本研究以934筆在美國上市的爭議性產業公司為研究對象，探討爭議性產業公司的企業社會責任活動表現與商譽減損之間的關聯性，研究期間從 2002 年至 2018 年，主要是依靠利害關係人理論及合法性理論來發展本研究的假說。本文假說一為「爭議性產業公司的企業社會責任活動表現與商譽減損發生可能性之間具有關聯性」，假說二為「爭議性產業公司的企業社會責任活動表現與商譽減損損失提列金額的幅度之間具有關聯性」，而對企業社會責任的衡量是基於MSCI資料庫中對美國上市公司的環境、社會和公司治理（ESG）的指數評級，並使用企業社會責任的優勢（關切度）來衡量負責任的（不負責任的）企業社會責任活動。

相較於過往的文獻，本研究從爭議性產業公司的視角對企業社會責任活動和商譽減損之間的關聯性直接進行實證檢驗的研究，並且可以為未來研究商譽減損的決定因素提供一個新的途徑，就是將爭議性產業公司在企業社會責任活動的表現納入其中考量，能有助於財務報表使用者和公司企業集團間更好地審慎評估商譽減損發生的可能性，並深入了解企業社會責任在防止商譽減損被操縱的重要性。

本研究實證結果顯示，企業社會責任的關切度與商譽減損發生的可能性之間存在正向關聯，表示企業社會責任活動表現較差的爭議性產業公司可能更容易發生商譽減損。另外發現企業社會責任的關切度與商譽減損損失提列金額的幅度之間存在負向關聯。由於商譽減損損失在會計處理上直接計入損益中，因此商譽減損損失的提列會導致盈利變少，然而市場和不同的利害關係人將商譽減損損失視為負面資訊，當商譽減損損失提列時投資者和財務分析師都會下調財務預測，而投資者的反應程度與商譽減損損失金額的幅度之間呈現正相關關係，所以雖然企業社會責任活動表現較差的爭議性產業公司仍然可能持續提列商譽減損損失，以避免被發現不按照ASC 350-20準則的規定提列，但這些公司極為可能選擇提列較少商譽減損金額。此結果表示，企業社會責任活動表現較差的爭議性產業公司，可能會為了滿足利害關係人的期待而試圖減少商譽減損帶來的負面影響。總體而言，本研究為企業社會責任與商譽減損之間的關聯性文獻增添了新的發現，即企業社會責任活動表現較差的爭議性產業公司可能更容易發生商譽減損損失的提列；同時，這些公司更傾向降低商譽減損損失提列金額的幅度。由此可見，從爭議性產業公司在企業社會責任活動的表現，可以看出其對商譽減損的影響。

This study explored the connection between corporates social responsibility (CSR) activities and goodwill impairment of controversial companies in different industries. The object of study was based on 934 controversially listed companies in USA from 2002 to 2018. The hypotheses were on the basis of stakeholder theory and legitimacy theory. Being different from the past literatures, the study is evidence-based research on the connection of CSR activities and goodwill impairment of controversial companies. It can offer a new study gateway to the overriding factor of goodwill impairment in the future, which is to consider the performance of CSR activities of controversial companies. It can help the users of financial statements and companies to evaluate deliberately the possibility of occurrence of goodwill impairment and realize the importance in depth that CSR prevents goodwill impairment from be manipulating.

AbuGhazaleh, N. M., Al-Haser, O. M., and Roberts, C. (2011): Accounting Discretion in Goodwill Impairments: UK Evidence. Journal of International Financial Management & Accounting, 22： 165-204.
Agrawal, A., and Mandelker, G. (1987)： Managerial incentives and corporate investment and financing decisions. Journal of Finance, 42： 823-837.
Ali A., and Zhang, W. (2015)： CEO tenure and earnings management. Journal of Accounting and Economics, 59： 60-79.
Aqueveque, C., Rodrigo, P., and Duran, I. J. (2018)： Be bad but (still) look good: Can controversial industries enhance corporate reputation through CSR initiatives? Journal of Business Ethics, 27 (3)： 222-237.
