| Summary: | 碩士 === 輔仁大學 === 會計學系碩士班 === 105 === The thesis aims to examine the relationship between the corporate social responsibility performance and the cost of equity capital for Taiwan’s listed companies issuing CSR Reports in 2015. The author first tried to quantify the CSR performance, including disclosure quality and implementation performance, by converting qualitative descriptions in CSR report into scores according to the methodology constructed by the Taiwan Institute for Sustainable Energy (TAISE), helding the Taiwan Corporate Sustainability Awards (TCSA) competition for the past decade. Then a series of empirical analyses were conducted by applying these quantative scores and the cost of capital estimated through GLS model (Gebhardt et al., 2001) into the multivariate regression models. Whether the CSR reports were provided mandatoriely or voluntariely was also considered. Main empirical results are summarized as follows.
1.The cost of equity capital is significantly in negative association with corporate social responsibility performance, to some extent. Specially, the cost of equity capital is nonlinearly concave in corporate social responsibility performance.
2.Voluntary CSR report poviders seldom have lower cost of equity capical than mandotary ones, especially while CSR performance taken into account. From the viewpoint of univariate analysis, mandotary CSR report poviders even have lower cost of equity capical than voluntary ones, albeit insignficantlly. Whether such a inconsistency results from the intrinsic difference of CSR report from other financial reports is still need to be further explored.
In general, the author believes this paper positive implications of CSR report and provides insights into the future policy making for the authorities.
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