Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/92422
標題: 企業社會責任與信用風險相關性之分析
Analysis of Association between Corporate Social Responsibility and Credit Risk
作者: Wan-Jen Lin
林宛臻
關鍵字: 企業社會責任;企業信用評等;公司債券利差;違約間距;Corporation Social Responsibility;Corporate Credit Rating;Bond spread;Distances to Default
引用: 網站部分 1. Domini Social Investments http://www.domini.com/ 2. FTSE http://www.ftse.com/ 3. KLD Research & Analytics, Inc. http://www.msci.com/products/esg/ 4. Standard & Poor's Ratings Services http://www.standardandpoors.com/MicrositeHome/en/us/Microsites 5. 東吳大學會計學報 http://www.acc.scu.edu.tw/sjoa/pub.asp 6. 中華民國文化部 http://www.moc.gov.tw/main.do?method=find 7. 永續報告平台 http://www.csronereporting.com/ 8. 陳欽春,民國九十五年,企業與社會的鑲嵌與接軌:企業社會責任的省思。http://www.ntpu.edu.tw/pa/news/94news/attachment/951003/4-4.pdf 9. 產業永續發展整合資訊網 http://proj.ftis.org.tw/isdn/ 10. 臺灣企業社會責任網站 http://csr.moea.gov.tw/ 中文文獻 1. 池祥麟和林怡君,民國九十六年,「企業社會績效與企業財務績效的關聯性之分析道瓊 STOXX 永續性指數為例」,二○○七年企業倫理和公司治理國際研討會論文集,台北大學合作經濟學系。 2. 馮燕,民國九十三年,「企業型基金會公益資源運用個案研究」。 3. 許永聲,陳俊合和曾奕菱,民國一百零二年,「企業社會責任與信用風險評等」會計學報,第5卷第1期: 1-26。 英文文獻 1. Arrow, K. J. (1973). Social responsibility and economic efficiency. Public Policy, 21(3), 303-317. 2. Attig, N., El Ghoul, S., Guedhami, O., & Suh, J. (2013). Corporate social responsibility and credit ratings. Journal of business ethics, 117(4), 679-694. 3. Avramov, D., Chordia, T., Jostova, G., & Philipov, A. (2009). Credit ratings and the cross-section of stock returns. Journal of Financial Markets, 12(3), 469-499. 4. Bao, J., Pan, J., & Wang, J. (2011). The illiquidity of corporate bonds. The Journal of Finance, 66(3), 911-946. 5. Bowen, H. R. (1953). Social Responsibilities of the Businessman–Toward an Understanding of the Ethics and Economics of Society. 6. Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of management review, 4(4), 497-505. 7. Carroll, A. B. (1991). The pyramid of corporate social responsibility: toward the moral management of organizational stakeholders. Business horizons, 34(4), 39-48. 8. Cornell, B., & Shapiro, A. C. (1987). Corporate stakeholders and corporate finance. Financial management, 5-14. 9. Davis, K. (1960). Can business afford to ignore social responsibilities?.California Management Review, 2(3). 10. Ederington, L. H., Yawitz, J. B., & Roberts, B. E. (1984). The informational content of bond ratings. 11. Ferrell, O. C., & Fraedrich, J. (2011). Business ethics: Ethical decision making & cases. Cengage Learning.. 12. Frederick, W. C. (1960). The growing concern over business responsibility.California Management Review, 2(4), 54-61. 13. Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge University Press. 14. Gardberg, N. A., & Fombrun, C. J. (2006). Corporate citizenship: Creating intangible assets across institutional environments. Academy of management Review, 31(2), 329-346. 15. Godfrey, P. C. (2005). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of Management Review, 30(4), 777-798. 16. Hopkins, M. (2003). The planetary bargain: Corporate social responsibility matters. Earthscan. 17. Goss, A. (2009). Corporate social responsibility and financial distress. InASAC (Vol. 30, No. 29). 18. Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794-1810. 19. Mackey, A., Mackey, T. B., & Barney, J. B. (2007). Corporate social responsibility and firm performance: Investor preferences and corporate strategies. Academy of management review, 32(3), 817-835. 20. McGuire, J. W. (1963). Business and society (Vol. 144). New York: McGraw-Hill. 21. Sheldon, O. (2003). The philosophy of management (Vol. 2). Psychology Press. 22. McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: correlation or misspecification?. Strategic management journal, 21(5), 603-609. 23. Preston, L. E., & O'bannon, D. P. (1997). The corporate social-financial performance relationship. Business and society, 36(4), 419-429. 24. Swanson, D. L. (1995). Addressing a theoretical problem by reorienting the corporate social performance model. Academy of Management Review, 20(1), 43-64. 25. Oikonomou, I., Brooks, C., & Pavelin, S. (2012). The impact of corporate social performance on financial risk and utility: A longitudinal analysis. Financial Management, 41(2), 483-515. 26. Roberts, P. W., & Dowling, G. R. (2002). Corporate reputation and sustained superior financial performance. Strategic management journal, 23(12), 1077-1093. 27. Schuler, D. A., & Cording, M. (2006). A corporate social performance–corporate financial performance behavioral model for consumers. Academy of Management Review, 31(3), 540-558. 28. Schwartz, M. S., & Carroll, A. B. (2003). Corporate social responsibility: a three-domain approach. Business Ethics Quarterly, 503-530. 29. Waddock, S. A., & Graves, S. B. (1997). The corporate social performance.Strategic management journal, 8(4), 303-319. 30. Ziebart, D. A., & Reiter, S. A. (1992). Bond ratings, bond yields and financial information*. Contemporary Accounting Research, 9(1), 252-282.
摘要: 
近年來,企業社會責任相關議題已廣受各方重視,本研究利用KLD Research
& Analytics, Inc.所建立KLD Social Rating 社會績效評等之資料,探究企業社會
責任績效與企業信用評等、公司債券利差以及違約間距之間的相關性為何;探討
美國企業落實企業社會責任的同時,是否亦能降低企業的信用風險。藉由本研究
實證結果可知,履行企業責任將提升企業信用評等,故企業社會責任績效良好之
企業擁有較佳之信用評等。此外企業社會責任的良好績效亦可降低企業之資金成
本,使得公司債券利差低於社會責任績效不佳之企業。而信用評等佳、舉債成本
低可推論企業違約之可能性較低,因此,社會責任績效良好的企業具有較大的違
約間距,承受較低之違約風險。

Corporate social responsibility has been one of the most popular corporate
governance issue in recent years. This study is to investigate the association between
corporation social responsibility and credit risk. Using KLD Social Rating of U.S. firms
from KLD Research & Analytics, the result of empirical analysis suggests that credit
rating agency provides higher rating to corporates with excellent performance of
corporation social responsibility, and also demonstrates that corporates with excellent
performance of corporation social responsibility have smaller bond spread and longer
distances to default.
URI: http://hdl.handle.net/11455/92422
其他識別: U0005-2006201416594900
Rights: 不同意授權瀏覽/列印電子全文服務
Appears in Collections:財務金融學系所

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