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• Main Authors: Heng-Li Shen, 沈恆立
• Other Authors: 楊曉文
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/eks3ps

碩士 === 國立中央大學 === 財務金融學系 === 107 === This research aims to analyze the effects of Corporate Social Responsibility (CSR) on companies’ financial performance. CSR ratings of Journal of Common Wealth and Environmental, Social, and Governance (ESG) scores of Thomson Reuters in Eikon database are used to represent the domestic and foreign CSR index, respectively. We consider three financial performance indicators which are Returns on Asset (ROA), Returns on Equity (ROE), and Earnings per Share (EPS). The fixed effect model based on Panel Data Analysis is employed in the empirical study. We examine the companies included in the FTSE TWSE Taiwan 50 Index from the period of 2007 to 2016. The empirical results show that the domestic CSR indexes in social responsibility, corporate governance and corporate commitment criteria are found significantly positively related to ROA and ROE. However, no evidence supports that domestic CSR index in environmental criteria and the overall ratings are significantly related to financial performance. The foreign CSR index of environmental, social, and governance criteria and the overall scores are found to be significantly negatively related to EPS. The empirical results above indicate that CSR does have the impact on the firm performance but the positive or negative effect depends on the CSR index and the performance measure.