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The Impact of Corporate Social Responsibility on Operational Efficiency
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Food security issues, such as Plasticizer Scandal and Gutter Oil Scandal, now very frequently erupts in nowadays Taiwan society, which, due to distrust and refusal from the public, not only incur negative effects to a corporation's reputation, but also severely impact the corporate financial statement to obstruct her sustainable development. Increasingly, it is required that a corporation should take full social responsibilities, and hence the corporate social responsibility (CSR) becomes critical issues of inventive competent advantages as well as sustainable development of the corporate. Accordingly, this research deals with the relationship between CSR and corporate operation efficiency as well as financial performance, in which samples of CSR are adopted from awarded companies between 2005 to 2014 in three credible civil society institutions. This research adopts means of Propensity Score Matching(PSM) and Fix Effect Regression Mode(FERM) to review the sample companies, and the results appear that: (1) CSR appears significant positive correlation to current operational efficiency; (2) CSR appears significant positive correlation to current turnover of assets as well as average turnover of assets in three years; (3) CSR appears positive correlation to current return of assets but not significant; and (4) CSR appears positive correlation to current return of equity but not significant, but appears significant positive correlation to average return of equity in three years. The sensitivity analysis indicates CSR appears significant negative correlation to current net income-Exc Dispo, but the average net income-Exc Dispo in three years of the CSR corporation will present improvement. This research demonstrates CSR corporations may obtain better operation efficiency and turnover of assets than CSR-less corporations. Although the CSR corporations may not improve current corporate financial performance significantly, however they will have significant improvements in long-term turnover of assets and long-term return of equity.
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