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研究生： 劉怡均
Liu, Yi-Chun
論文名稱： 企業社會責任能見度是否會帶來較優異的財務績效？來自斷點迴歸設計的證據
Does CSR Visibility Lead to Superior Financial Performance? Evidence from a Regression Discontinuity Design
指導教授： 兪在元
Yoo, Jaewon
口試委員: 徐茉莉
Shmueli, Galit
雷松亞
Ray, Soumya
Kim, Namil
Kim, Namil
學位類別： 碩士
Master
系所名稱： 科技管理學院 - 服務科學研究所
Institute of Service Science
論文出版年： 2023
畢業學年度： 111
語文別： 英文
論文頁數： 40
中文關鍵詞： 企業社會責任可見度 、企業財務績效 、道瓊斯可持續發展指數 、斷點迴歸設計
外文關鍵詞： CSR Visibility, Financial Performance, Dow Jones Sustainability Index, Regression Discontinuity Design
相關次數： 點閱：169  下載：2 
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  •  上一筆

    • 本研究利用準實驗設計的方法探討企業社會責任可見度（CSR Visibility）對財務績效的影響。企業社會責任可見度是以全世界第一個可持續發展指數——道瓊斯可持續發展指數（Dow Jones Sustainability World Index，DJSI）作為定義。本研究檢視CSR永續發展評分中快要通過和幾乎未通過的公司，透過斷點迴歸設計（Regression Discontinuity Design，RDD）檢視DJSI會員身分對財務績效的影響。研究的實證結果顯示，企業社會責任的可見度會提升公司短期內的財務表現，儘管證據並未達到統計上的顯著條件。企業社會責任可見度較高的企業可能因客戶忠誠度提升、員工生產效率提高，以及獲得更多與環保伙伴合作的機會等因素，導致短期內較優異的財務績效。然而，長遠來看，企業社會責任可見度較高的企業財務表現卻下降了。此發現意味著在高企業社會責任可見度的公司中，經理人必須投入更多資源從事企業社會責任相關的活動，以滿足利害關係人的期望。整體而言，這項研究深入探討了企業社會責任可見度與財務績效之間的因果關係，並為企業與利害關係人提供了寶貴的見解，供其了解企業社會責任倡議對財務表現的影響。

    This study investigates the impact of Corporate Social Responsibility (CSR) Visibility on financial performance using a quasi-experimental design. CSR Visibility is operationalized through a leading sustainability index called the Dow Jones Sustainability World Index (DJSI). The study focuses on firms that are accepted or declined by a narrow margin of CSR score, which allows for the examination of the effect of DJSI membership on performance through the use of a Regression Discontinuity Design (RDD). Empirical findings indicate that greater CSR visibility leads to a short-term improvement in financial performance, albeit with weak evidence. This suggests that firms with higher CSR visibility may experience enhanced financial performance due to factors such as improved customer loyalty, increased productivity efficiency, and more opportunities for green collaboration. However, in the long run, firms with higher CSR visibility experience a decline in financial performance, indicating the need to allocate more resources toward CSR activities to meet stakeholder expectations. This suggests a potential trade-off between short-term financial gains and long-term sustainability commitments. Overall, this research sheds light on the relationship between CSR visibility and financial performance, offering valuable insights for firms and stakeholders seeking to understand the implications of CSR initiatives on business outcomes.

    **Abstract (Chinese) I** **Abstract II** **Contents III** **List of Figures V** **List of Tables VI** **1 Introduction** 1 **2 Literature Review** 4 - 2.1 Evolution of CSR............................ 4 - 2.2 Stakeholder Perception of CSR.................... 5 - 2.3 CSR Visibility and Financial Markets................. 6 - 2.4 Theoretical Channel.......................... 7 **3 Data** 9 - 3.1 Data Collection............................. 9 - 3.2 Variable Construction......................... 11 - 3.3 Sample Data and Summary Statistics................. 12 - 3.4 Visualization.............................. 12 **4 Empirical Setting** 17 - 4.1 Regression Discontinuity Design.................... 17 - 4.2 Empirical Model............................ 19 - 4.3 Directed Acyclic Graphs........................ 20 **5 Result** 23 - 5.1 Main Result............................... 23 - 5.2 Performance Around DJ SI Threshold................. 24 - 5.3 Long-term Impact of CSR Visibility.................. 27 - 5.4 Manipulation Check.......................... 28 **6 Conclusion and Discussion** 30 **7 Appendix** 33 - 7.1 Variable Description.......................... 33 - 7.1.1 Explanatory Variables..................... 33 - 7.1.2 Outcome Variable........................ 34 - 7.1.3 Control Variables........................ 35 - 7.2 Code for generating Directed Acyclic Graph........................ 35 **References** 37

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