有鑑於多數文獻假設企業社會責任對財務績效的影響為直接，而忽略了間接影響的可能性，因此本文的主要研究目的在於探討企業社會責任對財務績效的干擾效果。本研究以R&D支出密度為自變數，多重企業財務報酬指標為應變數，除了分別探討企業社會責任中的不同利害關係人對於財務報酬的直接影響，亦探討干擾效果造成的間接影響。另外為了驗證R&D和企業社會責任是否屬於長期投資，本研究使上述兩類自變數和多重財務報酬間有兩年、一年、零年(同期)的落差存在，因為可觀察企業社會責任對財務績效的影響，是否在兩年的落差狀態下較為顯著。

本文的主要研究方法為複迴歸分析，並透過較嚴謹的迴歸假設檢驗，獲得本文最終的研究結果。研究標的為美國地區上市公司，屬於財星五百大企業中的零售業與消費品產業，資料期間為1998年至2009年，並以Compustat和KLD STATS兩資料庫為資料來源。實證結果顯示，在直接效果部份，企業社會責任與財務報酬間大致呈現正向關係；而在間接效果(干擾效果)部份，企業社會責任亦對R&D與財務報酬間呈現正向干擾關係。此外也發現相較於零年落差，企業社會責任與財務報酬間的關係在兩年落差狀態下更為顯著。本研究結果說明了企業社會責任對於財務報酬的影響，確實不僅有直接效果，透過R&D等組織重要策略變數更能夠有綜效產生。藉由以間接效果探討企業社會責任對財務績效的影響，本研究提供了後續在研究企業社會責任時一個新的思考方向。

This study aims to examine the moderating effects of various corporate social responsibility dimensions on financial returns of the firm. With R&D intensity as the independent variable and multiple financial returns of the firm as the dependent variables, this study not only examines the direct influence of corporate social responsibility factors on financial returns, but also the indirect influences. Furthermore, to illustrate the long-term investment nature of R&D and corporate social responsibility, different year lags (2-year lag, 1-year lag, and 0-year lag) between independents and dependents are applicable in this study.

This study aims to examine the moderating effects of various corporate social responsibility dimensions on financial returns of the firm. With R&D intensity as the independent variable and multiple financial returns of the firm as the dependent variables, this study not only examines the direct influence of corporate social responsibility factors on financial returns, but also the indirect influences. Furthermore, to illustrate the long-term investment nature of R&D and corporate social responsibility, different year lags (2-year lag, 1-year lag, and 0-year lag) between independents and dependents are applicable in this study.

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