本研究的目的是擴大先前的研究，以檢驗股權集中度的影響，調節企業社會責任與企業財務業績之間的相關性。我們利用控股股東現金流量權和控制權之間的差異來代表股權集中度。理論認為，公司控制股份所有權會產生二種效果:激勵效應和壕溝防守效應。我們以現金流量權及控制權的差異來檢試其效應。其結果，我們發現企業社會責任和企業績效呈現出顯著的正相關，負調和了企業社會責任與企業財務業績之間的相關性，特別是科技產業, 2010-2014年台灣上市公司數據的時間序列固定效應模型時。

Business researchers have often interested in discussion on the relationship between CSR and firm financial performance. The purpose of this study is to extend the prior research to examine the influence of ownership concentration moderating the correlation between CSR and firm financial performance. We used the divergence between controlling shareholders’ cash flow rights and voting rights to represent the level of ownership concentration. Theory stated that controlling ownership of shares in a company generates two effects on management behaviour, the incentive effect and the entrenchment effect. The divergence with cash flow rights to voting rights are applied to investigate the effect. Consistent with previous literature, we find out the two variables (CSR and firm performance) appear the significantly positive association and the divergence between cash flow rights and voting rights of controlling shareholders negatively moderates the correlation between CSR and firm financial performance, in particular technology sector when we use a time series fixed effect model based on the data of Taiwanese listed companies during 2010-2014.

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