The Reward to the Winners of Corporate Social Responsibility Prize：Moderating Effects of Size and Industry Characteristics

• Main Authors: Huang, you-yuan, 黃宥媛
• Other Authors: SHEN,WEN-HUA
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/w59ar9

碩士 === 國立高雄應用科技大學 === 會計系 === 106 === This study aims to explore whether those companies willing to devote to corporate social responsibility and bear all the related costs will enhance their profitability and increase return on assets, market value, Tobin’s Q and stock returns or not. The winners of corporate social responsibility prize held by Common Wealth Magazine are classified as sample firms of comparison group. Then, the two companies with closest total assets and same industry classification are treated as sample firms of control group for every corporate social responsibility prize winner during the period 2008 to 2017. The empirical results show that the winners of corporate social responsibility prize will have higher return on assets, market value, Tobin’s Q and stock return than the non-winner firms in control group. In addition, the size of companies plays a moderating role on the relationship between corporate social responsibility award information and market value as well as the relationship between corporate social responsibility award information and Tobin’s Q, which implies the positive relationships above will be mitigated when the firm’s size is relatively large. Finally, the pollution characteristics will enhance the relationship between corporate social responsibility award information and return on assets as well as the relationship between corporate social responsibility award information and market value, which implies the positive relationship above will be enhanced if the firms belong to high-pollution industry.