本研究主要係以遠見雜誌企業社會責任獎和天下雜誌企業公民的得獎企業作為判斷是否具社會責任的基準，並以事件研究法來分析二個事件的異常報酬率，事件一：前一年度未入選當年度入選遠見企業社會責任獎和天下企業公民；事件二：前一年度入選當年度未入選遠見企業社會責任獎和天下企業公民。如果遠見雜誌和天下雜誌發布得獎名單後，事件一（或事件二）的發生對於投資者來說是好（或壞）的消息，我們期望在事件發生後，找到正（或負）的異常報酬。
實證結果顯示，對短期異常報酬率來說，事件一和事件二的發生並沒有什麼特別明顯的影響，但長期來看，事件一的發生，於遠見雜誌和天下雜誌發布其得獎名單後，會有正的異常報酬出現，而事件二的發生，長期來說，於遠見雜誌和天下雜誌發布其得獎名單後，異常報酬會由得獎名單公布前的正報酬轉為負報酬，顯見具社會責任企業是有較好的價值表現。

We utilize an event study methodology to study abnormal returns associated with the CSR-awarded companies listed in Taiwan Stock Exchange, and analyze their abnormal returns after each of two events. One event states that a CSR-awarded firm is excluded from the awarded list in the follow year. We call it “event one”. And the other is the firms were not dropped from the CSR-awarded companies in the previous year but dropped from in the year, we call it “event two”. Event one (or event two) is presumed to be good (or bad) news for investors, who expect to earn positive (or negative) abnormal returns by investing in the stocks of these firms.
For short-run periods, the abnormal returns generated by both events are not statistically significant. However, we find positive and statistically significant long-run abnormal returns resulting from event one.
On the contrary, event two leads to negative long-run abnormal returns although they are statistically insignificant. The results of this study implicate that good CSR reputation does bring about positive value relevance from the perspective of stock markets.

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