本研究旨在探討落實企業社會責任(Corporate Social Responsibility, CSR)，對公司負面事件發生時股價反應之影響，以及檢驗企業生命週期中後階段之公司，面臨負面事件時，企業社會責任表現能否為其帶來較高程度之保險效果。
由於國內文獻對於企業社會責任表現衡量幾乎僅是二元評估分類，因此本研究參考國際機構KLD評分指標，自行衡量公司企業社會責任表現，並進一步考量企業生命週期連帶的影響，以2012年至2018年間共788筆個別公司負面事件為觀察值，以事件研究法(Event Study)進行研究。
實證結果顯示當有負面事件發生時，企業的企業社會責任表現對股價衝擊的影響不顯著，企業生命週期強化企業社會責任表現對股價衝擊的影響亦不顯著。樣本數目少與企業社會責任表現變數計算上存在一些限制是造成不顯著的主因。
即使如此，從企業社會責任表現係數負向影響方向分析，企業社會責任並非萬用擋箭牌，能為所有公司的負面事件帶來保險價值。對台灣投資者而言，企業社會責任負面事件可能被認為是蓄意的管理施當行為，不會帶來聲譽及財務溢價，不過由於企業社會責任表現與企業生命週期的交互作用呈正向影響累積異常報酬，推斷越善盡企業社會責任的成熟型公司較能免於股價衝擊。

This study examines the association between corporate social responsibility (CSR) performance and a company’s stock-price response to negative events and additionally the magnifying impact of firm life cycle stages on that association. Based on a sample of 788 revealed CSR negative events of publicly listed Taiwan firm covering 2012–2018 period, our regression results show that CSR performance insignificantly affects stock prices when negative events occur. In addition, it is also statistically insignificant that firm life cycle stages strengthen the association between CSR performance and market reactions. The small sample size and the difficulties in measuring CSR performance are the main limitations of this research and the possible causes of insignificance. Though our regression results do not support the hypothesis, they could show some tendency. The negative sign of CSR coefficient implies CSR performance cannot always be a strategic shield to protect firm value from all kinds of negative events. Perhaps, for Taiwanese investors, negative CSR events are resulted from deliberate mismanagement, so firms with good CSR performance suffer bigger market penalties on the contrary, called the backfire effect. Moreover, the backfire effect would be moderated for firms in mature life cycle stages. Our findings may, thus, inform researchers, market participants, and management.

參考文獻
中文文獻
池祥萱、繆文娟、莊瀅臻，「企業社會責任對於公司財務績效之影響是雙面刃嗎？ 來自全球 500 大公司的證據」，管理學報，第31卷第1期，民國103年。
林怡君，「企業社會績效與企業財務績效關聯性之分析–以道瓊STOXX永續性指數為例」，台北大學合作經濟系，碩士論文，民國96年。
林哲鵬、郭怡萍，「競爭策略下新產品宣告對股價的影響：就台灣資訊電子業公司之檢視」，科技管理學刊，12卷1期，民國96年。
張智媛，「台灣企業社會責任之保險效果」，國立政治大學風險管理與保險學研究所，碩士論文，民國101年。
陳彩稚、許永明、張智媛，「企業社會責任對於股東價值之風險管理效果」，臺大管理論叢，第26卷第1期，民國104年。
郭振雄、何怡澄、徐書凡、彭火樹，「企業策略、企業社會責任報告與租稅規避之關聯性」，中華會計學刊，12卷S期，367–421頁，民國106年。
黃正忠，「CSR商業價值與實踐的六道解碼」，綠基會通訊，37期，5–10頁，民國103年。
楊朝旭、黃潔，「企業生命週期、資產組合與企業未來績效關聯性之研究」，中華商管科技季刊，第五卷第一期，49–57頁，民國93年。
溫福星，「社會科學研究中使用迴歸分析的五個重要概念」，管理學報，30卷2期，169–190頁，民國102年。
劉志彥，「企業社會責任指標與公司績效的關聯研究」，國立成功大學財務金融所，碩士論文，民國108年。

英文文獻
Aupperle, Kenneth, Archie Carroll, & John D. Hatfield (1985). An Empirical Examination of the Relationship between Corporate Social Responsibility and Profitability. Academy of Management Journal, 28, 446-463.
