https://scholars.lib.ntu.edu.tw/handle/123456789/101818
標題: | 台灣強制編製企業社會責任報告書之事件研究 The Event Study of Mandatory Disclosure of Corporate Social Responsibility Report in Taiwan |
作者: | 曾思齊 Tseng, Szu-Chi |
關鍵字: | 企業社會責任報告書;企業社會責任;事件研究;累積異常報酬;強制揭露;Corporate Social Responsibility Report;Corporate Social Responsibility;event study;cumulative abnormal return;mandatory disclosure | 公開日期: | 2016 | 摘要: | 本研究主要探討我國強制編製企業社會責任報告書事件之市場反應,以及特定之產業與公司特性是否能夠解釋事件日股價的資訊意涵。本文為國內首篇針對強制編製企業社會責任報告書相關法規進行探討之研究,以西元2014年起到2015年止依據重大差異與時序性歸納出與強制編製報告書相關的五大事件,並以台灣上市櫃各事件下受法規內容直接影響之公司為研究樣本進行分析。研究結果顯示,我國強制編製企業社會責任報告書之規範,由於提高了企業揭露非財務性資訊的限制、降低其報導自由度、增加揭露企業社會責任訊息之相關成本,且市場投資者多對公司是否會因強制性法規而揭露出更多負面資訊有所擔憂;因此,市場投資者在強制揭露企業社會責任報告書訊息宣告時會產生負面反應,此結果在特定事件下獲得實證支持。另外,本研究發現,針對法令內容受直接影響之企業,在該事件日下投資者也傾向給予負面評價,進一步增進了事件日下股價異常報酬與產業或企業特色間的關係,即提高強制編製企業社會責任報告書事件日下股價之資訊內涵。 The objective of this research is to investigate the market reaction of mandatory disclosure of Corporate Social Responsibility (CSR) Report in Taiwan and whether specific industrial and corporate determinant can respond coefficient of the stock price on event days. This study is the first domestic research aimed to focus specifically on mandatory disclosure of CSR Report. This research lists out five event days first and then examines the annual reports identified from the Market Observation Post System for listed and OTC companies in Taiwan, from 2014 to 2015. The empirical results show that investors reacted negatively when the information of mandatory disclosure of CSR Report was announced, which implicit that market investors were worried about the increase of limitation and cost on the nonfinancial information disclosure and concerned about more negative news would be disclosed after the regulation of mandatory disclosure of CSR Report. However, the results do not support the hypothesis on one of the events. Moreover, further test indicates that for those firms directly affected by the regulation investor also reacted negatively on that specific event, which contribute to enhancing the association between the determinants and cumulative abnormal return on the event days of mandatory disclosure of CSR Report. |
URI: | http://ntur.lib.ntu.edu.tw//handle/246246/275184 | DOI: | 10.6342/NTU201600430 | Rights: | 論文公開時間: 2021/7/6 論文使用權限: 同意有償授權(權利金給回饋學校) |
顯示於: | 會計學系 |
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ntu-105-R03722019-1.pdf | 23.32 kB | Adobe PDF | 檢視/開啟 |
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