The insurance value of corporate social responsibility in Taiwan

• Main Authors: Chih-Yuan, Chang, 張智媛
• Other Authors: 陳彩稚
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/78438597215036049428

碩士 === 國立政治大學 === 風險管理與保險研究所 === 100 === This paper intends to study the impact of Corporate Social Responsibility (CSR) on protecting the decline in shareholder value for firms encountering negative events, i.e., the insurance value. This thesis uses a sample of 791 negative events disclosed during years 2005-2010 from TEJ database to examine whether CSR has insurance value for the public firms in Taiwan. Furthermore, the data are grouped into different subsamples according to firm characteristics and event types to examine the insurance value of CSR. The empirical results show that CSR does provide the insurance value for the firms in Taiwan when they encounter negative events. Besides, the empirical results indicate that CSR provides more insurance value for the high-intangible-asset firms and the safety-related negative events.