| 摘要: | 過去與企業社會責任（Corporate Social Responsibility, CSR）相關的研究主題，多著 墨在CSR 與財務績效間之關係，多數學者肯定CSR 為企業的財務績效帶來正面的影響， 但有些學者則持不同的觀點。然而，最近一些學者從CSR 可能與盈餘管理（Earnings Management, EM）有密切關係進行探討，並認為企業盈餘管理程度愈高，其CSR 活動愈 積極對公司財務績效將產生負向影響。 企業藉由從事CSR 活動，經理人可從媒體取得良好的形象、建立社會的合理性 （Legitimacy）、較有利的監管對待，以及減少來自投資人和員工的監督。因此，經理 人認為透過滿足利害關係人（Stakeholder）的利益和營造出一個對社會及環境關注之形 象，可以降低利害關係人對於企業EM 的監督。在此論點之下，當企業財務績效欠佳時， 經理人的確有透過CSR 的履行以規避和移轉利害關係人監督之動機。 在亞洲地區，日本已成為對於CSR 推動較為積極的一個指標性國家，但大企業仍 時有醜聞發生，故企業積極從事CSR 活動的背後是否只是為了掩飾EM，而投射出對社 會友善的形象，在建立良好的合理性形象博取利害關係人的支持後，可避開利害關係人 的嚴格監督並達成自利的目的。 過去研究較少針對企業從事CSR 活動對財務績效的影響時，併同EM 的問題進行 探討。然而，CSR 具備了提供給那些操縱盈餘的經理人鞏固自我利益的機會。因此，本 研究希望能對目前公司治理文獻以及利害關係人理論的研究提供更多的實證結果。
Previous CSR-related research topics, the focus on CSR and the relationship between financial performance, most scholars believe that CSR is positively correlated with financial performance, but some scholars hold a different conclusion. Recently, some scholars believe that CSR may be closely related to earnings management (EM) problems. Some scholars believe CSR and corporate financial performance has a negative correlation when firms have the higher degree of EM. Through firm’s CSR activities, managers can get a good image from the media, establish social legitimacy, obtain favorable regulatory treatment, and reduce oversight from investors and employees. Therefore, managers meet the interests of stakeholders and create an image of social and environmental concerns in order to avoid the possibility of supervision from interested parties for the firm’s EM. Under this argument, poor corporate financial performance, managers have an incentive to implement CSR activities in order to transfer the supervision of the interested parties. In Asia, Japan is more positive for the promotion of CSR as an indicator of state, but scandals from large business still occur. Therefore, companies actively engaged in CSR activities, hiding firm’s EM, and projected the image of a friendly society by building a good image of legitimacy to win the support of interested parties. It maybe avoid the strict supervision of the interested parties and reach self-interest purposes. Previous studies less focusing on the relationship CSR with incentives of EM, however, CSR has offered to managers who manipulate EM for entrenchment of self-interest. Therefore, this study is to document the current corporate governance and stakeholder theory to provide more empirical research results. |
