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研究生：	許毓容 Hsu, Yu-Rong
論文名稱：	企業社會責任與財務績效之關係-以企業對企業市場為例 Relationship between Corporate Social Responsibility and Financial Performance in Business to Business market
指導教授：	張紹基 Chang, Shao-Chi
學位類別：	碩士 Master
系所名稱：	管理學院 - 企業管理學系 Department of Business Administration
論文出版年：	2011
畢業學年度：	99
語文別：	英文
論文頁數：	53
中文關鍵詞：	七大構面、企業社會責任、企業對企業市場、企業對消費者市場、財務績效
外文關鍵詞：	Seven-dimension, Corporate social responsibility, B2B market, B2C market, Financial performance
相關次數：	點閱：99 下載：13
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過去研究主要討論企業社會責任與績效關係以企業對消費者市場亦或整體市場來看，認為較有探討必要。本研究檢視兩者關係在企業對企業市場，事實上，以顧客角度來看企業對消費者市場及企業對企業市場，其顧客分別為企業及一般消費者，當他們考慮購買決策時其因素相異，包括成本、品牌印象及品質等。故本研究將企業社會責任區分為七大構面，分別為社區、公司治理、多樣性、員工關係、環境、人權及產品，並個別探討其與公司財務績效關係在企業對企業市場。本研究猜測，在企業對企業市場中，投入資源於七大區塊將可為公司帶來績效除了多角化構面，若專注於多角化則浪費資源，替公司造成不必要支出。
為測試以上推論，本研究選取1998年至2007年標準普爾500公司做為樣本，並以前一年企業社會責任指標區分公司行為。而實證結果發現，企業對企業市場中有效提升績效的構面較企業對消費者市場多，除了在多角化及產品構面外，其餘五項皆與財務績效有正向顯著關係。此項結果推翻先前認為不需投入過多資源於企業對企業市場，相反地，在社區、公司治理、員工關係、環境及人權投入資源，將可使公司獲得更多利潤。
本研究亦發現，在企業對消費者市場中其與財務績效關係大多不顯著，僅有將資源集中投入於公司治理及員工關係此二構面，方有助於提升公司財務績效。而以不同構面來看，企業對企業市場在社區此構面有較大影響力。

In the prior study, the scholars always discuss the relation between corporate social responsibility(CSR) and financial performance in B2C market or entire market because there are higher sensitivity. This study focus on B2B market because the scholars examine that their customer will consider different reasons between B2B and B2C market which include cost, brand and quality when they decide to purchase the product. Except for that, this study distinguishes the CSR to seven-dimension and then discuss their relation with financial performance respectively. This study infer the firms of B2B market suit to input resources in some parts of seven-dimension and then get profit back. If not, they don’t need to waste capital here.
This study covers retail industry and manufacturing industry of Standard & Poor 500 during 1998-2007. At first, we guess it can increase more performance in B2C market than B2B market. From empirical evidence, we find it can increase performance of more dimensions in B2B market except for diversity and product of seven-dimension appears negative and no relation. The result subverts that the firms of B2B market don’t need to input lots resources in CSR. Conversely, they can input capital in community, corporate governance, employee relations, environment and human rights to get more profit back.
This study also investigates those relations in B2C market. As previously mentioned, the relation isn’t significant enough so we only advice to input resources in corporate governance and employee relations. We also can find B2B market has more effects in community of dimension.

Abstract	I
摘要	II
致謝	III
Contents	IV
List of Tables	VI
CHAPTER 1	1
INTRODUCTION	1
1.1　Research Background and Motivations	1
1.2　Research Objectives and Contributions	2
1.3　Research Process	2
CHAPTER 2	4
LITERATURE REVIEWS AND HYPOTHESES	4
2.1. Background of “B2B” and “B2C” Market	4
2.2. Definition and Measurement of CSR	5
2.3. The Relationship Between CSR and Financial Performance	6
2.4. The Relationship between CSR and Financial Performance in the B2B Market	8
2.5. The Relationship between Seven-Dimension of CSR and Performance	10
2.5.1 The Relationship between Community of CSR and Performance	10
2.5.2 The Relationship between Corporate Governance of CSR and      Performance	11
2.5.3 The Relationship between Diversity of CSR and Performance	11
2.5.4 The Relationship between Employee Relations of CSR and Performance	12
2.5.5 The Relationship between Environment of CSR and Performance	12
2.5.6 The Relationship between Human Rights of CSR and Performance	13
2.5.7 The Relationship between Product of CSR and Performance	14
CHAPTER 3	15
RESEARCH DESIGN AND PROCESS	15
3.1　The Conceptual Model	15
3.2　Data Construction and Description	16
3.3  Definition and Measurement of Variables	16
3.3.1 Dependent Variables: Abnormal Return	16
3.3.2 Independent Variables: Seven-Dimension of Corporate Social Performance	17
3.3.3  Control Variables	19
3.3.4  Regression Model	20
CHAPTER 4	22
EMPIRICAL EVIDENCE	22
4.1　Descriptive Statistics	22
4.2　Models of Regression	26
CHAPTER 5	34
CONCLUSION	34
5.1  Result	34
5.2  Research Limitation	36
REFERENCE	38
APPENDIX	42

 
List of Tables
Table 1 Seven-Dimension of CSR in KLD	18
Table 2 Summary of Variables	21
Table 3 Sample Distribution	23
Table 4 Sample Statistics	24
Table 5 Correlation Coefficient Matrix	25
Table 6 Results of Multiple Regression in B2B and B2C Market	27
Table 7 Results of Multiple Regression in Total Market	30
Table 8 Results of Multiple Regression in B2B and B2C Market	32
Table 9 Results of Multiple Regression in Total Market	33


List of Figure
Figure 1 The Conceptual Model	15

                                    

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