Banerjee, B., and Bonnefous, A. (2011) ： Stakeholder management and sustainability strategies in the French nuclear industry. Business Strategy and Environment, 20： 124-140.
Barnea, A., and Rubin, A. (2010) ： Corporate social responsibility as a conict between shareholders. Journal of Business Ethics, 97： 71-86.
Baron, D., Harjoto, M. and Jo, H. (2011) ： The economics and politics of corporate social performance. Business and Politics 13 (2)： Article 1, 146.
Beatty, Anne., and Weber, Joseph. (2006): Accounting Discretion in Fair Value Estimates: An Examination of SFAS 142 Goodwill Impairments. Journal of Accounting Research, 44： 257-288.
Beets S. D., and Southern, C. C. (1999)： Corporate environmental reports: The need for standards and an environmental assurance service. Accounting Horizons, 13： 129-145.
Bergstresser, D., and Philippon, T. (2006)： CEO incentives and earnings management. Journal of Financial Economics, 80 (3): 511–529. https://doi.org/10.1016/j.jfineco.2004.10.011
Boennen, S., and Glaum, M. (2014)： Goodwill accounting: A review of the literature. Available at SSRN 2462516.
Bristow, M. (2007) ： Losing streak. Hospital Doctor, 3： 30–31.
Byrne, E. (2010) ： The US military-industrial complex is circumstantially. Journal of Business Ethics, 95 (2)： 153-165.
Cai, Y., Jo, H., and Pan, C. (2012)： Doing well while doing bad? CSR in controversial industry sectors. Journal of Business Ethics,108 (4)： 467–480.
Campbell, J. L. (2007) ： Why would corporations behave in socially responsible ways? An institutional theory of corporate social responsibility. Academy of Management Review, 32 (3): 946–967.
Carroll, A. B. (1979)： A three-dimensional conceptual model of corporate social performance. The Academy of Management Review, 4 (4): 497–505.
Carvalho, C., Rodrigues, A. M., and Ferreira, C. (2016): Goodwill and Mandatory Disclosure Compliance: A Critical Review of the Literature. Australian Accounting Review, 26.
Chalmers, K. G., Godfrey, J. M., and Webster, J. C. (2011)： Does a goodwill impairment regime better reflect the underlying economic attributes of goodwill? Accounting & Finance, 51 (3): 634–660. https://doi.org/10.1111/j. 1467-629X.2010.00364.x
Chao, C. L., and Horng, S. Min. (2013): Asset write offs discretion and accruals management in Taiwan: the role of corporate governance. Review of Quantitative Finance and Accounting, 40： 41-74.
Chatterji, A. K., Levine, A. K., and Toffel, M. W. (2009)： How well do social ratings actually measure corporate social responsibility? Journal of Economics & Management Strategy, 18 (1): 125–169. https://doi.org/10.1111/j.1530-9134.2009.00210.
Chen, C., Kohlbeck, M., and Warfield, T. (2008)： Timeliness of impairment recognition: Evidence from the initial adoption of SFAS 142. Advances in Accounting , 24 (1): 72–81. https://doi.org/10.1016/j.adiac.2008.05.015
Chen, J. C., and Roberts, R. W. (2010)： Toward a more coherent understanding of the organization-society relationship: A theoretical consideration for social and environmental accounting research. Journal of Business Ethics, 97 (4): 651–665. https://doi.org/10.1007/s10551-010-0531-0
Chen, S., and Bouvain, P. (2009): Is Corporate Responsibility Converging? A Comparison of Corporate Responsibility Reporting in the USA, UK, Australia, and Germany. Journal ofBusiness Ethics, 87： 299-317.
Chen, W., Zhou, G., and Zhu, X. (2019)：CEO tenure and corporate social responsibility performance. Journal of Business Research, 95: 292-302.
Chih, H., Shen, C., and Kang, F. (2008)：Corporate social responsibility, investor protection, and earnings management: Some international evidence. Journal of Business Ethics, 79 (1/2): 179–198. https://doi.org/10.1007/s10551-007-9383-7
Chiu S. C., and Sharfman, M. (2016)：Corporate social irresponsibility and executive succession: An empirical examination. Journal of Business Ethics, 17: 1-17.
