| Summary: | 碩士 === 國立臺灣大學 === 會計學研究所 === 104 === The objective of this research is to investigate the market reaction of mandatory disclosure of Corporate Social Responsibility (CSR) Report in Taiwan and whether specific industrial and corporate determinant can respond coefficient of the stock price on event days. This study is the first domestic research aimed to focus specifically on mandatory disclosure of CSR Report. This research lists out five event days first and then examines the annual reports identified from the Market Observation Post System for listed and OTC companies in Taiwan, from 2014 to 2015. The empirical results show that investors reacted negatively when the information of mandatory disclosure of CSR Report was announced, which implicit that market investors were worried about the increase of limitation and cost on the nonfinancial information disclosure and concerned about more negative news would be disclosed after the regulation of mandatory disclosure of CSR Report. However, the results do not support the hypothesis on one of the events. Moreover, further test indicates that for those firms directly affected by the regulation investor also reacted negatively on that specific event, which contribute to enhancing the association between the determinants and cumulative abnormal return on the event days of mandatory disclosure of CSR Report.
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