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標題: 企業發布社會責任報告書是否影響公司的銀行貸款成本:台灣上市櫃公司的實證分析
Is Bank Loan Cost of Firm Associated With Social Responsibility Report Issuing: Empirical Evidence on Listed Companies in Taiwan
作者: 謝佩娟
Pei-Chuan Hsieh
Shu-Hui Lin
Yuan Chang
關鍵字: 企業社會責任;社會責任報告書;非財務資訊揭露;銀行貸款成本;corporate social responsibility;corporate social responsibility report;nonfinancial information disclosure;bank loan cost
Project: 台灣管理學刊, Volume 19, Issue 1, Page(s) 47-75

In recent years, frequent corporate scandals and cases of business ethics violations have raised public awareness of the importance of business sustainability. Therefore, Corporate Social Responsibility (CSR) has become a prominent subject in contemporary management practice and academic research. The basic principles of CSR advocates that in the pursuit of profit, a firm not only should seek to maximize the wealth of shareholders, but also be responsible for other stakeholders in society. The company's investment and concrete activities on CSR is shown in its CSR report, and existing research has indicated that nonfinancial information disclosure helps firm signal its conducts on sustainable management to reduce the information asymmetry and thus reduce the financing cost. Therefore, this paper employs the data of 1,524 listed companies in Taiwan covering the period of 2013 - 2016 to examine the relationship between company's social responsibility report issuing and the firm's bank loan interest rate. In addition, this study also examines the effects of voluntary publication CSR report versus guaranteed by independent third party on firm's bank loan rates. Empirical result shows that companies that publish CSR reports corresponding to lower bank lending rates, and thus enjoy lower bank loan costs. However, firms with voluntarily CSR reports issuing and firms with voluntarily CSR reports issuing that are certified by third party did not show evidence of significant lowered bank loan inetrest rates.
Appears in Collections:臺灣管理學刊 第19卷 第01期

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