Corporate Social Responsibility and Firm Financial Performance.

• Main Authors: Min Lin, 林旻
• Other Authors: Chieh-tse Hou
• Format: Others
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/56165963018771902363

碩士 === 國立東華大學 === 財務金融學系 === 104 === This study examines the relation between Corporate Social Responsibility (CSR) and firm’s financial performance, and further investigates the differences between electronics and non-electronics firms. Our samples are public listed firms in the Taiwan Stock Exchange for the period of 2008 to 2014. We use stock return and Tobin's Q index to be the proxy variable of firm’s financial performance; the number of times that winning the Corporate Citizenship Award conferred by Common Wealth Magazine and CSR Award conferred by Global Views Monthly as the proxy variable of CSR. The proxy of negative news is measured by the cumulative of negative news as reported by Taiwan Economic Journal (TEJ), such as environmental and safety, information bulletin, labor relations, violations of the law, and other negative events at the time of collection. The findings show the lag cumulative CSR has significantly and positively relation to firm’s financial performance for all sample and electronics industry, but not statistically significantly for non-electronics industry. The negative news is significantly and negatively related to stock return for all sample, as well as for electronics industry or non-electronics industry. However, news is negatively related with Tobin's Q, but statistically insignificant for all industry, electronics industry and non-electronics industry.