Sun Yat-Sen Management Review

  Journal Fullview

Sun Yat-Sen Management Review  2012/6

Vol. 20, No.2  p.673-711


Title
家族控制與企業社會責任績效之關聯性
The Relationship between Family Control and Corporate Social Performance
(634800367936093750.pdf 659KB)

Author
黃瓊瑤、方世榮、陳育成/國立雲林科技大學會計系/所、修平技術學院行銷與流通管理學系、國立中興大學財務金融學系
Chiung-Yao Huang、Shyh-Rong Fang、Yu-Cheng Chen/

Department and Graduate Institute of Accounting, National Yunlin University of Science & Technology , Department of Marketing and Distribution Management, Hsiuping Institute of Technology , Department of Finance, National Chung Hsing University


Abstract(Chinese)

本文以國內㆖市櫃公司普遍存在的核心㈹理問題為主軸,探討家族控制公 司與其㈽業㈳會責任績效表現之關聯性。另外,由於㈾訊所建構的證券市場㈳ 會網絡結構是促進網絡成員互動的基礎,因此本文運用㈳會網絡理論,探討公 司的「㈾訊揭露透明度」、「分析師預測頻率」,以及「機構投㈾㆟持股」差異, 在本文研究架構㆗的干擾效果;以 Logistic 廻歸進行假說檢測。研究結果發 現,家族控制公司與其㈽業㈳會責任績效存在正向且顯著的關係;顯示國內家 族控制公司傾向支持利益收斂假說的觀點。此外,「㈾訊網絡透明度」可帶來 網絡㆗心性的㈾訊利益,「分析師預測頻率」可產生㈾訊槓桿擴散的效果,以 及「機構投㈾㆟持股」㈲助於促進精緻㈾訊分享與發揮㈼督力量,此㆔者對家 族控制公司與其㈽業㈳會責任績效表現間關係,均存在正向干擾作用。本研究 結果支持㈳會網絡鑲嵌的概念,可用以解釋證券市場成員的行動動機。

(634800367935625000.pdf 66KB)

KeyWord(Chinese)

鑲嵌、資訊揭露透明度、分析師預測、機構投資人、企業社會責任績效


Abstract(English)

There is a general phenomenon of central agency problem in Taiwan listed companies. This paper mainly explores the relationship between family control and corporate social performance. Besides, the information constitutes the structure of social network in an equity market which functions as the base of interaction among the actors. This study further tests separately transparency of information disclosure, the frequency of analysts’ earnings forecasts, and institutional ownership as a moderator. The empirical results indicate that there is a significant positive relationship between family-controlled firms and corporate social performance. Additionally, family-controlled firms with more transparency of information disclosure and the frequency of analysts’ earnings forecasts; they will have better corporate social performance. These findings indicate that the transparency of information networks can bring about benefits of network centrality; the frequency of analysts' earnings forecasts can result in leverage diffusion of information. Finally, family-controlled firms with higher ratio of institutional ownership, the better the corporate social performance will be. This finding explains how institutional investors can promote the sharing of fine-grained information as well as execute a supervisory role. The moderating effects of transparency of information disclosure, the frequency of analysts’ earnings forecasts, and institutional ownership on the relationship between family control and corporate social performance are significantly positive. This study claims that the concept of social network embeddedness could depict the action motivation of actors in a capital market.

(634800367935625000.pdf 66KB)

KeyWord(English)

embeddedness, transparency of information disclosure, analysts’ earnings forecasts, institutional investors, corporate social performance


Policy and management implications
(Available only in Chinese)

家族控制與企業社會責任績效之關聯性 黃瓊瑤、方世榮、陳育成 資訊揭露是公司治理的重要議題,其本質在於公司如何藉由資訊揭露之行為來提昇公司透明度,以與利害關係人保持良好互動;而資訊揭露與訊息傳遞在證券市場社會網絡中,可引發資訊取得、即時性與資訊運用等後續活動,此即為鑲嵌的概念。本文連結社會網絡理論與證券市場議題,針對國內上市櫃公司普遍存在的核心代理問題為主軸,除探討家族控制公司與其企業社會責任績效表現之關聯性外,資訊所建構的證券市場社會網絡結構是促進網絡成員互動的基礎,本文進一步引入社會網絡理論的鑲嵌概念,探討公司鑲嵌之「資訊揭露透明度」、「分析師預測頻率」,以及「機構投資人持股」之程度差異,對家族控制公司與其企業社會責任績效表現間關係的干擾效果。 本研究政策與管理上之意涵為:一、家族控制公司比非家族控制公司,有更高機率表現出較佳的企業社會責任績效,投資人若偏好持有社會責任概念之投資標的,可由家族控制公司中進行篩選。二、公司要強化資訊揭露,須持續投入制度建置,資料整理、分析與公告等成本;然而,若公司能夠鑲嵌於較佳之資訊中心性地位,除可產生資訊溝通效益外,亦有助於培養企業社會責任趨勢之偵測能力,並佈署資源因應之,以達成企業永續發展目標。三、分析師處於證券市場社會網絡之結構洞地位,藉由弱連結可創造較多非重覆性的資訊連結機會,達成傳遞公司正、負面資訊的擴散效果。未來政府主管機關在修訂公司治理體系時,應強化專業分析師產業的發展,以發揮分析師在公司治理體系的積極角色。四、機構投資人有較佳的資源優勢及專業決策團隊,且股東行動主義之能力與影響力皆較大。國外企業社會責任基金的設置已有很長時間;反觀台灣資本市場,目前僅存在一檔富邦台灣企業社會責任基金,以及勞保基金與勞退基金通過將「企業社會責任」納入選股標的決議。國內主管機關可持續朝此方向思考,並連結至證券市場的鑲嵌機制,以提供誘因來增強公司自發性落實企業社會責任的動機。


References