近年來，企業社會責任（CSR）報告對投資人投資判斷的影響日益受到關注，同時，準則精準度差異的影響也持續受到重視，舉例來說，當報告準則精準度低時，在專業判斷的應用上可能提供較少的細節，且相比精準度高時留給外部使用者更多考慮其他資訊的空間。本研究旨在探討企業社會責任（CSR）揭露與準則精準度對投資決策的影響以及兩者之共同影響。我以情感視為資訊（Affect as information）為理論基礎，並以實驗為研究方法。結果顯示，相比在準則精準度高的情況下，投資人在準則精準度低時，似乎對企業社會責任（CSR）揭露的內容反應較為敏感，而此效果對於負面的CSR揭露尤為明顯。本研究之結果顯示投資人的判斷及決策可能會針對不同的CSR績效揭露有所改變，為監管機構與公司管理者提供了實務意涵，此外，鑒於世界各國越發重視制定標準化的永續報告揭露指南及準則，本研究針對CSR揭露的準則精準度納入研究範疇，亦提供了學術意涵。

There has been increasing interest in the effect of corporate social responsibility (CSR) reporting on investors’ judgment. Between, there has also been increasing interest in the effects of differences in standard precision. For instance, less precise reporting standards may provide less detail in applying professional judgment and also leave external users more room for consideration of other information than more precise reporting standards. In this study, I investigate the effects of CSR reporting and standard precision on investment decisions as well as their joint effect. I build on the affect as information theory and use an experimental methodology. The results show that investors under the less precise standards appear to be more responsive to the content of CSR reporting compared to those under the more precise standards, and this effect is more evident for negative CSR reporting. This study has practical implications for regulators and managers that the investor judgment may change in reaction to the CSR performance disclosure. This study also has academic implications by providing a consideration for CSR reporting standard precision, which is particularly useful given that there has been increasing efforts in standardizing guidelines and standards for sustainability reporting globally.

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