Cho, C. H., Michelon, G., and Patten, D. M. (2012)： Impression management in sustainability reports: An empirical investigation of the use of graphs. Accounting and the Public Interest 12 (1): 16–37. https://doi.org/10.2308/apin- 10249
Cho, C. H., and Patten, D. M. (2007)： The role of environmental disclosures as tools of legitimacy: A research note. Accounting, Organizations and Society, 32 (7/8): 639–647. https://doi.org/10.1016/j.aos.2006.09.009
Cho, C. H., Roberts, R. W., and Patten, D. M. (2010) ： The language of U.S. corporate environmental disclosure. Accounting Organizations and Society, 35 (4): 431–443. https://doi.org/10.1016/j.aos.2009.10.002
Cho, S., Lee, C., and Pfeiffer, R. J. (2013)： Corporate social responsibility performance and information asymmetry. Journal of Accounting and Public Policy, 32 (1): 71–83. https://doi.org/10.1016/j.jaccpubpol.2012.10.005
Clayton M. C., Richard, A., Curtis R., and Andrew, W. (2011)： The Big Idea: The New M&A Playbook. From the Magazine Harvard Business Review.
Cochran, P. L., and Wood, R. A., (1984): Corporate Social Responsibility and Financial Performance. The Academy of Management Journal, 27: 42-56.
Cook, B., Wayne, G., Keithly, L., and Connolly, G. (2003)： One size does not fit all: How the tobacco industry has altered cigarette design to target consumer groups with special psychological needs. Addiction, 98 (11)： 1547–1561.
Darrough, M. N., Guler, L., and Wang, P. (2014): Goodwill Impairment Losses and CEO Compensation. Journal of Accounting, Auditing & Finance, 29: 435-463.
Dawkins, J. (2004)：Corporate responsibility: The communication challenge. Journal of Communication Management, 9 (2)： 108– 119.
De Roeck, K., and Delobbe, N. (2012)： Do environmental CSR initiatives serve organizations' legitimacy in the oil industry? Exploring employees' reactions through organizational identification theory. Journal of Business Ethics, 110 (4): 397–412.
Dechow, P. M., Ge, W., and Schrand, C. (2010): Understanding Earnings Quality: A Review of the Proxies, Their Determinants and Their Consequences. Journal of Accounting and Economics, 50: 344-401.
Demont, M., Wesseler, J., and Tollens, E. (2004)： Biodiversity versus transgenic sugar beets: The one euro question. European Review of Agricultural Economics, 31 (1)： 1–18.
Detzen, D., and Zuelch, H. (2012): Executive compensation and goodwill recognition under IFRS: Evidence from European mergers. Journal of International Accounting, Auditing and Taxation, 21: 106-126.
Dhaliwal, D., Li, O., Tsang, A., and Yang, Y. (2012)： Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86 (1): 59–100. https://doi.org/10. 2308/accr.00000005
Du, S., and Vieira E. T. (2012)：Striving for Legitimacy Through Corporate Social Responsibility: Insights from Oil Companies. Journal of Business Ethics, 110： 413–427.
El Ghoul, S., Guedhami, O., Kwok, C., and Mishra, D. (2011)： Does corporate social responsibility affect the cost of capital? Journal of Banking and Finance, 35 (9): 2388-2406.
Fama, E. F., (1980) ： Agency problems and the theory of the firm. Journal of Political Economy, 88: 288-307.
Filip A., Jeanjean, T., and Paugam, L. (2015)：Using real activities to avoid goodwill impairment losses: Evidence and effect on future performance. Journal of Business, Finance and Accounting, 42 (3–4): 515-554.
Flammer, C. (2013)：Corporate social responsibility and shareholder reaction: The environmental awareness of investors. Academy of Management Journal, 56 (3): 758–781. https://doi.org/10.5465/amj.2011.0744
Flammer, C. (2015) : Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach. Management Science, 61: 2549-2568.
Francis, J., Hanna, J. D., and Vincent, L. (1996)： Causes and effects of discretionary assets write-offs. Journal of Accounting Research, 34 (Supplement): 117–134. https://doi.org/10.2307/2491429
Freeman, R. E., (1984)：Strategic Management: A Stakeholder Approach. Boston, MA: Pitman Publishing.
