隨著企業社會責任的議題逐漸成為公司治理的重要議題，有許多學者針對企業社會責任與財務績效的關係進行探討，但並無一致性的證據表明二者之間的關係。而隨著我國金融監督管理委員會針對企業社會責任的資訊揭露有更多的規範，也有更多永續議題相關資料庫被建立。本研究以實證研究的方法探討企業社會責任與股票報酬率的關係，分別以原始股票報酬率以及異常股票報酬率衡量股票報酬率，並且考量了企業社會責任各構面的差異性，進一步探討企業社會責任的平均性與股票報酬率的關係。有鑑於目前的相關研究普遍認定企業社會責任的平均性源自於管理階層的自利動機，本研究額外探討監督機制是否能夠遏止這種源自管理階層自利動機的高度企業社會責任平均性。本研究發現，企業若擁有較好的企業社會責任績效，將在未來一年擁有更高的股票報酬；若企業擁有更高的企業社會責任平均性，則會損害其未來一年的股票報酬。這些結果無論是採用原始股票報酬率或是異常股票報酬率衡量都未改變。此外，若企業處於高爭議性、高氣候風險性產業，或是企業擁有較高的外資持股比例，則會擁有較低的企業社會責任平均性。

With the issue of corporate social responsibility (CSR) gradually becoming an important topic in corporate governance, many scholars have explored the relationship between CSR and financial performance. However, there is no consistent evidence to indicate the relationship between the two. With the Financial Supervisory Commission of Taiwan imposing more regulations on CSR information disclosure and the establishment of more databases related to sustainability issues, this study empirically investigates the relationship between CSR and stock returns, it measures stock returns by raw stock returns and abnormal stock returns. This study also considers the different of the various dimensions of CSR, and then examines the relationship between CSR evenness and stock returns. Furthermore, it examines whether supervisory mechanisms can mitigate the high CSR evenness driven by management's self-interest motives, which is a factor commonly acknowledged in current related research. The study finds that if a company has better CSR performance, it will achieve better stock return in the following year. However, if a company has higher CSR evenness, it will experience lower stock returns in the following year. These results stays the same whether using raw stock returns or abnormal stock returns as measures. Additionally, companies in high-controversy or high-climate-risk industries, or those with a higher proportion of foreign ownership, tend to have lower CSR evenness.

王清剛, & 徐欣宇. (2016). 企業社會責任的價值創造機理及實證檢驗—基於利益相關者理論和生命周期理論. 中國軟科學, 2, 179-192.
沈中華, & 張元. (2008). 企業的社會責任為可以改善財務績效嗎?-以英國 FTSE 社會責任指數為例. 經濟論文, 36(3), 339-385.
胡星陽. (1998). 流動性對台灣股票報酬率的影響. 中國財務學刊, 5(4),1-19.
曹耀鈞, 薛舜仁, & 白憶萱. (2012). 股價對環境, 社會治理負面訊息反應之研究. 會計與公司治理, 8(2), 51-75.
曾煌鈞.(2017). 淺談家族企業之治理. 證券暨期貨月刊, 35(9) , 28-44.
賈明, & 張喆. (2010). 高管的政治關聯影響公司慈善行為嗎?. 管理世界, 4, 99-113.
鄧益青, 劉志強, & 盧崇煜. (2023). 企業環境, 社會和治理表現對經營績效的影響研究. Business and Globalization, 11(4), 169-174
Ackerman, R., & Bauer, R. (1976). Corporate Social Responsiveness. Reston Publishing, Reston.
Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics, 97, 71-86.
Beasley, M. S. (1996). An empirical analysis of the relation between the board of director composition and financial statement fraud. Accounting Review, 443-465.
Becchetti, L., Ciciretti, R., Hasan, I., & Kobeissi, N. (2012). Corporate social responsibility and shareholder's value. Journal of Business Research, 65(11), 1628-1635.
Bowen, H. R. (1953). Social Responsibilities of The Businessman. University of Iowa Press.
Carhart, M. M. (1997). On persistence in mutual fund performance. The Journal of Finance, 52(1), 57-82.
Carroll, A. B. (1991). The pyramid of corporate social responsibility: toward the moral management of stakeholder organization. Business Horizons , 34(4): 39-48.
