因應近期的食安危機、環安事件接踵而來，本研究以台灣上市、上櫃公司為研究樣本，採用事件研究法做檢測，將其公司負面事件和股價作連結，探討企業負面事件的發生是否對公司股價產生負向影響；同時進一步分析，當企業面臨負面事件時，履行企業社會責任程度多寡對其股價衝擊程度是否有所差異；另外，本研究亦加入時間因素，考量投資大眾是否越來越重視企業負面消息之宣告。實證結果顯示，負面社會事件發生確實會導致股價呈現顯著負向異常報酬；另面對負面事件時，履行企業社會責任較多之公司，相對會受到較小程度之負面衝擊，亦即企業社會責任之實踐能替企業提供防禦負面事件衝擊之保護作用，為公司帶來類似保險作用之保障價值；次外，投資大眾對於企業負面事件宣告，有著越來越重視的顯著影響，說明企業社會責任議題有越來越受關注之趨勢。

Due to the issues of food security crisis and environmental safety, companies listed in Taiwan Stock Exchange are taken as the study targets and event research method is used to investigate the association between the negative corporate events and stock prices. Specifically, the main purpose is to discuss whether the occurrence of negative corporate events result in a negative impact on stock prices and to analyze the differences on the stock price impact on the degree of corporate social responsibility amount. In addition, the time factor is also considered in this study to evaluate whether investors pay more attention to the announcement of negative events from companies. The empirical results show that negative social events cause significant negative abnormal returns. Further, the negative impact of such events on stock price is less severe when the company implements corporate social responsibility. In other words, corporate social responsibility provides the insurance value for the firms in Taiwan when they encounter negative events. Moreover, as time goes on, the investors pay more and more attention on the negative events, which explains CSR issues have been of growing concern among investors.

壹、中文部分
沈中華、李建然(2000)，事件研究法：財務與會計實證必備，華泰文化公司。
黃正忠(2001)，企業社會責任-滿足變遷中的期望，中華民國永續發展委員會。
林宜諄(2008)，企業社會責任入門手冊，遠見雜誌。
沈中華、張元(2008)，企業的社會責任行為可以改善財務績效嗎？-以英國FTSE社會責任指數為例，經濟論文，第36卷第3期，頁339-385。
劉昱菁(2009)，台灣企業社會責任得獎公司之財務績效探討，國立成功大學財務金融研究所碩士論文。
陳建福(2010)，公司治理、企業社會責任與公司績效之關聯性，逢甲大學會計學系碩士論文。
「天下企業公民」網站網址，http://issue.cw.com.tw/issue/csr/index.jsp
「企業社會責任」網站網址，http://www.gvm.com.tw/CSR2011/invite.htmlAilian

貳、西文部分
Ailian, G. (2006). The impact of public scrutiny on corporate philanthropy. Journal of Business Ethics, 69(3), 217-236.
Arya, B., & Zhang, G. (2009). Institutional reforms and investor reactions to CRS announcements : evidence from emerging economy. Journal of Management Studies, 46(7),1089-1112.
Banker, R. D., Das, S., & Datar, S. M. (1993). Complementarity of prior accounting information: The case of stock dividend announcements. Accountin review,28-47.
Becchetti, L., et al. (2007). "Corporate social responsibility and shareholder's value: an event study analysis", Working Paper, Federal Reserve Bank of Atlanta.
Bhattacharya, C. B., and Sankar, S. (2004) “The effect of Corporate Social Responsibility (CSR) initiatives on consumers’ identification with companies”, African Journal of Business Management, Vol. 5(5), Page 1642-1649.
Bowen, H. R. (1953). Social responsibilities of the businessman. New York, NY: Harper & Row.
Brenner, M. (1977). The effect of model misspecification on tests of the efficient market hypotheses, Journal of Finance, 32: 57-66.
Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. The Academy of Management Review, 4(4), 497-505.
Cornell, B., and Shapiro, A.(1987), Corporate Stakeholders and Corporate Finance, Financial Management, 16(1),5-5.
Damiano-Teixeira, K. M., and M. M. Pompermayer. 2007. Corporate social responsibility: Profile and diagnosis of 797 programs developed in Brazil. Business and Society Review 112 (3): 343-367.
Davis, K. (1960). Can business afford to ignore social responsibilities?. California Management Review, 2(3), 70-76.
Dunfee, T. W. 2003. Social Investing: Mainstream or Backwater? Journal of Business Ethics 43: 247-252.
Elkington, J. 1997. Cannibals with Forks: The Triple Bottom Line of 21st Century Business. Oxford: Capstone.
Fama, E. F. (1976). Foundation of Finance (New York, Bscic Books).
Friedman, M. (1970). The social responsibility of business is to increase its profits.New York Times Magazine 32-33, 122-126.
Godfrey P. C. (2005). The relationship between corporate philanthropy and shareholder wealth a risk management perspective. Academy of Management Review,30(4),pp777-798.
Godfrey, P., Merrill, C., and Hansen, J. (2009), “The Relationship between Corporate Social Responsibility and Shareholder Value: An Empirical Test of the Risk
Management Hypothesis,” Strategic Management Journal, 30(4), 425-445.
McNichols, M., & Dravid, A. (1990). Stock dividends, stock splits, and signaling. Journal of Finance, 857-879.
McWilliams, A., & Siegel, D. (2001). Corporate social responsibility : A theory of the firm perspective. Academy of management review, 26(1),117-127.
Neu, D., H. Warsame, and K. Pedwell. 1998. Managing public impressions: Environmental disclosures in annual reports. Accounting, Organizations and Society 23 (3): 265-282.
Peloza, J. (2006) “The Marketing of Employee Volunteerism”, Journal of Business Ethics, Vol. 64(4), Page 357-379.
Preston, L. E.,& O bannon, D. P.(1997). The coporate social financial performance relationship. Business and society, 36(4),419-429.
Sen, S., Bhattacharya, C. B.,&Korschun, D.(2006). The role of corporate social responsibility in strengthening multiple stakeholder relationships : A field experiment. Journal of the Academy of Marketing science, 34(2),158-166.
Sheldon, O. (1923). The Philosophy of Management. London, England: Routledge.
Siegel, D. S., & Vitaliano, D. F.(2007). An empirical analysis of the strategic use of corporate social responsibility. Journal of Economics & Management Strategy, 16(3), 773-792.
Ullmann, A. A. (1985). Data in search of a theory: A Critical examination of the relationships among social performance, social disclosure, and economic performance of U.S. Firms. Academy of Management Review, 10, 540-557.