Anthony, J., and K. Ramesh (1992). Association between Accounting Performance Measures and Stock Prices. Journal of Accounting and Economics, 15, No.2-3, pp. 203-227.
Berle, A. A., Jr., Wicks, A. C., Katha, S., & Jones, T. M. (1932). The Modern Corporation and Private Property. New York: Macmillan.
Bowen, HR. (1953). Social responsibilities of the businessman, New York: Harper and Row.
Burgoon, J. K., & LePoire, B. A. (1993). Effects of communication expectancies, actual communication, and expectancy disconfirmation on evaluations of communicators and their communication behavior. Human Communication Research, 20(1), 67–96.
Bhattacharya & Sen. (2004). Doing Better at Doing Good: When, Why, and How Consumers Respond to Corporate Social Initiatives. California Management Review, 9-24.
Byun, S., & Oh, J. (2018). Local corporate social responsibility, media coverage, and shareholder value. Journal of Banking and Finance, 87, 68 –86.
Bae, J., Choi, W., & Lim, J. (2019). Corporate social responsibility: An umbrella or a puddle on a rainy day? Evidence surrounding corporate financial misconduct. European Financial Management, 1-41.
Bartov, E., Marra, A., & Momente, F. (2019). Corporate Social Responsibility and the Market Reaction to Negative Events: Evidence from Inadvertent and Fraudulent Restatement Announcements. The Accounting Review, 2020.
Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of Management Review 4(4), 497-505.
Cornell, Bradford, & Alan C. Shapiro (1987). Corporate Stakeholder and Corporate Finance. Financial Management, 16, 5-14.
Deegan, C. (2002). Introduction: the legitimatizing effect of social and environmental disclosures – a theoretical foundation. Accounting, Auditing & Accountability Journal 15, 282–311.
Dean, D. H. (2004). Consumer reaction to negative publicity: Effects of corporate reputation, response, and responsibility for a crisis event. Journal of Business Communication, 41, 192–211.
DeAngelo, H., L. DeAngelo, & R. M. Stulz. (2006). Dividend policy and the earned/ contributed capital mix: a test of the life-cycle theory. Journal of Financial Economics 81, 227–254.
Deng, X., Kang, J., & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110, 87–109.
Festinger, L. (1957). A theory of cognitive dissonance. Stanford, CA: Stanford University Press.
Friedman, M. (1970). The Social Responsibility of Business is to Increase its Profit. New York Times Magazine, September, 13, 122-126.
Frooman, J. (1997). Socially Irresponsible and Illegal Behavior and Shareholder Wealth. Business & Society, 36, 221-249.
Feng, Z. Y., Wang, M. L., & Huang, H. W. (2015). Equity Financing and Social Responsibility: Further International Evidence. The International Journal of Accounting, 50, 247–280.
Gray, Kouhy, & Lavers (1995). Corporate social and environmental reporting: a review of the literature and a longitudinal study of UK disclosure. Accounting, Auditing & Accountability Journal, 8(2), 47-77.
Godfrey, P. (2005). The relationship between corporate philanthropy and shareholder value: A risk management perspective. Academy of Management Review, 30, 777–798.
Godfrey PC, Merrill CB, Hansen JM. (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.
Helfat, C. E., & M. A. Peteraf. (2003). The dynamic resource-based view: capabilities lifecycles. Strategic Management Journal 24, 997–1010.
Holland & Foo. (2003). Differences in environmental reporting practices in the UK and the US: the legal and regulatory context. British Accounting Review, 35 (1), 1-18.
Holme, L., & P. Watts. (2006). Human Rights and Corporate Social Responsibility (World Business Council for Sustainable Development, Geneva).
Hasan, M. M., & A. Habib. (2017). Corporate life cycle, organizational financial resources and corporate social responsibility. Journal of Contemporary Accounting & Economics 13, 20–36.
Jones, T. M. (1995). Instrumental Stakeholder Theory: A Synthesis of Ethics and Economics. Academy of Management Review, 20, 404-437.
