Department of Accounting, Soochow University、Champion Building Materials Co., Ltd.
This study investigates the determinants and the informational consequences of voluntary corporate social responsibility (CSR) disclosure, as proxied by the issuance of stand-alone CSR reports. Using a sample of Taiwanese listed firms, we find that voluntary disclosure of CSR information is associated with both firm characteristics (including firm size, numbers of employees and environmentally sensitive industries) and governance structures (including board size, CEO non-duality, the appointment of independent directors / supervisors and institutional ownership). In addition, we also find that the more divergence in seats control and cash flow rights of controlling shareholders are associated with higher probability of firms issuing stand-alone CSR reports. As Taiwanese firms are often controlled by conglomerates or family owned, we thus interpret the results as indicating that these firms would like to enhance corporate images or build their reputations through voluntary CSR disclosure in order to strengthen the belief of minority shareholders and mitigate the core agency problems. As for the consequences of voluntary CSR disclosure, this study shows that the issuance of CSR reports could improve the value relevance of accounting information. However, this evidence exists only for firms with greater financial transparency. Finally, from the creditors’ perspective, the results indicate that voluntarily disclosing CSR information brings the benefits of upgrading the credit rating and decreasing the cost of debt capital.(131_2013053_Abs.pdf(檔案不存在))
Corporate Social Responsibility (CSR) Reports, Value Relevance, Credit Rating, Cost of Debt Capital
本研究將企業社會責任報告書(以下簡稱CSR報告書)視為一項重要的非財務性資訊，除探討公司自願性編製此份報告書的決定因素之外，並分別從權益投資人及債權人的角度來檢視其所帶來的資訊後果。眾所周知，社會責任的踐履(綠色治理)已是現今企業於營運過程中不容小覷的一環，過去雖有主管機關的積極倡導，但相較於其他國家，台灣上市櫃公司對於CSR資訊的揭露仍稍嫌不足，更遑論CSR報告書的編製。惟自2015年起，金管會已強制符合特定條件之上市櫃公司須編製CSR報告書，由此顯見主管機關對此等報告書的高度重視。而本研究之實證結果正可提供相關主管單位做為後續推動企業社會責任時之參考，亦能使已被列入強制編製對象之企業了解CSR報告書之效益，並鼓勵那些尚未納入強制編製對象之企業也能自發性的出具此份報告書。 再者，本文亦提供具體證據指出CSR報告書的編製具有增額資訊效果，換言之，投資人對於有編製CSR報告書的企業會給予較高的評價，惟仍會同步考量企業本身的財務透明度。若從債權人角度來看，編製有CSR報告書的公司，確實有較低的負債資金成本及較佳的信用評級。是以，本研究建議所有上市櫃公司可權衡資訊揭露的成本與效益，思量是否藉由CSR報告書來傳遞相關訊息予利害關係人，使其能深入瞭解公司落實社會責任的相關政策與目標設定，進而降低資訊不對稱。此外，企業如欲提高投資人對CSR報告書的信心，亦可將此份報告書交付第三方確信，以提升資訊內容的可信度，俾充分發揮CSR報告書的效益。 最後，本研究建議主管機關除持續倡導社會責任的落實之外，並可規劃於未來全面要求企業編製CSR報告書來完整傳遞經營績效之外的非財務資訊(並將CSR報告書進行確信，以確保資訊的透明與可靠)，使投資人/債權人能獲取充分資訊來進行投資/授信決策。整體而言，相信此舉對企業的永續發展及國際競爭力的提升將有莫大助益。
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