Freeman, R. E., Harrison, J. S., and Wicks, A. C. (2007)： Managing for Stakeholders Survival, Reputation and Success. New Haven, CT: Yale University Press.
Freeman, R. E., and Liedtka, J. (1991)：Corporate social responsibility: A critical approach. Business Horizons, 34 (4): 92–98. https://doi.org/10.1016/0007-6813(91)90012-K
Frynas, J. (2005)： The false developmental promise of corporate social responsibility: Evidence from multinational oil companies. International Affairs, 81 (3)： 581-598.
Gao, L., and Zhang, J. H. (2015)： Firms’earnings smoothing, corporate social responsibility, and valuation. Journal of Corporate Finance, 32: 108–127. https://doi.org/10.1016/j.jcorpfin.2015.03.004
Garriga, E., and Melé, D. (2004) ： Corporate social responsibility theories: Mapping the territory. Journal of Business Ethics, 53 (1): 51–71.
Glaum, M., Landsman, W. R., and Wyrwa, S. (2015)： Determinants of Goodwill Impairment: International Evidence. Available at SSRN: https://ssrn.com/abstract=2608425 or http://dx.doi.org/10.2139/ssrn.2608425
Glaum, M., Schmidt, P., Street, D. L., and Vogel, S. (2013): Compliance with IFRS 3 and IAS 36 required disclosures across 17 European countries: company and country level determinants. Accounting and Business Research, 43: 163-204.
Goel, A., and Thakor, A. (2008) ： Overcondence, CEO selection, and corporate governance. Journal of Finance, 63 (6)： 2737-2784.
Golden, J., Sun, L., and Zhang J, H. (2018): Corporate Social Responsibility and Goodwill Impairment. Accounting and the Public Interest, 18 (1): 1-18.
Graham, J. R., Harvey, C. R., and Rajgopal, S. (2005): The Economic Implications of Corporate Financial Reporting. Journal of Accounting and Economics, 40: 3-73.
Grougiou, V., Dedoulis, E., and Leventis, S. (2016)： Corporate social responsibility reporting and organizational stigma: The case of sin industries. Journal of Business Research, 69 (2)： 905–914.
Gu, F., and Lev, B. (2011)： Overpriced shares, ill-advised acquisitions, and goodwill impairment. The Accounting Review, 86 (6): 1995–2022. https://doi.org/10.2308/accr-10131
Haugen R., and Senbet, L. (1981)： Resolving the agency problems of external capital through options. Journal of Finance, 36: 629-648.
Hayn C., and Hughes , P. J. (2006)： Leading indicators of goodwill impairment. Journal of Accounting, Auditing and Finance, 21: 223-265.
Healy, P. M. (1985): The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, 7: 85-107.
Healy, P. M., and Wahlen, J. M. (1999)： A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13 (4): 365–383. https://doi.org/10.2308/acch.1999.13.4.365
Henning, S. L., and Shaw, W. H. (2003)： Is the selection of the amortization period of goodwill a strategic choice? Review of Quantitative Finance and Accounting, 20 (4): 315–333. https://doi.org/10.1023/A:1024043316292
Hermalin, B. E., and Weisbach, M. S. (1998)： Endogenously chosen boards of directors and their monitoring of the CEO. American Economic Review, 88: 96-118.
Hill, J. (2001) ： Thinking about a more sustainable business: An indicators approach. Corporate Environmental Strategy, 8 (1) : 30–38.
Hillman A., and Keim, G. (2001)： Shareholder value, stakeholder management and social issues: What’s the bottom line? Strategic Management Journal, 22: 125-139.
Hirigoyen, G., and Poulain-Rehm, T. (2015): Relationships between Corporate Social Responsibility and Financial Performance: What is the Causality? Journal of Business & Management, 4: 18-43.
