本研究目的為驗證企業執行CSR政策與類保險效果之關係，透過觀察CSR參與程度與企業在遭遇負面事件時市場會產生的反應來達成。研究出發點，源於現有文獻無法在企業CSR政策與財務績效有一致的結論，所以嘗試從新的觀點看待CSR參與政策的價值。本研究選取2007至2017年之間入選天下企業公民之企業，配合台灣經濟新報(Taiwan Economic Journal, TEJ)提供之負面事件日，研究企業長期以及短期CSR參與在處於負面事件時與異常報酬之關聯，觀察企業事前採行CSR參與政策是否能在面臨負面衝擊時產生類保險效果。我們發現長短期CSR參與指標得到的結論是相反的，也就是說短期CSR參與程度產生類保險效果，但長期CSR參與程度卻會造成負向的影響，因此經過推論，類保險效果必須在特定的情況下才會產生。除此之外，我們也發現不論是正面效果與負面效果都會隨事件發生的次數產生消減(Decay)現象。

The purpose of my study was to investigate the insurance-like effects on the engagement in corporate social responsibility. To find whether above exist, we observe individuals’, have a different level of engagement in CSR, the reaction to negative events. Due to instant literature is not consistent with the relationship between CSR and Corporate financial performance, we try to give an explanation of a new perspective. This Study gathers the samples and events form CommonWealth Magazine and Taiwan Economic Journal database, to examine short-term and long-term CSR engagement affects the abnormal on negative events. The results find different influence from short-term and long-term CSR engagement.The short-term engagement will provide insurance-like effects but long-term CSR engagement will provide negative effects. We argue that insurance-like effects do not exist unless a company do CSR engagement under certain conditions . Moreover, positive or negative effects will decay when events occur repeatedly.

Anginer, Deniz, Kenneth L. Fisher, and Meir Statman, 2007, Stocks of admired companies and despised ones, Working paper.
Aupperle, Keneth E., Archie B. Carroll, and John D. Hatfield, 1985, An empirical examination of the relationship between corporate social responsibility and profitability., Academy of Management Journal 28, pp446–463.
Ball, Ray, and Philip Brown, 1968, An empirical evaluation of accounting income numbers, Journal of Accounting Research 6, pp159-178.
Campbell, John L., 2007, Why would corporations behave in socially responsible ways? An institutional theory of corporate social responsibility., Academy of Management Review 32, pp946-967.
Chen, Tsai-Jyh, Yung-Ming Shiu, and Nina Chang, 2015, The risk management effect of corporate social responsibility on shareholder value, 臺大管理論叢 26, pp153-180.
Cooper, C., 1997, Give and thou shall receive, Sales and Marketing Management 149, pp75-76.
Fama, Eugene F., Lawrence Fisher, Michael C. Jensen, and Richard Roll, 1969, The adjustment of stock prices to new information, International Economic Review 10, pp1-21.
Fama, Eugene F., and Kenneth R. French, 1993, Common risk factors in the returns on stocks and bonds*, Journal of Financial Economics 33, pp3-56.
Friedman, Milton, 1970, The social responsibility of business is to increase its profits, New York Times Magazine 13, 32-33.
Godfrey, Paul C., Craig B. Merrill, and Jared M. Hansen, 2009, The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis, Strategic Management Journal 30, 425-445.
Jones, Thomas M., 1995, Instrumental stakeholder theory: A synthesis of ethics and economics, Academy of Management Review 20, pp404-437.
McWilliams, Abagail, and Donald Siegel, 1996, The use of event studies in management research, Academy of Management Proceedings 1996, 338-342.
Minor, Dylan, and John Morgan, 2011, Csr as reputation insurance: Primum non nocere, California Management Review 53, pp40-59.
Mullen, J., 1997, Performance-based corporate philanthropy:
How “giving smart” can further corporate goals., Public Relations Quarterly 42, pp42-58.
Oh, Chang Hoon, Jae-Heum Park, and Pervez N. Ghauri, 2013, Doing right, investing right: Socially responsible investing and shareholder activism in the financial sector, Business Horizons 56, 703-714.
Peloza, John, 2006, Using corporate social responsibility as insurance for financial performance, California Management Review 48, pp52-72.
Peterson, PP., 1989, Event study: A review of issues and methodology., Quarterly Journal of Business and Economics 28, pp36-66.
Shiu, Yung-Ming, and Shou-Lin Yang, 2017, Does engagement in corporate social responsibility provide strategic insurance-like effects?, Strategic Management Journal 38, 455-470.
Vanhamme, Joëlle, and Bas Grobben, 2009, “Too good to be true!”. The effectiveness of csr history in countering negative publicity, Journal of Business Ethics 85, 273-283.
沈中華、李建然, eds., 2000. 事件研究法─財務與會計實證研究必備 (台北，華泰文化).