing Company.
Karnani, A. (2011). CSR stuck in a logical trap: A response to Pietra Rivoli and Sandra Waddock's “‘First they ignore you…’: The time-context dynamic and corporate responsibility”. California Management Review, 53(2): 105-111.
Khan, F. U., Zhang, J., Usman, M., Badulescu, A., & Sial, M. S. (2019). Ownership reduction in state-owned enterprises and corporate social responsibility: Perspective from secondary privatization in China. Sustainability, 11(4): 1008.
Kim, K. H., & Buchanan, R. (2008). CEO duality leadership and firm risk-taking propensity. Journal of Applied Business Research (JABR), 24(1): 27-42.
McGuire, J. W. (1963). Business and Society. New York: McGraw-Hill.
Ouyang, Z., Lv, R., & Liu, Y. (2023). Can corporate social responsibility protect firm value during corporate environmental violation events?. Corporate Social Responsibility and Environmental Management, 30(4): 1942-1952.
Porter, M. E., & Kramer, M. R. (2006). The link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12): 78-92.
Preston, L. E., & O'bannon, D. P. (1997). The corporate social-financial performance relationship: A typology and analysis. Business & Society, 36(4): 419-429.
Rahman, R. A., & Haniffa, R. M. (2005). The effect of role duality on corporate performance in Malaysia. Corporate Ownership and Control, 2(2): 40-47.
Rashid, M. M. (2020). Ownership structure and firm performance: The mediating role of board characteristics. Corporate Governance, 20(4): 719-737.
Swandari, F., & Sadikin, A. (2016). The effect of ownership structure, profitability, leverage, and firm size on corporate social responsibility (CSR). Binus Business Review, 7(3): 315-320.
Tang, H. W. (2017). CEO duality, corporate governance, and firm performance – The role of external environment. Sun Yat-Sen Management Review, 25(4): 967-1008.
United Nations Industrial Development Organization, UNIDO. (n.d.). What is CSR? Retrieved from https://www.unido.org/our-focus/advancing-economic-competitiveness/competitive-trade-capacities-and-corporate-responsibility/corporate-social-responsibility-market-integration/what-csr on May 1, 2023.
Walton, C. C. (1967). Corporate Social Responsibilities. Wadsworth Publishing Company.
Wang, H., & Choi, J. (2013). A new look at the corporate social–financial performance relationship: The moderating roles of temporal and interdomain consistency in corporate social performance. Journal of Management, 39(2): 416-441.
Ward, H. (2004). Public Sector Roles in Strengthening Corporate Social Responsibility: Taking Stock. Washington, DC: World Bank.
Withisuphakorn, P., & Jiraporn, P. (2016). The effect of firm maturity on corporate social responsibility (CSR): Do older firms invest more in CSR?. Applied Economics Letters, 23(4): 298-301.
Wood, D. J. (1991). Corporate social performance revisited. Academy of Management Review, 16(4): 691-718.
World Business Council for Sustainable Development, WBCSD. (2000). Corporate Social Responsibility: Making Good Business Sense. World Business Council for Sustainable Development: Geneva: WBCSD.
Zhang, G., Wang, L., Guo, F., & Yang, G. (2021). Does corporate internationalization affect corporate social responsibility? Evidence from China. Emerging Markets Review, 46(5): 100794. |
| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
109363110 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109363110 |
| Data Type: | thesis |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
