本研究旨在探討亞洲社會責任投資績效與散戶投資人是否具有企業社會責任的意識。我們藉由ASSET4 資料庫的評比檢視在亞洲企業社會責任是否受到權益資本市場的重視進而獲得正向異常報酬。此外，我們亦檢視正面社會責任新聞對散戶比例高之新興亞洲股市的增額資訊效果。實證結果證實日本投資人在2009年2013年間願意對社會責任表現佳之企業予以正向異常報酬；相較之下，社會責任表現佳之企業在開發中市場卻無正向異常報酬。然而實證結果亦指出正面社會責任新聞對散戶有增額資訊效果，顯示開發中市場投資人有企業社會責任的意識，但須透過媒體取得社會責任資訊，方能正向評價一家企業的社會責任表現。

This paper explores the performance of SRI and individual investors’ awareness of CSR in Asia. We use ASSET4 ESG ratings as our proxy for the CSR performance of firms to examine whether superior CSR practices are rewarded in the Asian stock markets. In addition, we also investigate the incremental information effect of positive CSR news for Asian emerging stock markets with a relatively high proportion of individual investors. The empirical results confirm that Japanese investors are willing to reward firms for superior CSR performance within January, 2009 to March, 2013. In contrast, firms in Asian emerging stock markets cannot earn reward for superior CSR performance in the same period. However, positive CSR news do have a positive effect on individual investors’ awareness of CSR in Asian emerging stock markets. In other words, individual investors in these markets are aware of firms’ relatively good CSR performance, but only via reading relevant news.

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