| Summary: | 碩士 === 國立政治大學 === 會計學系 === 105 === Food industry is associated with our lives and health. Since food safety events happened, government takes steps to increase information transparency of the firms. As a part of firm's communication tools in order to decrease information asymmetries between firms and society, CSR reporting becomes more important. This study aims to investigate how firms from Taiwan food industry disclose CSR and how investors think of CSR index. In the first step, content analysis is used to analyze CSR disclosure of 27 food industry. In the second step, through interviewing non-institutional investors and institutional investors, we can find how CSR index influences their decision. The result shows that (1) most of the firms disclose social indexes and the quality of economic indexes are the highest. (2) Non-institutional investors focused on company’s cash flow and put more emphasis on index that effect recent financial situation. While institutional investors focused on stock price and put more emphasis on index that effect long-term financial situation. (3) Through two kinds of investor’s opinion and firm’s CSR disclosure, we find that the disclosure of social indexes are the most common, most of the indexes disclosed by quantitative way, and fewer of them use monetary way to disclose. The firm may use the results of this study as a reference for future CSR reports.
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