企業在決策過程中，必須考量經營策略對社會環境造成的影響。企業若能改善社會問題且做出有利於社會的決策，則有助於企業發展，因此企業永續經營有賴利害關係人對企業的信任與支持。投入企業社會責任的決策與成本效益的衝突，可能會導致模糊的管理目標，此乃投入企業社會責任將造成企業成本增加，且經營效益無法確定，企業社會責任可能會產生企業決策僵局。因而Jensen and Meckling (1976) 提出狡詰理論 (managerial guile theory) 與Wernerfelt (1984)提出資源基礎理論（resource-based view, RBV），但企業社會責任對公司經營績效的影響則沒有一致的結論。因此，本研究以天下雜誌自1999-2014年調查國內上市、上櫃及未上市上櫃公司1000大企業為研究對象，探討企業社會責任對公司經營績效的影響。 本研究的研究結果發現：(1).企業社會責任對國內上市公司與未上市上櫃公司的公司經營績效有負向影響；(2).企業社會責任對國內上櫃公司的公司經營績效則無解釋能力。本研究的研究結果可作為政府當局及利害相關人士的參考。 In the strategy-making process, enterprises should consider how their decisions impact the social environment, and the sustainable development relies on stakeholder trusts and supports. Business growth benefits from decisions which additionally ameliorate social problems and help the community. The conflicts between socially responsibility decisions and cost-effectiveness can lead to blurred management objectives. The increased business cost due to corporate social responsibility (CSR) versus the indeterminable business benefits can be a tie for corporate decision. Thus Wernerfelt (1984) proposed the resource-based view (RBV) and Jensen and Meckling (1976) proposed the managerial guile theory. However there is no consistent conclusion about the impact of CSR on business performance. Using the largest 1000 domestic TWSE (Taiwan Stock Exchange)/TPEx (Taipei Exchange) listed and unlisted companies surveyed by Common Wealth Magazine between 1999- 2014 as research subjects, this study investigates the effect of CSR on performance of companies. The study resultants show that CSR does negatively affect business performance of Taiwan Stock Exchange listed and the unlisted companies; but CSR does not affect the business performance of Taipei Exchange listed companies. The results can be as a referenced to government authorities and stakeholders.
