The Study between Corporate Social Responsibility and Credit Ratings in Taiwanese Finance and Insurance Industries

• Main Authors: Shih-hao Huang, 黃世豪
• Other Authors: Chau-Jung Kuo
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/2478a5

碩士 === 國立中山大學 === 財務管理學系研究所 === 103 === The purpose of this paper is to review the condition of corporate social responsibility (CSR) in Taiwanese finance and insurance industries, and examine the relationship between CSR and credit ratings. The function of CSR reports is to disclose ethical, legal, social and ecological information. CSR reports can show how much companies devote to CSR and be used to evaluate the performance of CSR. Credit rating is the result of composite evaluation of companies which can capture the influence of CSR on financial and nonfinancial information. This paper establishes the performance of CSR and reviews the condition of CSR based on CSR report of Taiwanese finance and insurance industries by global reporting initiative guidelines from 2011 to 2013. Then, we use Ordered Probit Model to examine the effect of CSR’s performance on credit ratings of firms. The findings show both the quantity and quality of sustainability information are increasing. Moreover, the performance of financial holdings companies is better than that of securities and insurance companies. The empirical result shows that there is a positive relationship between CSR and credit ratings. The better CSR performance is, the higher credit rating exhibits.