企業社會責任績效對財務風險的影響

doi:10.6226/NTUMR.202008_30(2).0007

淡江大學機構典藏 > 商管學院 > 會計學系暨研究所 > 期刊論文 > Item 987654321/126880

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题名:	企業社會責任績效對財務風險的影響
作者:	蕭莉芃:陳維慈:林灼榮
关键词:	corporate social responsibility ； market risk ； liquidity risk ； cost of capital
日期:	2020-08
上传时间:	2025-03-20 09:28:41 (UTC+8)
摘要:	Since the UN Global Compact was proposed in 1999, entrepreneurs and institutions around the world have placed a steadily increasing emphasis on corporate social responsibility (CSR). Accompanying the increased levels of CSR reporting and activities, researchers raise questions regarding whether the aim of a firm's operations is always to maximize shareholder value regardless of other potential motivating factors, an assumption frequently stated in past literature. The present study infers that a firm with superior CSR performance experiences lower market risk and liquidity risk, from empirically assessing the effect of CSR performance on financial risk. The robustness test also finds that superior CSR performance reduces the cost of capital. Furthermore, the study documents that the performance of corporate governance activities increases the cost of capital. Although there is a positive association between corporate governance performance and the cost of capital, prior research suggests that the corporate governance dimension is distinct from other social and environmental dimensions of CSR. Therefore, if the study excludes the corporate governance dimension from CSR activities, the result supports the hypothesis that CSR performance, in sum, is negatively related to the cost of capital.
關聯:	臺大管理論叢 30(2), 頁257-310
DOI:	10.6226/NTUMR.202008_30(2).0007
显示于类别:	[會計學系暨研究所] 期刊論文

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