隨著市場環境的發展與成熟，各企業紛紛開始投入公益活動並強調企業社會責任的重要性，甚至並將其視為公司策略之一。本篇研究探討企業面臨負面事件發生時，平時投入企業社會責任之活動是否可為公司股價帶來保護效果。此外，我們更進一步探討在各產業之間，投入企業社會活動所帶來對股價如保險般的效果是否有所差異。最後，我們嘗試依據負面事件的嚴重性將其分類，並研究面臨不同種類的負面事件時，企業社會責任是否依然能提供公司股價如保險般之效果。
本篇研究使用異常報酬來觀察負面事件發生時的市場反應，再利用迴歸分析探討企業社會責任的投入是否替公司股價帶來保護效果。整體而言，本篇實證結果顯示企業社會責任的投入程度與負的異常報酬呈現顯著的正相關性。再者，本研究發現隨著產業的不同，企業社會責任投入所帶來之避險效果的有效性也有所不同。除此之外，本篇實證結果也發現，當負面事件屬於違法事件時，投入企業社會責任是無法替公司股價帶來保險效果的。

As market becomes much more matured, firms begin to participate in corporate social responsibility initiatives and emphasize the importance of corporate social responsibility. Besides, firms even take CSR as part of their corporate strategy to enhance its competitiveness. This study examines the existence of insurance-like effect of CSR on shareholder wealth when firms counter negative events. Furthermore, we consider the insurance effects of CSR in different industries. Lastly, we attempt to classify negative events based on its severity and investigate the insurance effect of CSR when firms face different kinds of negative events. This study use abnormal return to observe the market reaction when negative events occur. Then we use regression analysis to investigate the insurance effect of CSR on shareholder wealth. Overall, our empirical results suggest that CSR participation offers protection mechanism to share return. And the effectiveness is diversified in different industries. Furthermore, when facing negative events related to violation of laws, there do not exist insurance-like effect of CSR on shareholder wealth.

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