The Relationship between the Negative CSR Events and Firm Value: The Moderating Effect of Institutional Investors

• Main Authors: Yu-Wen, Huang, 黃郁文
• Other Authors: Shing-Jen, Wu
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/4w55u9

碩士 === 東吳大學 === 會計學系 === 103 === Due to the issues of the environmental protection and food security, this thesis investigate the association between the negative corporate social responsibility (CSR) events and firm value. Specifically, the main purpose is to discuss the occurrence of the negative CSR events whether affect firm value and to analyze how the frequency of negative CSR events influence firm value. This thesis also examine if the existence of the institutional investors could mitigate the harmful influences of firm value caused by the negative CSR events. The empirical results reveal those firms which occurs negative CSR events have lower firm valuation, however, the frequency of negative CSR events do not have a significant and negative effect on firm value. In addition, if the negative CSR events occur, even if the company has higher institutional investor shareholding ratio, firm value would be negative. Relating to the frequency of negative CSR events, the higher institutional investor shareholding ratio could mitigate the negative influence on firm value. Moreover, when a company occurs many times of the negative CSR events, the institutional investor shareholding ratio which is decreased would have negative effect on firm value.