本研究以全球十個國家的上市公司進行研究，並以2012年至2016年作為研究期間，探討企業社會績效與股價報酬率之間的關係，以及新聞自由度對兩者之間關係的調節作用。企業社會績效涵蓋經濟、社會、環境及公司治理四個構面，無論是為股東創造經濟價值，或是在社會、環境等方面的貢獻都能為企業營造良好的聲譽以及獲取投資人的信任，進而對企業的未來財務績效有正面的影響。而媒體是投資人獲取企業資訊重要的方式，新聞自由度高使投資人能更快速、全面地了解企業真實的企業社會績效，進而加強企業社會績效與財務績效的關係。本研究實證結果顯示，在成熟市場中，企業社會績效對未來股價報酬率有正面的影響；而在新興市場中，沒有顯著結果。另外，相比新聞自由度低的國家，新聞自由度高的國家中企業社會績效對未來股價報酬率的影響更加明顯。

This study investigates the relation between the corporate social performance (CSR) and future stock return, and the moderating effect from press freedom. CSR tends to improve firms’ reputation and gain trust from investors by creating more value for shareholders, contributing in social or environmental activities, and performing well in corporate governance, which taken together results in better expectation about future financial performance by investors, as well as higher future stock return. Media is a way for investors to know the firms’ performance to the extent that press freedom could play a moderating role in the relation between CSR and financial performance. Based on a large sample of firms from 10 countries for the 2012-2016 period, our empirical results show that CSR exerts a positive impact on future stock returns in developed stock markets but no significant impact on future stock returns in emerging stock markets. Besides, press freedom has an enhancement effect on the relation between CSR and future stock returns.

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