請用此 Handle URI 來引用此文件: http://hdl.handle.net/11455/92843
標題: 企業社會責任投入與過度定價及員工生產力之關連性
Corporate Social Responsibility Input, EmployeeProductivity and Overvalution
作者: Cheng-Kun Liu
劉政坤
關鍵字: Overvalution
Employee Productivity
Corporate social responsibility
Future finance performance
市場低度評價
員工生產力
企業社會責任
未來財務績效
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摘要: 近年來由於企業舞弊和食品安全事件頻傳,導致一般民眾及投資人開始關注非財務性指標,使得企業社會責任逐漸納入企業的經營理念。本研究結合員工生產力與過度定價做為研究焦點,首先探討企業社會責任投入愈高時,公司的股價是否較不會被市場低度評價;其次,分析企業社會責任投入愈高時,公司的員工生產力是否愈佳;最後,則探討企業社會責任投入對公司未來財務績效之影響。 實證結果發現,當期或前一期的企業社會責任投入越高時,公司的當期股價都愈不容易被市場低度評價。而公司當期或前一期的企業社會責任投入愈多,並未使公司的員工生產力提升,其原因可能是前期企業社會責任的投入對員工的士氣與生產誘因影響不大。此外,當期或前一期的企業社會責任投入愈高時,公司的未來財務績效愈佳。因此,本研究可讓企業了解,企業社會責任的投入可以減少公司被市場低度評價,而經由社會大眾對公司的認同亦可間接改善未來的財務績效。
This paper focuses on the mispricing and employee productivity. First, we discuss whether the company investment more in corporate social responsibility, the company's share of price will be less likely undervalued by the market. Secondly, we analyze when the company spends more in corporate social responsibility, the company's productivity will be better. Finally, we explore the impact of corporate social responsibility on the company's future financial performance. The findings show that, when the company has more corporate social responsibility in the prior or/and current periods, the company's current share price is less likely undervalued by the market. When the company with higher corporate social responsibility in the prior or/and current periods, the company's current productivity does not increase. The possible reason is that the input of CSR has no influence on the effort incentive of employees. In addition, the company takes more corporate social responsibility in current period or prior period, the company's future financial performance will be better. Therefore, from this study, we understand that CSR input can reduce the undervaluation of company by the investors and improve future operation performance.
URI: http://hdl.handle.net/11455/92843
其他識別: U0005-2806201517162100
文章公開時間: 2018-07-03
顯示於類別:高階經理人碩士在職專班

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