Carroll, A. B. (1999). Corporate social responsibility: Evolution of a definitional construct. Business & Society, 38(3), 268-295.
Chang, Y. (2011). Do companies with corporate social responsibility perform better in stock returns. Fu Jen Management Review, 18(1), 79-118.
Chen, H., Zeng, S., Lin, H., & Ma, H. (2017). Munificence, dynamism, and complexity: How industry context drives corporate sustainability. Business Strategy and the Environment, 26(2), 125-141.
Clacher, I., & Hagendorff, J. (2012). Do announcements about corporate social responsibility create or destroy shareholder wealth? Evidence from the UK. Journal of Business Ethics, 106, 253-266.
Clarkson, M. E. (1995). A stakeholder framework for analyzing and evaluating corporate social performance. Academy of Management Review, 20(1), 92-117.
Dahlquist, M., & Robertsson, G. (2001). Direct foreign ownership, institutional investors, and firm characteristics. Journal of Financial Economics, 59(3), 413-440.
Donaldson, L., & Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of Management, 16(1), 49-64.
Epstein, M. J. (2018). Making sustainability work: Best practices in managing and measuring corporate social, environmental and economic impacts. Routledge.
Fama, E. F. (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88(2), 288-307.
Fama, E. F., & French, K. R. (1992). The cross‐section of expected stock returns. the Journal of Finance, 47(2), 427-465.
Fama, E. F., & French, K. R. (2015). A five-factor asset pricing model. Journal of Financial Economics, 116(1), 1-22.
Fehr, E., & Falk, A. (2002). Psychological foundations of incentives. European Economic Review, 46(4-5), 687-724.
Flammer, C. (2013). Corporate social responsibility and shareholder reaction: The environmental awareness of investors. Academy of Management Journal, 56(3), 758-781.
Fombrun, C. (2005). Building Corporate Reputation through CSR Initiatives: Evolving Standards. Corporate Reputation Review, 8(1): 7-11.
Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge university press.
Hall, B. H., & Lerner, J. (2010). The financing of R&D and innovation. In Handbook of the Economics of Innovation,1, 609-639.
Hillman, A. J., & Keim, G. D. (2001). Shareholder value, stakeholder management, and social issues: what's the bottom line?. Strategic Management Journal, 22(2), 125-139.
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 77-132.
La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471-517.
Majoch, A. A., Hoepner, A. G., & Hebb, T. (2017). Sources of stakeholder salience in the responsible investment movement: why do investors sign the principles for responsible investment?. Journal of Business Ethics, 140, 723-741.
Means, G., (2017). The modern corporation and private property. Routledge.
Oliver, S., (1923) .The philosophy of management . London, Pitman.
Pástor, Ľ., & Stambaugh, R. F. (2003). Liquidity risk and expected stock returns. Journal of Political economy, 111(3), 642-685.
Peasnell, K. V., Pope, P. F., & Young, S. (2005). Board monitoring and earnings management: do outside directors influence abnormal accruals?. Journal of Business Finance & Accounting, 32(7‐8), 1311-1346.
Pérez, A., García de los Salmones, M. D. M., & López-Gutiérrez, C. (2020). Market reactions to CSR news in different industries. Corporate Communications: An International Journal, 25(2), 243-261.
Pound, J. (1988). Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics, 20, 237-265.
Preston, L. E., & O'bannon, D. P. (1997). The corporate social-financial performance relationship: A typology and analysis. Business & Society, 36(4), 419-429.
Schwartz, M. S., & Carroll, A. B. (2003). Corporate social responsibility: A three-domain approach. Business Ethics Quarterly, 13(4), 503-530.
Serafeim, G., & Yoon, A. (2023). Stock price reactions to ESG news: The role of ESG ratings and disagreement. Review of Accounting Studies, 28(3), 1500-1530.
Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy, 94(3, Part 1), 461-488.
Tsoutsoura, M. (2004). Corporate social responsibility and financial performance.
Zhang, Y., Wang, H., & Zhou, X. (2020). Dare to be different? Conformity versus differentiation in corporate social activities of Chinese firms and market responses. Academy of Management Journal, 63(3), 717-742.