企業社會責任(CSR)近年來被頻繁的探討著，也有許多學者研究認為，做企業社會責任的公司對於公司的財務績效方面會有所助益。而一般大眾所認定的企業社會責任只是捐錢做慈善，其實不然，它的定義實際上包含了許多層面。另一方面，對公司來說，新產品是公司在競爭環境中賺取利益的一項工具，也象徵著公司可以持續的成長。因此我們期望那些在企業社會責任方面有好表現的公司在新產品上市時能夠有顯著的累積異常報酬(Cumulative Abnormal Return)。
本研究從KLD STATS以及Dow Jones business news取得CSR與新產品上市的樣本，年份為1995到2008。根據研究結果發現，在CSR主要構面中新產品上市時並無顯著的累積異常報酬，但在特定的小構面中有呈現顯著的累積異常報酬，而這些小構面主要為與產品有相關性的構面(product-related)。表示在新產品上市的事件中，投資人關心的的主要還是和產品相關的資訊，這也代表著公司應該要朝投資人、社會與環境雙贏的領域去發展。

Corporate social responsibility has been discussed frequently in recent year. There are many researchers considered that CSR is beneficial to financial performance. Refers to CSR, people always consider it is charity. Actually, it is wrong. CSR include many dimensions with different definition.
On the other hand, new product is a main tool for firm to earn profit and keep growing. Therefore, we expected the company which performing better CSR can receive abnormal return while new product announcement.
I acquired CSR and new product announcement data from KLD STATS and Dow Jones business news from 1995 until 2008. According to this research, there is no significant Cumulative Abnormal Return (CAR) for major CSR dimensions while new product announcement. However, there are significant CAR for certain minor dimensions while new product announcement. They are mostly product-related dimension. It means investors mainly care about the product-related information in new product announcement event. Moreover, It infers the company should develop in the area which is beneficial to investor, society and environment simultaneously as well.

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