本研究旨在探討社會資本在金融危機時期是否能為企業帶來保險價值。以企業社會責任的表現作為衡量公司層面社會資本的替代方式，並參考MSCI ESG指數三大構面、十項議題的架構編制七項衡量指標以評價每間企業的社會企業責任表現。以514間台灣上市公司作為樣本，以 2008年金融海嘯作為研究的危機期間。實證結果顯示當大環境面臨危機時，企業社會責任表現較佳的企業，在股價表現上具有相對較高的超額報酬。然而，實證結果也顯示，沒有足夠證據證明這個關係存在於金融海嘯後時期。本研究結果強調投入企業社會責任不僅是在一般時期為企業維護形象及聲譽，更可以是一種保護策略、防患未然，在企業面臨總體環境的負面衝擊時發揮保險效果。

This study examines the impact of social capital on corporate financial performance during the financial crisis. The data for this study uses 514 listed companies in Taiwan as samples during the 2008 financial crisis period, and clarifies the questions under multiple regression analysis. To measure the CSR performance, this study refers to the independently international CSR valuation institution to compile CSR indicators for individual firms. The empirical evidence shows that the social capital cumulated by CSR investment before crisis is associated with positive stock returns during the 2008 financial crisis; in addition, after examining the in-crisis and post-crisis periods, this study finds that CSR indeed has an insurance value for firm’s stock performance during the crisis period. An increase in one standard deviation of CSR performance during the crisis period would cause about an increase of 3.18 percent in stock returns. However, there is insufficient evidence to prove the positive relationship of CSR and stock performance after the year of crisis. The empirical evidence generally reaches the conclusion that CSR indeed plays a protective role for firms when market encountering with a widespread trust crisis. Additionally, it highlights the importance for firms to take wider adoptions of CSR practices, not only for its reputation value but also the insurance value which will pay off during unexpected negative trust events. Be prepare for the worst.

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