Hirschey, M., and Richardson, V. J. (2002)： Information content of accounting goodwill numbers. Journal of Accounting and Public Policy, 21 (3): 173–191. https://doi.org/10.1016/S0278-4254(02)00048-0
Hoi, C., Wu, Q., and Zhang, H. (2013)： Is corporate social responsibility (CSR) associated with tax avoidance? Evidence from irresponsible CSR activities. The Accounting Review, 88 (6): 2025–2059. https://doi.org/10.2308/accr- 50544
Hong, B., Li, Z., and Minor, D. (2016)： Corporate governance and executive compensation for corporate social responsibility. Journal of Business Ethics, 136: 199-213.
Hong, H., and Kacperczyk, M. (2009) ： The price of sin: The effects of social norms on markets. Journal of Financial Economics, 93： 15-36.
Hong, Y., and Andersen. M. L. (2011)： The relationship between corporate social responsibility and earnings management: An exploratory study. Journal of Business Ethics, 104 (4): 461–471. https://doi.org/10.1007/s10551-011-0921-y
Humayun, K., and Asheq, R. (2016)： The role of corporate governance in accounting discretion under IFRS: Goodwill impairment in Australia. Journal of Contemporary Accounting & Economics, 12 (3): 290-308.
Jennings, R., Robinson, J., Thompson, R., and Duvall, L. (1996)：The relation between accounting goodwill numbers and equity values. Journal of Business, Finance and Accounting: 513-533.
Jensen, M. C. (2001)： Value maximization, stakeholder theory, and the corporate objective function. Journal of Applied Corporate Finance, 14 (3): 8–21. https://doi.org/10.1111/j.1745-6622.2001.tb00434.x
Jensen, M. C. (2002) ： Value maximization, stakeholder theory, and the corporate objective function. Business Ethics Quarterly, 12： 235-256.
Jensen, M., and Meckling, W. (1976)： Theory of rm: Managerial behavior, agency costs, and capital structure. Journal of Financial Economics, 3： 305-360.
Jiao, Y., (2010)： Stakeholder welfare and firm value. Journal of Banking & Finance, 34: 2549-2561.
Jo, H., and Na, H. (2012)： Does CSR reduce firm risk? Evidence from controversial industry sectors. Journal of Business Ethics, 110 (4): 441–456.
Khondkar K., Lee, E., and Suh, S. (2018)： Corporate social responsibility and CEO compensation structure. Advances in Accounting, 40: 27-41.
Kilian, T., and Hennigs, N. (2014)： Corporate social responsibility and environmental reporting in controversial industries. European Business Review, 26 (1)： 79–101.
Kim, Y., Park, M. S., and Wier, B. (2012)： Is earnings quality associated with corporate social responsibility? The Accounting Review, 87 (3): 761–796. https://doi.org/10.2308/accr-10209
Klein, A., (2002)：Audit Committee, Board of Director Characteristics, and Earnings Management. Journal of Accounting and Economics, 33: 375-400.
Knauer, T., and Wöhrmann, A. (2016)： Market Reaction to Goodwill Impairment, European Accounting Review, 25 (3): 421-449. https://DOI:10.1080/09638180.2015.1042888
Lee, L., and Levine, R. (2009)： Bank governance, regulation, and risk taking. Journal of Financial Economics, 93: 259-275.
Liang, H., and Renneboog, L. (2017)： On the foundations of corporate social responsibility. The Journal of Finance, 72 (2): 853–910. https://doi.org/10.1111/jofi.12487
Li, K., and Sloan, R. G. (2017)： Has goodwill accounting gone bad? Review of Accounting Studies, 22 (2): 964–1003. https://doi.org/10.1007/s11142-017-9401-7
Li, Z., Shroff, P. K., Venkataraman, R., and Zhang, I. X. (2011): Causes and consequences of goodwill impairment losses. Review of Accounting Studies, 16: 745-778. https://doi.org/10.1007/s11142-011-9167-2
Lichtenstein, D. R., Drumwright, M. E., and Braig, B. M. (2004)： The effect of corporate social responsibility on customer donations to corporate-supported nonprofits. Journal of Marketing, 68 (4): 16–32.
Lindgreen, A., Maon, F., Reast, J., and Yani-de-Soriano, M. (2012)：Guest Editorial: Corporate Social Responsibility in Controversial Industry Sectors. Journal of Business Ethics, 110：393–395.
