本研究旨在探討近年台灣上市上櫃公司企業社會責任表現與其股價表現之關係。不同於先前的研究，本研究以道瓊斯可持續發展指數(DJSI)之架構建立出包含四個面向、八個公式的台灣企業社會責任衡量指標，同時，將產業因素納入考慮，避免產業差異造成衡量上的偏頗。透過建立高企業社會責任表現(HCSR)、低企業社會責任表現(LCSR)與市場投資組合(Market)來檢測其股價表現。
研究結果顯示，高企業社會責任表現公司其股價表現並不顯著超越市場投資組合，但低企業社會責任表現公司其股價表現顯著的低於市場投資組合，最後我們透過四因子模型(Fama-French-Carhart four factor model)進行穩健性檢定，結果也是相同的。

This paper provides empirical evidence for the effect of corporate social responsibility on corporate financial performance in the Taiwan stock market. In contrast to former studies, we establish the eight formula and four dimension indexes to measure CSR(corporate social responsibility) performance, and we also divide into different industries to make the assessment more impartial. In this study, we use three portfolios (HCSR, LCSR and Market) to detect the relationship between CSR and stock performance.
Our analysis shows that companies with higher CSR scores (more CSR activities) compared with other firms within the industry do not have significantly better stock performance during our sample period. However, companies with lower CSR scores (engage less CSR activities) had significant negative effects on average monthly returns between 2011 and 2015. We also use the four factors model to intensify the result of this study.

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