Jawahar, I., & G. McLaughlin. (2001). Toward a descriptive stakeholder theory: an organizational life cycle approach, Academy of Management Review 26, 397–414.
Lyon, L., & Cameron, G. T. (2004). A relational approach examining the interplay of prior reputation and immediate response to a crisis. Journal of Public Relations Research, 16, 213–241.
Lins, K. V., H. Servaes, & A. Tamayo. (2017). Social Capital, Trust, And Firm Performance: The Value Of Corporate Social Responsibility During The Financial Crisis. Journal of Finance, 72 (4), 1785-1824.
McWilliams, A. and D. Siegel. (2000). Corporate social responsibility and financial performance: correlation or misspecification? Strategic Management Journal 21 (5), 603-609.
Mackey A, Mackey TB, Barney JB. (2007). Corporate social responsibility and firm performance: investor preferences and corporate strategies. Academy of Management Review, 32, 817–835.
Margolis, J., Elfenbein, H., & Walsh, J. (2007). Does it pay to be good? A meta‐analysis and redirection of research on the relation between corporate social and financial performance. Available at SSRN: https://ssrn.com/abstract=1866371
Minor, D. B., & J. Morgan. (2011). CSR as reputation insurance: primum non nocere, California Management Review 53, 40–59.
Peter F. Drucker. (1984). The New Meaning of Corporate Social Responsibility. California Management Review, 26, 53-63.
Peterson, P. P. (1989). Event Studies: A Review of Issues and Methodology. Quarterly Journal of Business and Economics, 28(3), 36-66.
Preston, L. E. & D. P. O’Bannon. (1997.) The Corporate Social-Financial Performance Relationship: A Typology and Analysis. Business and Society, 36, 419-429.
Patten. (2002).The relation between environmental performance and environmental disclosure: a research note. Accounting, Organizations and Society, 27(8), 763-773.
Peloza J. (2006). Using corporate social responsibility as insurance for financial performance. California Management Review 48, 52–72.
Porter, M.E., & Kramer, M. R. (2006). Strategy and social: The link between competitive advantage and corporate social responsibility. Harvard Business Review 84(12), 1-15.
Rhee, M., & Haunschild, P. R. (2006). The liability of good reputation: A study of product recalls in the U.S. automobile industry. Organizational Science, 17(1), 101–117.
Ramaswamy, V., J. C. Ueng, & L. Carl. (2008). Corporate governance characteristics of growth companies: an empirical study. Academy of Accounting and Financial Studies 12, 21–33.
Swanson, D. L. (1995). Addressing a Theoretical Problem by Reorienting the Corporate Social Performance Model. Academy of Management Review, 20, 43-64.
Sen, A. (1997). Economics, Business Principles and Moral Sentiments. Business Ethics Quarterly, 7, 5-15.
Schnietz & Epstein. (2005). Exploring the Financial Value of a Reputation for Corporate Social Responsibility During a Crisis. Corporate Reputation Review, 7, 327–345.
Schuler, D. A. and M. Cording. (2006). A Corporate Social Performance-Corporate Financial Performance Behavioral Model for Consumers. Academy of Management Review, 31, 540-558.
Servaes, H., & Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management Science, 59(5), 1045–1061.
Shiu, Y.-M., & S.-L. Yang. (2017). Does engagement in Corporate social responsibility provide strategic insurance-like effects? Strategic Management Journal, 38 (2), 455-470.
Tucker & Melewar. (2005). Toyota’s Slow Response to Manufacturing Defects Leading to Recalls: Result of Poor Communication Strategy. Corporate Reputation Review, 7, 377-387.
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.
Vance, Stanley (1975). Are Socially Responsible Firms Good Investment Risk? Management Review, 29(4), 57-168.
Wiseman. (1982). An evaluation of environmental disclosures made in corporate annual reports. Accounting, Organizations and Society, 7(1), 53-63.
Wood, D.J. (1991). Corporate Social Performance Revisited. The Academy of Management Review, 16, 691-718.
Waddock, S. A. and S. B. Graves. (1997). The Corporate Social Performance - Financial Performance Link. Strategic Management Journal, 18, 303-319.