Lindgreen, A., Swaen, V., and Johnston, W. J. (2009) ： Corporate social responsibility: An empirical investigation of U.S. organizations. Journal of Business Ethics, 85 (2): 303–323.
Lindorff, M., Jonson, E. P., and McGuire, L. (2012): Strategic Corporate Social Responsibility in Controversial Industry Sectors: The Social Value of Harm Minimisation. Journal of Business Ethics,110: 457–467.
Lu, C., and Chueh, T. (2015)： Corporate social responsibility and information asymmetry. Journal of Applied Finance & Banking, 5 (3): 105–122.
Lys, T., Naughton, J. P., and Wang, C. (2015)： Signaling through corporate accountability reporting. Journal of Accounting and Economics, 60: 56-72.
Mahapatra, S., (1984)：Investor reaction to a corporate social accounting. Journal of Business Finance and Accounting, 11: 29-40.
Malmendier, U., and Tate, G. (2005) ： CEO overcondence and corporate investment. Journal of Finance, 60： 2661-2700.
Mattingly, J. E., and Berman, S. L. (2006)： Measurement of corporate social action discovering taxonomy in the Kinder Lydenburg Domini ratings data. Business & Society, 45 (1): 20–46. https://doi.org/10.1177/0007650305281939
Masters-Stout, B., Costigan, M. L., and Lovata, L. M. (2008)： Goodwill impairments and chief executive officer tenure. Critical Perspectives on Accounting, 19 (8): 1370–1383. https://doi.org/10.1016/j.cpa.2007.04.002
Mazzi, F., Paul, A., Dionysiou, D., and Tsalavoutas, I. (2017): Compliance with goodwill related mandatory disclosure requirements and the cost of equity capital. Accounting and Business Research, 47: 268-312.
McElhaney, K. (2007) ： Strategic CSR. Sustainable Enterprise Quarterly, 4 (1)： 17.
McWilliams, A., and Siegel, D. (2001) ： Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26 (1) ： 117-127.
McWilliams, A., Siegel D. S., and Wright P. M. (2006) ：Corporate Social Responsibility: Strategic Implications. Journal of Management Studies Finance, 43 (1) ： 1-18. https://doi.org/10.1111/j.1467-6486.2006.00580.x
Meyer, J. W., and Rowan, B. (1977)： Institutionalized organizations: Formal structure as myth and ceremony. American Journal of Sociology, 83 (2): 340–363. https://doi.org/10.1086/226550
Milbourn, T. (2003)： CEO reputation and stock-based compensation. Journal of Financial Economics, 68 : 233 - 262.
Modigliani, F., and Miller, M. (1958) ： The cost of capital, corporate nance, and the theory of investment. American Economic Review, 48： 261-297.
Moser, D., and Martin, P. (2012)： A broader perspective on corporate social responsibility research in accounting. The Accounting Review, 87 (3): 797–806. https://doi.org/10.2308/accr-10257
Moura-Leite, R. C., Padgett, R. C., and Galán, J. I. (2014)： Stakeholder management and nonparticipation in controversial business. Business & Society, 53 (1): 45–70.
Nelling, E., and Webb, E. (2009) ： Corporate social responsibility and nancial performance: The virtuous circle revisited. Review of Quantitative Finance and Accounting, 32： 197-209.
Nikiforuk, A. (2008) ： Tar sands: Dirty oil and the future of a continent. Vancouver, BC: Greystone Books.
Oh, W. Y., Chang, Y. K., and Cheng, Z. (2014)： When CEO career horizon problems matter for corporate social responsibility: The moderating roles of industry-level discretion and blockholder ownership. Journal of Business Ethics, 133: 1-13.
Olante, M. E. (2013) ： Overpaid acquisitions and goodwill impairment losses Evidence from the U.S. Advances in Accounting, 29 (2): 243–254. https://doi.org/10.1016/j.adiac.2013.09.010
Palazzo, G., and Richter, U. (2005) ： CSR business as usual? The case of the tobacco industry. Journal of Business Ethics, 61 (4)： 387-401.
