本研究係探討重大企業社會責任行為與分析師投資建議之關聯性。研究樣本係從美國Kinder, Lydenberg, Domini and Co. (KLD)資料庫、Institutional Brokers' Estimate System(I/B/E/S)資料庫以及Compustat資料庫取得，樣本期間為1993年至2015年。本研究將KLD資料庫的企業社會責任分數以SASB重大性地圖區分為重大企業社會責任分數以及不重大企業社會責任分數，觀察重大企業社會責任行為是否會對分析師投資建議產生較大影響。實證結果發現企業社會責任分數與分析師建議分數呈現顯著正相關，且重大企業社會責任分數的係數大於不重大企業社會責任分數，顯示分析師能夠掌握重要的非財務資訊，並傳遞予投資大眾。額外測試將企業社會責任分數分為正面企業社會責任分數(Strength)以及負面企業社會責任分數(Concern)，正面企業社會責任分數係指公司進行有利於社會、環境等企業社會責任行為，而負面企業社會責任分數係指公司進行不利於社會、環境等企業社會責任行為。結果發現不論是重大或不重大的正面企業社會責任分數，都與分析師建議分數無顯著相關，而負面的企業社會責任分數與分析師建議分數為顯著負相關，表示公司進行越多不利於社會環境的行為，分析師越不會推薦購買該股票。額外測試的結果也顯示企業社會責任與分析師投資建議的關聯是由負面企業社會責任分數貢獻而非正面企業社會責任分數。

This research aims to explore the impact of corporate social responsibility on analyst recommendation. The data of this research are collected from Kinder, Lydenberg, Domini and Co. (KLD) database、Institutional Brokers' Estimate System(I/B/E/S) database and Compustat database since 1993 to 2015. I divide the CSR score into the materiality score and the immateriality score in order to know whether the materiality score has stronger effect on analyst recommendation than the immateriality score does. The empirical result shows that the higher CSR score is associated with higher analyst recommendation, and the coefficient of materiality score is higher that the coefficient of immateriality score, confirming that analysts can obtain the important nonfinancial information of business and transmit information to investors. In the additional test, corporate social responsibility scores are divided into “positive CSR score(Strength)” and “negative CSR score(Concern)”. Positive CSR score means the company actions that benefit society, environment or other stakeholders, and negative CSR score means the company actions that harm society, environment or other stakeholders. The results show that both material and immaterial positive CSR scores are not significantly related to the analyst recommendations, whereas negative CSR scores are negatively correlated with the analyst recommendations. It indicates that analyst will not recommend to buy the company’s stock if the company do some actions which is detrimental to society and environment.
The results of the additional tests also show that the association between corporate social responsibility and analyst investment advice is contributed by negative CSR scores rather than positive corporate social responsibility scores.

Abarbanell, J.S. & Lanen, W.N., & Verrecchia, R.E. (1995). Analysts' forecasts as proxies for investor beliefs in empirical research. Journal of Accounting and Economics, 20(1), 31-60.
Akhigbe, A., & Madura, J. (1996). Dividend Policy and Corporate Performance. Journal of Business Finance & Accounting, 23(9-10), 1267-1287.
Atkinson, L., & Galaskiewicz, J. (1988). Stock Ownership and Company Contributions to Charity. Administrative Science Quarterly, 33(1), 82-100.
Barber, B., & Lehavy, R., & McNichols, M., & Trueman, B. (2001). Can Investors Profit from the Prophets? Security Analyst Recommendations and Stock Returns. The Journal of Finance, 56(2), 531-563.
Barber, B., & Lehavy, R., & McNichols, M., & Trueman, B. (2001). Can Investors Profit from the Prophets? Security Analyst Recommendations and Stock Returns. The Journal of THE FINANCE ASSOCIATION, 56(2), 531-563.
Barth, M.E. & Kasznik, R., & ＭcNichols, M.F. (2001). Analyst Coverage and Intangible Assets. Journal of Accounting Research, 39(1), 1-34.
Baumeister, R.F., & Bratslavsky, E., & Finkenauer, C., & Vohs, K.D. (2001). Bad Is Stronger Than Good. Review of General Psychology, 5(4), 323-370.
BNY Mellon. (2012). Global trends in investor relations. Available at:https://www.johnson.cornell.edu/portals/32/BNY%20Mellon%20Global%20Trends.pdf.
Booz & Company. (2012). Responsible investing: a paradigm shift. From niche to mainstream.
Chatterji, A.K., & Levine, D.I., & Toffel, M.W. . (2009). How Well Do Social Ratings Actually Measure Corporate Social Responsibility? Journal of Economics & Management Strategy, 18(1), 125-169.
CSR Europe, Deloitte, Euronext. 2003. (2003). Investing in responsible businesses. Available at: http://www.cgov.pt/CGOV/images/pdf/ISR-2003.pdf.
Deloitte. (2012). Does materiality matter? Should the principle of materiality be applied more consistently to non-financial reporting?
