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企業社會責任資訊揭露對投資者決策之影響
The Effects of Corporate Social Responsibility Disclosure on the Judgment of Investors
1.張允文
1.Yeun-wen Chang
1.國立臺中科技大學財政稅務系
1.Department of Public Finance and Taxation, National Taichung University of Science and Technology
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1.國立臺中科技大學財政稅務系
1.Department of Public Finance and Taxation, National Taichung University of Science and Technology
002
1.行政院國家科學委員會
1.National Science Council
A.14 計畫執行期間(起):2012-08-01
A.14 計畫執行期間(訖):2013-10-31
2012-07-012012-08-31
A.16 收到日期:2014-01-22
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機構投資人的問卷收集以國內各投信機構的基金經理人為寄發對象;專業投資人以會計師、公司經理人員與商學院教師為實驗對象;個人投資者以具有商學背景的EMBA 學生為實驗對象

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C.2 聯絡日期:2014-01-24
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1.國立臺中科技大學財政稅務系
1.Department of Public Finance and Taxation, National Taichung University of Science and Technology
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C.7 資料公開日期:2015-11-01
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1.企業社會責任
2.環境資訊揭露
3.機構投資人
4.專業投資人
5.個人投資者
6.財務績效
7.非財務績效
1.Corporate Social Responsibility
2.Environmental Disclosure
3.Institutional Investors
4.Professional Investors
5.Retail Investors
6.Financial Performance
7.Non-financial Performance
企業社會責任 (CSR)相關議題日益受到實務界與學術界的重視,企業如何經營CSR 進而提升所有利害關係人(stakeholder)的權益,實為刻不容緩的議題。Cohen etal.(2011)的研究指出在CSR 的議題中又以環境資訊來的相對重要,所以本研究探討CSR 議題中的環境資訊揭露對機構投資人、專業投資人與個人投資決策之影響。本研究依Bullough and Johnson(1995)提出的環境資訊揭露模式,並加以修改,將環境資訊揭露的程度分成政策性環境資訊和完整性環境資訊,以高科技的LCD 產業為個案產業,同時納入企業基本財務狀況的因素,採用實驗設計的方法中的組間受測體方式,以機構投資人、專業投資人與具有商學背景的個人投資者為受測對象,探討環境資訊的揭露在不同基本財務狀況下,對企業財務績效(股價與財務危機發生的機率)與非財務績效(忠誠度、企業形象與信任),可能產生的影響。此外,本研究也依循Slovic and MacPhillamy(1974)所提出共同性與獨特性指標的概念,將財務資訊視為共同性指標,環境資訊視為獨特性指標,以瞭解共同性指標及獨特性指標,在三種投資者制定決策時,何者是較重要的。經由實驗結果我們可以發現在基本財務績效好的情境下,完整的環境資訊揭露(E2)確實可以顯著地提升投資人對於該公司在財務指標與非財務指標的評價, 但當在基本財務績效差的情境下,完整的環境資訊揭露(E4)卻無法有效顯著地提升投資人對於該公司在財務指標與非財務指標的評價。在探討不同投資人(機構投資人、專業投資人與個別投資人)對於財務資訊與環境資訊重要性的差異分析上,我們可以發現專業投資人(大專院校商管老師、會 計師、經理人員)在投資時對於「環境資訊重要性」,是較機構投資人與個別投資人更重視環境資訊的揭露。但在「財務資訊重要性」這項指標上,三類投資人卻無 顯著的差異(即三類投資人皆重視財務資訊)。

In recent years, the terms CSR (Corporate Social Responsibility) had been received attention from practice and academy. How to manage the CSR in order to increase the equity of stakeholders is an important issue for the company. Cohen et al. (2011) indicated that the environmental information was more important among issues of CSR. Therefore, this research discusses the effect of environmental disclosure on the judgment between institutional investors, professional investors and retail investors. This study modifies the types of environmental disclosure proposed by Bullough and Johnson (1995), and this study divides the types of environmental disclosure into two major categories: (1) policy environmental disclosure and (2) complete environmental disclosure. In addition, this study also manipulates the independent variables of financial situations (good and bad). This research adopts experimental methodology to examine the effects of environmental disclosure on the judgment of financial performance (e.g. stock price and financial distress), and non-financial performance (e.g. loyalty, corporate image, and trust). Moreover, this study follows the suggestions of Slovic and MacPhillamy (1974) to investigate whether there are differences between common measure (financial information) and unique measure (environmental information). From the experimental results, we can find that the complete environmental disclosure which under good financial situations (E2), can significant improve the financial and non-financial performance. However, the complete environmental disclosure which under bad financial situations (E4) can’t improve the financial and non-financial performance. In additional, we find that only professional investors (including: professors of management school, CPA and managers) put emphasis on the environmental information when they make investment decisions, but the institutional investors and retail investors don’t. About the financial information, the three categories of investors put the same emphasis on it, when they make investment decisions.

D.16 完成檢誤日期:2014-02-05
D.17 預定釋出日期:2015-11-01
D.18 初次釋出日期:2015-11-02
D.19_1 最新版釋出日期:2015-11-02
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10.6141/TW-SRDA-E10119-1
https://efenci.srda.sinica.edu.tw/webview/index.jsp?object=https://efenci.srda.sinica.edu.tw:80/obj/fStudy/E10119
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