Porter, M. E., and Kramer, M. R. (2006)： Strategy and society: The link between competitive advantage and corporate social responsibility. Harvard Business Review, 84 (12): 78–92.
Porter, M. E., and Kramer, M. R. (2011)： Creating shared value. Harvard Business Review, 89 (1–2): 62–77.
Pratten, J. (2007) ： Reporting on responsible drinking: A study of the major UK pub owning companies. Business Ethics: A European Review, 16 (1)： 62–70.
Preston, L. E., and O'Bannon, D. P. (1997): The Corporate Social Financial Performance Relationship: A Typology and Analysis. Business & Society, 86: 419-429.
Prior, D., Surroca, J., and Tribo, J. A. (2008): Are Socially Responsible Managers Really Ethical? Exploring the Relationship Between Earnings Management and Corporate Social Responsibility. Corporate Governance, 16: 160-177.
Ramanna, K., and Watts, R. (2012)： Evidence on the use of unverifiable estimates in required goodwill impairment. Review of Accounting Studies, 17 (4): 749–780. https://doi.org/10.1007/s11142-012-9188-5
Richardson, S, A., Sloan, R. G., Soliman, M. T., and Tuna, I. (2005)：Accrual reliability, earnings persistence and stock prices. Journal of Accounting and Economics, 39: 437-485.
Scalet, S., and Kelly, T. (2010) ： CSR rating agencies: What is their global impact? Journal of Business Ethics, 94： 69-88.
Sethi, S. P. (1975)： Dimensions of corporate social performance: An analytical framework. California Management Review, 17 (3) : 58–64
Sharfman, M., and Fernando, C. (2008)： Environmental risk management and the cost of capital. Strategic Management Journal, 29: 569-592.
Sunghee, A., Cheon, Y. S., and Kim, M. (2020)：Determinants of initial goodwill overstatement in affiliated and non‐affiliated mergers. Journal of Business Finance & Accounting, 47 (5-6): 587-614. https://doi.org/10.1111/jbfa.12442
Sun, L. (2016)： Managerial ability and goodwill impairment. Advances in Accounting, 32: 42-51. https://doi.org/10.1016/j.adiac.2016.02.002
Sun, L., and Stuebs, M. (2013)： Corporate social responsibility and firm productivity: Evidence from the chemical industry. Journal of Business Ethics, 118 (2): 251–263. https://doi.org/10.1007/s10551-012-1579-9
Sun, L., and Zhang, J. H., (2016)：The impact of goodwill impairment losses on bond credit ratings Working paper, University of Tulsa.
Vilanova, M., Lozano, J., and Arenas, D. (2009)： Exploring the nature of the relationship between CSR and competitiveness. Journal of Business Ethics, 87 (1): 57–69. https://doi.org/10.1007/s10551-008-9812-2
Waddock, S., and Graves, S. (1997): The Corporate Social Performance Financial Performance. Strategic Management Journal, 18: 303-319, 59-100.
Waller, D. S., Fam, K. S., and Erdogan, B. Z. (2005) ： Advertising of controversial products: A cross-cultural study. Journal of Consumer Marketing, 22 (1) ： 6–13.
Walls, J. L., Berrone, P., and Phan, P. H. (2012)： Corporate governance and environmental performance: Is there really a link? Strategic Management Journal, 33 (8): 885–913. https://doi.org/10.1002/smj.1952
Wilson, A., and West, C. (1981)： The marketing of unmentionables. Harvard Business Review, 51 (1)： 91-102.
Wood, D. (1991) ： Corporate social performance revisited. Academy of Management Review, 16： 691-718.
Vollero, A., Conte, F., Siano, A., and Covucci, C. (2018) ： Corporate social responsibility information and involvement strategies in controversial industries. Corporate Social Responsibility and Environmental Management, 26 (1)： 141-145. https://doi.org/10.1002/csr.1666
Yoon, Y., Gurhan-Canli, Z., and Schwarz, N. (2006) ： The effect of corporate social responsibility (CSR) activities on companies with bad reputations. Journal of Consumer Psychology, 16 (4)： 377-390.