| Summary: | 碩士 === 亞洲大學 === 財務金融學系 === 107 === Various problems in Taiwan, such as the global financial crisis, food safety crises, product fraud, and environmental pollution of well-known enterprises, have seriously affected order in the capital markets and caused social unrest in recent years. At the same time, corporation social responsibility (CSR) has gotten more and more attention at home and abroad and become a trend of international enterprises. The world is now placing more emphasis on the positive and negative effects that enterprises have on society, the economy, and the environment. Therefore, this study utilizes the sample companies’ websites to collect certificated data of listed (OTC) companies in Taiwan to integrate and analyze CSR reports. Listed (OTC) companies in the high-technology industry of Taiwan from 2009 to 2018 are taken as the samples to comprehensively explore the relevance between capital market characteristics and CSR reports, with capital market characteristics measured through information asymmetry, Tobin's Q, and stock returns.
The study’s results herein show that disclosing CSR reports indeed eases information asymmetry between enterprises. Moreover, compared to enterprises whose CSR reports are not disclosed, enterprises that did disclose CSR reports have significantly higher market values and stock returns. Overall, disclosing CSR reports provides positive evidence for enterprises’ market values. Hence, it can be inferred that CSR reports positively affect capital markets.
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