Dhaliwal, D.S., & Li, O.Z., & Tsang, A., & Yang, Y.G. (2011). Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation ofCorporate Social Responsibility Reporting. The Accounting Review, 86(1), 59-100.
Eames, M., & Glover, S.M., & Kennedy, J. (2002). The Association between Trading Recommendations and Broker-Analysts’ Earnings Forecasts. Journal of Accounting Research, 40(1), 85-104.
ECCE (European Centre for Corporate Engagement). (2007). Use of extra-financial information by research analysts and investment managers.
Eccles, R.G., & Krzus, M.P., & Rogers, J., & Serafeim, G. (2012). The Need for Sector-Specific Materiality and Sustainability Reporting Standards. Journal of Applied Corproate Finance, 24(2).
Ehie, I.C., & Olibe, K. (2010). The effect of R&D investment on firm value: An examination of US manufacturing and service industries. International Journal of Production Economics, 128(1), 127-135.
Ferreira, M.A., & Laux, P.A. (2007). Corporate Governance, Idiosyncratic Risk, and Information Flow. The Journal of Finance, 62(2), 951-989.
Friedman, M. (1970). The social responsibility of business is to increase its profits. New York Times Magazine, 32–33, 122, 124, 126.
Ghoul, S.E., & Guedhami, O., & Kwok, C.C.Y. & Mishra, D.R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388-2406.
Godfrey, P.C. (2005). The Relationship between Corporate Philanthropy and Shareholder Wealth: A Risk Management Perspective. The Academy of Management Review, 30(4), 777-798.
Grullon, G., & Michaely, R., & Swaminathan, B. (2002). Are Dividend Changes a Sign of Firm Maturity? The Journal of Business, 75(3), 387-424.
Hou, K., & Robinson, D.T. (2006). Industry Concentration and Average Stock Returns. The journal of Finance, 61(4), 1927-1956.
Huang, C.Y., Wang, K.Y., Chang, F.C. (2013). The Relationship between CSR Announcements. Journal of Contemporary Accounting, 14(2), 175-204.
Ioannou, I., & Serafeim, G. (2015). The Impact of Corporate Social Responsibility on Investment Recommendations: Analysts’Perceptions and Shifting Institutional Logics. Strategic Management Journal, 36, 1053-1081.
Jo, H., & Harjoto, M. (2014). Analyst Coverage, Corporate Social Responsibility, and Firm Risk. Business Ethics: A European Review, 23(3).
Khan, M., & Serafeim, G., & Yoon, A. (2016). Corporate Sustainability: First Evidence on Materiality.
Luo, X., & Wang, H., & Raithel, S., & Zheng, Q. (2015). Corporate Social Performance, Analyst Stock Recommendations, and Firm Future Returns. Strategic Management Journal, 36(1), 123-136.
Lydenberg, S., & Rogers, R., & Wood, D. (2010). From Transparency to Performance Industry-Based Sustainability Reporting on Key Issues.
Margolis, J.D., & Elfenbein, H.A., & Walsh, J.P. (2007). Does It Pay to Be Good?A Meta-Analysis and Redirection of Research on The Relationship Between Corporate Social and Financial erformance .
McAlister, L., & Srinivasan, R., & Kim, M. (2007). Advertising, Research and Development, and Systematic Risk of the Firm. Journal of Marketing, 71(1), 35-48.
McNichols, M., & O'Brien, P.C. (1997). Self-Selection and Analyst Coverage. Journal of Accounting Research, 35, 167-199.
McWilliams, A., & Siegel, D. (2001). Corporate Social Responsibility: A Theory of the Firm Perspective. Academy of Management Review, 26(1), 117-127.
Miller, M.H. (1976). Debt and Taxes. The Journal of Finance,, 32(2), 261-275.
Nilsson, H., & Cunningham, G.M., & Hassel, L.G. (2008). A study of the provision of environmental information in financial analysts' research reports. Sustainable Development, 16(3), 180-194.
O'brien, P.C. (1988). Analysts' forecasts as earnings expectations. Journal of Accounting and Economics, 10(1), 53-83.
Paine, L.S. (2003). Value Shift: Why Companies Must Merge Social and Financial Imperatives to Achieve Superior Performance.
Preston, L.E., & O'Bannon, D.P. (1997). The Corporate Social-Financial Performance Relationship. Business & Society, 36(4), 419-429.
Roberts, P.W., & Dowling, G.R. (2002). Corporate reputation and sustained superior financial performance. Strategic Management Journal, 23(12), 1077-1093.
Waddock, S.A., & Graves, S.B. (1997). The Corporate Social Rerformance–Financial Performance Link. Strategic Management Journal, 18(4), 303-319.
Warner, J. (1977). Bankruptcy costs: some evidence. Journal of Finance.
Womack, K.L. (1996). Do Brokerage Analysts' Recommendations Have Investment Value? The Journal of Finance, 51(1), 137-167.
Zuckerman, E.W. (1999). The Categorical Imperative: Securities Analysts and the Illegitimacy Discount. The American Journal of Sociology, 104(5), 1398-1438.